Clarkes’ property lawyers are passionate about their conveyancing and will conduct your case sympathetically and efficiently. Our team of specialist property lawyers has considerable experience in dealing with all types of freehold and leasehold property all over England and Wales. Our senior solicitors and conveyancers are known for their property expertise.
An indication of our fees* for a typical leasehold conveyancing purchase transaction for a first time buyer without the aid of a mortgage including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (formerly Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales are as below.
Clarkes will provide a fully detailed estimate upon instruction showing all costs and anticipated disbursements and charges and any charges for work done outside the scope of the typical transaction.
Fees and disbursements may vary due to a number of factors; such as value of the property or lease concerned, the urgency of the work, or if there are any other complicating factors but as a guide for a typical leasehold purchase example please see below.
Conveyancer’s fees and disbursements:
- Legal fee £845.00
- Typical Search fees £300.00
- HM Land Registry fee £95.00
- Electronic money transfer fee £40.00
- VAT payable £177.00
- Estimate total: £1457.00
In addition our fee for Stamp Duty Land Tax return preparation and submission is £75.00 plus VAT £15.00.
Disbursements are costs related to your matter that are payable to third parties, such as local, water and drainage, environmental and mining search fees as well as Land Registry fees. These can vary depending upon where the property is situated and the number of searches needed. 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.
Anticipated Disbursements specific to Leasehold Property
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 to £100.00.
- 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 to £100.00.
- 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 to £100.00.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50.00 to £100.00.
*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 this we receive this information.
* The fees and disbursements estimated above are an indication only of typical charges and do not include charges for additional work outside the scope of the original estimate which potential charges will be clearly set out in your personal estimate. You will be informed of any additional disbursements as soon we become aware of these. If you are not a first time buyer Stamp Duty Land Tax will likely be payable, the amount depending on whether or not purchases for your residence and whether or not you own another property.
* 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 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 required. Additional disbursements may apply if indemnity policies are required.
Stamp Duty Land Tax
The amount of Stamp Duty Land Tax payable depends on your status and the purchase price of the 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
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- 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 including information from the landlord or managing agent which often takes some time to arrive
- 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
- Deal with payment of Stamp Duty/Land Tax
- Deal with notices to the landlord and managing agents
- Deal with application for registration at Land Registry
How long will my leasehold purchase take?
How long it will take from your offer being accepted until you can move in to your property will depend on a number of factors. The average process takes between 6-8 weeks can be longer.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a cash purchaser with no chain it could take as little as 4 to 6 weeks. However, if you are buying a leasehold property in a chain of transactions this can often take significantly longer perhaps 8 to 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 5 months. In such, a situation additional charges would apply.
Who will deal with my matter?
Please see the Residential Property section of our website. Upon instruction you will be allocated a dedicated caseworker whose level of experience will be commensurate with the type of matter. All our staff are highly trained and receive constant updates and training on new areas of law and practice and procedure.