Buying And Selling A Leasehold Residential Property Fees

Buying or selling your home can be very exciting. Our dedicated Residential Property team will work hard to help your transaction go as smoothly as possible.

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;
  • 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 the 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 application for registration at Land Registry

For more information about buying and selling a property, please visit our guides to Buying A House and Selling A House.

Fees and Disbursements

Our fees cover all of the work required to complete the purchase of your new home, including:

  • carrying out the necessary searches;
  • liaising with the other side’s solicitors;
  • dealing with registration at the Land Registry;
  • 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.

Our fees vary from property to property and can on occasion be significantly more than the ranges given in the tables below. We can give you an accurate figure once we have sight of your specific documents, so we suggest that you always give us a call to discuss your individual circumstances.

You will also need to pay 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.

The likely costs, including disbursements, for purchasing a leasehold property are as follows:

 

Property price

 

Solicitors’ fees

 

Search fees (no VAT)

 

Land Registry (no VAT)

 

Storage & completion expenses

 

Processing

 

VAT 20%

 

TOTAL

    £0 / £80,000

£995.00

£250.00

£20.00

£85.00

£40.00

£224.00

  £1,614.00

£80,001/100,000

£995.00

£250.00

£40.00

£85.00

£40.00

£224.00

  £1,634.00

£100,001/150,000

£995.00

£250.00

£95.00

£85.00

£40.00

£224.00

  £1,689.00

£150,001/200,000

£995.00

£250.00

£95.00

£85.00

£40.00

£224.00

  £1,689.00

£200,001/300,000

£995.00

£250.00

£135.00

£85.00

£40.00

£224.00

  £1,729.00

£300,001/450,000

£995.00

£250.00

£135.00

£85.00

£40.00

£224.00

  £1,729.00

£450,001/500,000

£1,090.00

£250.00

£135.00

£85.00

£40.00

£243.00

  £1,843.00

£500,001/550,000

£1,090.00

£250.00

£270.00

£85.00

£40.00

£243.00

  £1,978.00

£550,001/650,000

£1,190.00

£250.00

£270.00

£85.00

£40.00

£263.00

  £2,098.00

£650,001/750,000

£1,290.00

£250.00

£270.00

£85.00

£40.00

£283.00

  £2,218.00

 

The likely costs, including disbursements, for selling a leasehold property are as follows:

Property Price

 

Solicitors’ fees

 

 

Land Registry & ID fees (inc VAT)

 

Storage & completion expenses

 

Processing fee

VAT 20%

TOTAL

£0 / £150,000

  £995.00

£27.30

£85.00

£40.00

£224.00

£1,371.30

£150,001/250,000

  £995.00

£27.30

£85.00

£40.00

£224.00

£1,371.30

£250,001/350,000

  £995.00

£27.30

£85.00

£40.00

£224.00

£1,371.30

£350,001/450,000

  £995.00

£27.30

£85.00

£40.00

£224.00

£1,371.30

£450,001/550,000

  £1,090.00

£27.30

£85.00

£40.00

£243.00

£1,485.30

£550,001/650,000

  £1,190.00

£27.30

£85.00

£40.00

£263.00

£1,605.30

£650,001/750,000

  £1,290.00

£27.30

£85.00

£40.00

£283.00

£1,725.30

 

Other Anticipated Disbursements

In addition to the above, you may also incur the additional fees including:

  • a fee for the Notice of Transfer. The actual fee, if chargeable, is set out in the lease. The fee is generally between £30 and £200.
  • a fee for the Notice of Charge (if the property is to be mortgaged). This fee is set out in the lease. The fee is generally between £30 and £200.
  • a fee for the Deed of Covenant. This fee is provided by the management company for the property and can be difficult to estimate. It is often between £180 and £360.
  • a fee for the Certificate of Compliance. We will confirm the amount once we have received the lease, this can range from between £72 and £300.

 

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. You may also have to pay for a management pack from the management company of the leasehold property. 

Stamp Duty or Land Tax (on purchase)

The amount of Stamp Duty or Land Tax which you have to pay on completion 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.

How long will my house purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 12 to 15 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 with a mortgage in principle, it could take four to six weeks to the point of exchange. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between three and six months. In such a situation additional charges would apply.

Assumptions

Our fee estimate 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; and
  • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Remortgaging Fees

Our remortgaging fees are generally £595 plus VAT. (£714 Inc. VAT)

Searches are approximately £150 and the Land Registry fee depends on the amount you are remortgaging for.

The Notice of Charge and the Certificate of Compliance, fees may apply and other fees if information from the landlord or management company is also required.

Fee Earners

The following fee earners handle Residential Property matters:

Zoë Baxter is a Director at Phillips Law and a qualified Solicitor. Zoe qualified in 1995 and specialises in Residential Conveyancing, Shared Ownership, Shared Equity.  

Jon Coles is a Director at Phillips Law and a qualified solicitor. Jon qualified as a solicitor in 1983, having obtained his law degree from Cardiff University and specialises in all areas of residential and commercial property.

Hayley Eachus is Qualified Solicitor and Director at Phillips Law. Hayley qualified in 2013 and specialises in all areas of residential and commercial property.

Our fee earners in the conveyancing team who are supervised by Zoe, Jon and Hayley include:

Lisa Rigby who qualified as a Licensed Conveyancer in 1995 and is also a graduate of the Chartered Institute of Legal Executives. She joined Brain Chase Coles in November 2001.

Jo Francis who is an experienced Conveyancing Executive who has worked within the property department of Brain Chase Coles since 1996.

Theresa Coutts has worked at Phillips for 21 years and has considerable experience working in the Conveyancing Department. As a qualified Fellow of the Institute of Paralegals, Trish specialises with working with first time buyers and dealing with shared ownership transactions.

You can find out more about our property team here : meet the team