Estimate of Leasehold costs

SALE OF LEASEHOLD RESIDENTIAL PROPERTY

Our fees cover all of the work required to complete the sale of your property.

Conveyancer’s fees and disbursements

Our costs in connection

with Your Proposed Sale:`                                                                   £575.00*

VAT on the above                                                                                   £115.00

Disbursements:

Management Enquiry pack                                                                   tbc **

H.M. Land Registry fee                                                                          £3 per document (usually 3 or 4)

Bank transfer fee if there is a mortgage to repay                             £18 incl VAT

Estimated Total: £720 incl. VAT and disbursements but excluding the Management Enquiry Pack

* The figure shown is in respect of properties being sold with a sale price of less than £750,000. If the sale price is between £750,000 and £1,500.000, the costs charge rises to £750 plus VAT. If the sale price exceeds £1,500.000, the costs charge rises to £950 plus VAT and may be subject to additional charges depending on the complexity of the transaction, which will be separately negotiated.

**Each management company/landlord can charge what they like to supply the management enquiry pack. This can vary from £0 to £500 plus VAT for properties managed in London.

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. There are certain disbursements which will be set out in the individual lease relation to the Property.

Anticipated disbursements:

In some cases other documents may be required to be produced such as planning documents, indemnity policies, copy NHBC and other certificates for which a fee is payable. Details of these charges will be discussed with you as and when they apply.

Other payments that may arise.

On Retirement home leases a contingency fee is occasionally charged. It is normally 1% of the sale price.

How long will my sale take?

How long it will take from your purchaser’s offer being accepted until you move out of your house will depend on a number of factors. The average process takes between 6-10 weeks.

It can for instance be quicker or slower, depending on the parties in the chain, assuming a chain exists.

Stages of the process

The precise stages involved in the sale of a residential leasehold property vary according to the circumstances. However, the following list may assist in your understanding: –

  • Take your instructions, send out initial letter and forms for you to complete
  • Receive forms back from you including I.D and payment on account to cover disbursement
  • Issue the contract pack to the Buyer’s conveyancer
  • Apply for management enquiry pack from management company/ landlord
  • Deal with any enquiries raised on behalf of the Buyer
  • Send final contract and transfer to you for signature
  • Exchange contracts, having agreed a date of completion of the sale
  • Confirm with management company/ landlord the current position regarding the ground rent and service charge payments
  • Obtain any redemption figure, if applicable, from Lenders
  • Finalise the sale and account to you for any proceeds of the sale due to you

 

PURCHASE OF LEASEHOLD RESIDENTIAL PROPERTY

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.

Conveyancer’s fees and disbursements

Our costs in connection

with Your Proposed Purchase:                                                               £600.00

VAT on the above                                                                                      £120.00

Disbursements:

Stamp Duty                                                                                                 £ see notes

Land Registry fees                                                                                    £80.00 on purchase price £40,001 to £100,000

£190 on purchase price £100,001 to £200,000

£270 on purchase price £200,001 to £500,000

(if the application can be submitted Electronically then the fee will be halved )

Local Search                                                       )

Environmental Search                                       )                                       £200.00 approx (incl VAT)

Water Authority Search                                    )

Chancel Liability Search                                  )

Land Registry search fees                                                                           £3.00

Land Charges search fee(s)                                                                         £4.00

Bank Telegraphic Transfer fee         £18 x 1                                            £18.00 incl VAT

 

Notes: The amount of stamp duty payable depends on the purchase price of your property, if any, and other factors including if you qualify as a first time buyer. 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 here..

Estimated total – £945 excluding Land Registry /Stamp Duty Land Tax/Land Transaction Tax and any of the items mentioned below.

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. There are certain disbursements which will be set out in the individual lease relating to the Property.

  • Notice of Transfer fee – This fee, if chargeable, is set out in the lease. Often the fee is around £100 plus VAT.
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is also set out in the lease. Often the fee is around £100 plus VAT.
  • Deed of Covenant fee – This fee is charged by the management company for the property. There is no standard fee for this but in our experience, fees range from £100 – £300 plus VAT.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease. There is no standard fee for this but in our experience, fees range from £100 – £300 plus VAT.

Ground Rent/Service charges

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. Details of the ground rent and the anticipated service charge should be available from the Estates Agents.

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 exchange of contracts 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

How long will my 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 6-10 weeks. It can for instance be quicker or slower, depending on the parties in the chain, assuming a chain exists.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However the following list may assist in your understanding: –

  • Take instructions from you, send out initial letter and forms for you to complete
  • Receive contract documents from seller’s conveyancer
  • Carry out searches
  • Make any necessary enquiries of seller’s conveyancer
  • Report to you on all of the paperwork including mortgage papers, if applicable
  • Agree completion date (date from which you can move into your new property)
  • Exchange contracts and notify you 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/ Land Transaction Tax
  • Serve Notice of assignment, Notice of charge (if applicable and obtain certificate of compliance from management company)
  • Deal with application for registration at H.M. Land Registry
  • Send you a copy of the title information document and any other relevant documents

* The figure shown is in respect of properties being purchased with a purchase price of less than £750,000. If the purchase price is between £750,000 and £1,500.000, the costs charge rises to £800 plus VAT. If the purchase price exceeds £1,500.000, the costs charge rises to £950 plus VAT and may be subject to additional charges depending on the complexity of the transaction, which will be separately negotiated.

 

 

 

 

 

Click here to email us