enquiries@cooperhallsolicitors.co.uk

0333 777 5001

Purchase of 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.

All fees are subject to VAT at 20%.

Conveyancer’s fees and disbursements

  • Legal fee: £599
  • Fee for acting on behalf of the mortgage lender: included in the above price
  • SDLT completion fee £ £75
  • HM Land Registry fee: £00
  • Anti-fraud check £25.00

Disbursements

Disbursements are costs related to your matter that are payable to third-parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

  • Search fees: £180.00
  • Electronic money transfer fee: £30.00

Anticipated disbursements*

  • Notice of Transfer fee—this fee if chargeable is set out in the Lease. Often the fee is between £50.00-£180.00
  • Notice of Charge fee (if the property is to be mortgaged)—this fee is set out in the Lease. Often the fee is between £50.00-£180.00
  • Deed of Covenant fee—this fee is provided by the management company for the property and can be difficult to estimate. Often it is between £50.00- £180.00
  • Certificate of Compliance fee—to be confirmed upon receipt of the lease, as can range between £50.00- £180.00

*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 we receive this information.

Stamp Duty or Land Tax

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.

Stages of the process

These are the key stages of the process:

  • 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 documents if required;
  • make any necessary enquiries of seller’s solicitors;
  • give you advice on all documents and information received;
  • go through conditions of mortgage offer with you;
  • 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;

How long will my house purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6–12 weeks. It can be quicker or slower, depending 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 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3–6 months. In such a situation, additional charges would apply.

*Our fee assumes that:

  • this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction;
  • 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 complications arise;
  • all parties to the transaction are co-operative and there is no unreasonable delay from the parties providing documentation;
  • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Sale of a Freehold residential property

All fees are subject to VAT at the current rate.

Conveyancer’s fees and disbursements

  • Legal fee: £599.00
  • HM Land Registry fee: £00
  • Anti-fraud check £25.00
  • Electronic money transfer fee: £30.00

 How long will my house sale take?

It is difficult at the outset to predict how long this case will take to conclude as a number different factors can affect this, however, an average timescale is 5-8 weeks for freehold transactions, or if the property is shared ownership or leasehold the timescale would be approximately 12-16 weeks.

Stages of the process

The key stages of the process include:

  • take your instructions and give you initial advice;
  • Deducing title to the buyers solicitor
  • Replying to queries raised by the buyers solicitor
  • Once agreed, exchange contracts and complete the transfer
  • Dealing with transfer of funds between the parties involved
  • If there is a charge on the property, then if deemed necessary deal with the discharge of the charge.