Fees - Purchasing a Leasehold Residential Property.

Our Fees – Purchasing a Leasehold Residential Property.

Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

This estimate is to provide an indication of our fees. However, we would suggest telephoning us on 01229 820297 to discuss your specific circumstance and obtain a free, no obligation quote.

Where there are complex or specific issues relating to your particular transaction further charges may apply and we would require this information before being able to provide a fixed quotation.

PRICE RANGE COST
£0 – £50,000.00 £535.00 plus VAT of £67.00
£50,000.01 – £150,000.00 £585.00 plus VAT of £77.00
£150,000.01 – £250,000.00 £660.00 plus VAT of £92.00
£250,000.01 – £300,000.00 £810.00 plus VAT of £122.00
£300,000.01 – £400,000.00 £910.00 plus VAT of £142.00

Above £400,000.00 please ring for a quotation

 

Disbursements

These are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Fees for Local Searches – The cost of these vary depending on location:

Barrow Borough Council £111.73 (including VAT)

South Lakeland District Council £103.00 (including VAT)

Copeland District Council £132.00 (including VAT)

Outside of these areas, please telephone for a quotation

 

Fees for H M Land Registry Searches:

Land Registry £3.00

Bankruptcy (per name) £2.00

Additional Searches we recommend:

United Utilities Drainage & Water £54.59 ( including VAT)

Environmental £51.00 (including VAT)

The above prices may vary depending on area.

 

Anticipated Disbursements*:

  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is £60.00 (including VAT), however this will depend on what the Management Company Charge.
  • Deed of Covenant fee – This fee is provided by the management company for the property. Each Management Company has their own fee which we will advise you of when the fee is known.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease. Each Management Company has their own fee which we will advise you of when the fee is known.
  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is £60.00 (including VAT), however this will depend on what the Management Company Charge.

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

 

Telegraphic Transfer Fee: This is the cost of transferring the funds of the transaction electronically:

TT Fee – £19.20 (including VAT) per transfer

 

HM Land Registry Registration Fees:

Where possible online registration is undertaken however there are certain circumstances where a postal application must be made, for example a First Registration

Purchase Price of Property Online Registration Fee Postal Registration Fee
£0 – £80,000 £20.00 £40.00
£80,001 – £100,000 £40.00 £80.00
£100,001 – £200,000 £95.00 £190.00
£200,001 – £500,000 £135.00 £270.00
£500,001 – £1,000,000 £270.00 £540.00
£1,000,001 and over £455.00 £910.00

 

Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

 

Factors that would typically increase the cost of our service, but not limited to:

  • If the legal title is defective
  • this is the assignment of an existing lease and is not the grant of a new lease
  • the transaction is concluded in a timely manner and no unforeseen complication arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required
  • If you discover building regulations or planning permission has not been obtained
  • Where the property is purchased at auction
  • If there property is a new build
  • If the property is a flat
  • If there are multiple purchasers
  • Where a gifted deposit is being made
  • Where there is a Help to Buy Bonus
  • If crucial documents we have requested from you have not been provided

 

How long will my house purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8-10 weeks, but it all depends on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 6 to 8 week. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer.

 

Stages of the process

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer
  • Send final contract to you for signature
  • Draft Transfer
  • Advise you on joint ownership
  • Obtain pre-completion searches
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

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