Leasehold Purchase Pricing
Purchase of a leasehold residential property
Our fees cover all 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 is in Wales.
Conveyancer's fees and disbursements
- Legal fee £900 - £3,500 (fixed rate depending on the price, see below)
- VAT on Legal fee £180- £700
- Search fees £400 - £500
- HM Land Registry fee £20 - £455
- Electronic money transfer fee £35
- VAT payable on electronic transfer fee £7
Examples are set out below of estimated charges
Disbursments
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 term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors.
Additional Anticipated Disbursements**
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 - £200.
- 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 - £200.
- 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 - £200.
- Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £50 - £200.
** 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.
Stamp Duty 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 here.
Example for house price of £200,000 at higher search estimate
- Legal fee £900
- VAT on Legal fee £180
- Search fees £500
- HM Land Registry fee £95
- Electronic money transfer fee £35
- VAT payable on electronic transfer fee £7
Estimated total £1,717 plus Stamp Duty ground rent, service charges and anticipated disbursements set out above.
Example for house price of £400,000
- Legal fee £00
- VAT on Legal fee £200
- Search fees £500
- HM Land Registry fee £135
- Electronic money transfer fee £35
- VAT payable on electronic transfer fee £7
- Stamp duty
Estimated total £1,877 plus Stamp Duty, ground rent, service charges and anticipated disbursements set out above
Example for house price of £750,000 at higher search estimate
- Legal fee £1200
- VAT on Legal fee £240
- Search fees £500
- HM Land Registry fee £270
- Electronic money transfer fee £35
- VAT payable on electronic transfer fee £7
- Stamp duty
Estimated total £2,252 plus Stamp Duty, ground rent, service charges and anticipated disbursements set out above
Legal fees are fixed rates as below:
| Up to £250,000 | £900 plus VAT £180 |
| Above £250,00 up to £350,000 | £950 plus VAT £190 |
| Above £350,000 up to £500,000 | £1,000 plus VAT £200 |
| Above £500,000 up to £750,000 | £1,500 plus VAT £300 |
| Above £1,000,000 up to £2,000,000 | £2,500 plus VAT £500 |
| Above £2,000,000 up to £3,000,000 | £3,000 plus VAT £600 |
* 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 all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- this is the assignment of an existing lease and is not the grant of a new lease on Legal fee £180
- the transaction is concluded in a timely manner and no unforeseen complication arise
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Remember Sarah will meet you out of office hours anywhere in the Wimborne, Poole, Bournemouth or East Dorset Areas.
Jordan Williams Law are specialists in their field. They practice family law in the Wimborne, Poole, Bournemouth and surounding areas. Contact them now.