PURCHASE OF A LEASEHOLD RESIDENTIAL PROPERTY

 

All fees and disbursements will incur VAT at 20%.

Our fees cover all of the work* required to complete the Purchase of your new home, including dealing with Registration of your ownership of the property at the Land Registry and dealing with payment of any Stamp Duty Land Tax (SDLT) if the property is in England or Land Transaction Tax (LTT) if the property is in Wales.    Our fees also cover all of the work necessary to act for your Mortgage Lender, where instructed by that Lender, in securing its Mortgage against the same property.

Conveyancers Fees and Disbursements

Our legal fees depend on the value of the property you are buying.   Our minimum fee is £595.00.   Our average fee for the purchase of a Residential Leasehold Property is £850.00.    Search fees vary depending on the location of the property.    Search fees will typically range from £300.00 to £450.00.

Electronic Money Transfer Fee  £10.00.

 

* Our fee assumes that:-

(a)    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.

(b)   The transaction is concluded in a timely manner and no unforeseen complications arise.

(c)   All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

(d)  No Indemnity Insurance Policies are required.   Additional disbursements may apply if Indemnity Insurance Policies are required.

Should any of the above apply, please refer to our Additional Legal Services Fee List

 

 

Disbursements

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

Land Registry fees

HM Land Registry fees vary depending on the value of the property you are buying and whether the Title to that property is already Registered or if you are purchasing part of an existing Registered Title.    Consequently, Land Registry fees will range from £20.00 to £910.00).    Further details of the Land Registry’s Registration Services Fees can be accessed here:   https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees

Stamp Duty Land Tax or Land Transaction Tax

The amount of Stamp Duty Land Tax or Land Transaction Tax payable depends on the purchase price of your property.    You can calculate the amount you will need to pay by using HMRC’s Web Site here:  https://www.gov.uk/stamp-duty-land-tax/residential-property-rates.

If the property you are purchasing is located in Wales, you can calculate the amount of Land Transaction Tax you will need to pay by using the Welsh Revenues Authority’s Web Site here: https://beta.gov.wales/land-transaction-tax-calculator

Anticipated Disbursements*

Notice of Transfer Fee.  This fee may be charged by the Landlord and possibly also the Management Company.  Often the fee is between £25 and £100.

Notice of Charge Fee (if the property is to be mortgaged).  This fee may be charged by the Landlord and possibly also the Management Company.  Often the fee is between £25 and £100.

Deed of Covenant Fee.  Depending on the terms of the lease, this fee may be charged by the management company and can be difficult to estimate.  Often it is between £100 and £500.

Certificate of Compliance Fee. To be confirmed upon receipt of the Land Registry title and the lease as it can range between £100 and £500

 

*These fees vary from property to property and can, occasionally, be significantly more than the ranges given above. We can provide you with a more accurate figure once we have had sight of your specific documents.

 

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 that is already physically completed in all respects with a Mortgage in Principle, it could take, say, 8 weeks.

 

Stages of the Process

The precise stages involved in the Purchase of a Residential Freehold Property vary according to the circumstances.    However,  set out below are some of the Key Stages:-

Take your instructions and provide you with initial advice.

Check finances are in place to fund the Purchase and contact Lender’s Solicitors if necessary.

Receive and advise on the Contract Documentation.

Carry out Searches.

Obtain further Planning Documentation, if required.

Make any necessary Enquiries of Sellers Solicitor.

Give you advice on all documents and information received.

Explain to you the Conditions of your Mortgage Offer.

Send to you the final Contract for your signature.

Agree Completion Date (the date from which you will own the property).

Exchange Contracts and notify you that this has happened.

Preparation of the Land Registry Transfer Deed and obtaining your signature to the same.

Preparation of a Deed of Covenant (if required by the provisions of the lease) and obtaining your signature to the same

Arrange for all monies needed to be received from your Mortgage Lender and you.

Complete your Purchase.

Deal with payment of the Stamp Duty Land Tax or Land Transaction Tax, as appropriate.

Service of Notice of Transfer and Notice of Charge (if any) on the Landlord and Management Company

Deal with Application for Registration at HM Land Registry.

 

 

If you wish to speak to a member of our residential conveyancing team for advice and assistance concerning your proposed purchase or for a no obligation quote, please do contact us –

 

Newquay Office
Doug Sidebottom – djs@ralphlaw.co.uk – t. 01637 872218