CONVEYANCING COSTS – LEASEHOLD PROPERTY PURCHASE
PLEASE NOTE THAT THESE PRICES ARE OUR BASIC STANDARD COSTS WHERE CLIENTS HAVE RETAINED THE FIRM VIA A DIRECT APPROACH. CLIENTS SHOULD BE AWARE THAT THE FIRM HOLDS THIRD PARTY CONTRACT AGREEMENTS IN RESPECT OF INTRODUCTIONS WHICH WILL AFFECT OUR PRICING. THESE COSTS WILL BE MADE AVAILABLE TO YOU VIA THE RESPECTIVE THIRD PARTY.
Leasehold Residential Property Purchase
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, together with the filing of the associated return.
Conveyancer’s fees and disbursements
We suggest discussing your case with us as each case is different and therefore the costs indicated below may be lower or higher than the broad estimates. We may be able to be more specific as to costs.
Our process for the purchase of a freehold residential property with an approximate value of £195,000.00 would typically be as follows:
| Breakdown of our charges:- | Our Legal Fee | Plus vat (at 20%) |
| Our Legal Fees on purchase | £500.00 | £100.00 |
| Our Admin charge for electronic payments | £18.00 | £3.60 |
| Our Fees re Stamp Tax Form | £50.00 | £10.00 |
Professional Charges Subtotal: £568.00 plus vat of £113.60 = £681.60
An additional Professional Charge of typically £150.00-£300 (plus VAT at 20%) will be payable for a leasehold property of similar value.
Disbursements
Disbursements 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.
| Anticipated disbursements:- | Disbursement | Plus VAT at 20% (if applicable) |
| Search Fees | £199.58 | £39.92 |
| HM Land Registry Fee | £7.00 | £1.40 |
| Electronic money transfer fee | £18.00 | £3.60 |
| Bankruptcy search fee (per client) | £6.00 | £3.60 |
| HM Land Registry registration fee | £100.00 | n/a |
| Anti Money- Laundering Check | £18.92 | n/a |
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- 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
- in relation to a leasehold property, it 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 Additional disbursements may apply if indemnity policies are required.
- any mortgage lender that you use does not have any unusual or onerous requirements (and you are using one mortgage lender only with one mortgage offer).
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 typically takes between 8-14 weeks.
It can be quicker or slower, depending on the parties in the chain. If the transaction is not straight forward, for example if you are purchasing an unregistered title, a leasehold property, a new build property, or one with the benefit of solar panels, the transaction could take approximately 16 weeks. The need for lease extensions is becoming more prevalent and on such transactions, this can take significantly longer, between 3 and 6 months. In such a situation additional charges would apply.
Key Stages
The precise stages involved in the purchase of a residential property vary according to the circumstances. Please see below the typical stages.
Take your instructions and issue to you our client care pack
Advise you on joint ownership, where necessary
Receive, raise enquiries on and report to you on the contract documents
Request searches.
These are typically returned within 2-4 weeks, although please note there are current delays with some Local Authorities returning searches, and this is resulting in timescales of up to 12 weeks in some Local Authority areas. We will advise you as to the estimated return date of your Local Authority Search shortly after we receive this information from our Search Agent.
Draft Transfer
Report to you on the title deeds, search results, replies to enquiries from the seller’s solicitors and your mortgage offer Invite you into the office to sign the contract or email/post them to you
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 your lender and you
Obtain pre-completion searches
Complete purchase
Deal with payment of Stamp Duty/Land Tax
Deal with application for registration at Land Registry
The Residential Conveyancing Team
| Name | Role | Hourly Rate |
| Leo Johnston |
Partner & Solicitor |
£250.00 |
| Kirsty Hudson | Cilex – Member Paralegal | £200.00 |
All rates are excluding vat at 20%
Timescales
The average process takes between 6-12 weeks however this depends on a number of factors (many of which are outside of our control) such as the length of the property chain and any associated complex issues. The timescales can differ again if you are a first time buyer with a mortgage in principle, buying a New Build property, in which case it can take between 5 – 8 weeks to exchange and then 3 – 6 months until the purchase completes. However if the property is a leasehold property, then this may require a leasehold extension or the purchasing of the Freehold title, in which case it can take significantly longer.
If your transaction is a re mortgage then this can take around 3 – 8 weeks.