Purchase of a Residential Leasehold property

Please CLICK HERE to view our table of costs. 

In addition to those charges, there are additional costs applied to Leasehold properties. We will add £100 to £250 plus VAT (charged at 20%) to our standard fees listed above depending on the type of transaction. For example, a Leasehold house may be £100 plus VAT (charged at 20%) but a flat could be an extra £250 plus VAT (charged at 20%). We can give you a full quote once we have details of the property and transaction.

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.

Anticipated Disbursements (these vary from property to property and can on occasion be significantly more that the ranges given above. We can give you an accurate figure once we have sight of your specific documents).

Notice of Transfer Fee – This fee is chargeable as set out in the Lease. Often the fee is between £10.00-£200.00.

Notice of Charge Fee (if the property is to be mortgaged) – This fee is again set out in the Lease. Often the fee is between £10.00-£200.00.

Deed of Covenant Fee – This fee is provided by the management company for the property and can be difficult to estimate. It is often between £100.00-£300.00

Certificate of Compliance fee – This will be confirmed to you upon receipt of the Lease and can range between £100.00-£500.00

Stock Transfer Fee – This is the fee payable for you to become a member of the Management Company if required and we will confirm this to you upon receipt of the information.

• Notice Fees

• Deed of Covenant Fees

• Compliance Fees

• Apportionments of ground rent and service charges

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 anticipated service charge once we receive this information.

* Our fees assume that:

1. This is a standard transaction and no unforeseen matters arise including for example (but not limited to):

             a.     a defect in title which requires remedying prior to completion

             b.     part of the property being unregistered

             c.     building regulations or planning permissions having not been obtained;

             d.     crucial documents we have requested from you not being provided; or

             e.     a requirement for the preparation of additional documents ancillary to the main transaction

        2.   This is the assignment of an existing lease and is not the grant of a new lease

3.    The transaction is concluded in a timely manner and no unforeseen complications arise.
   

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

5. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However below we have listed some key stages that are covered in our fees listed below.

• Take your instructions and give you initial advice

• Check finances are in place to fund the 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

After Completion

• Deal with payment of Stamp Duty/ Land Transaction Tax

• Deal with application for registration at Land Registry

The Legal Choices Webpage gives further information regarding the house buying and selling process

https://www.legalchoices.org.uk/legal-choices/got-a-legal-issue/houses/im-buying-or-selling-a-house/