Typical Fees (Purchase of a Leasehold Property up to £750,000)

Legal Fees

Our legal fees will include our fee for acting on behalf of a mortgage lender if you are borrowing to fund your purchase and will typically range between £1,000 & £1,700 and be based on the hourly rate of the Solicitor or Executive dealing with your purchase – see our Terms of Business

VAT payable on our Legal Fees: typically ranges between £200 and £340

Our Electronic Money Transfer Fee – £35.00 per transfer

VAT payable on our Electronic Money Transfer  fee - £7.00 per transfer

Our Electronic Anti-Money Laundering Fee – £10.00

VAT on Electronic Anti-Money Laundering Fee - £2.00

 

NB This estimated figure assumes that:

  • this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in the title of the property which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction;
  • 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;
  • this is the assignment of an existing lease and is not the grant of a new lease;
  • this is not part of the Government’s Help to Buy Scheme or a Shared Ownership property;
  • the property is currently registered as a single dwelling.

 

PLUS whoever you arrange to do the conveyancing for you the following fees will apply:-

Search Fees (to include Local Authority, environmental, planning, water & drainage & chancel repair): £290 to £550 depending on the Local Authority

HM Land Registry: £20 to £270 for registered land

 

Disbursements

These are costs related to your matter that are payable to third parties such as Land Registry fees which we handle on your behalf to ensure a smoother process. Typical costs are:-

Bankruptcy Search Fee:  £2.00 per Client;

Notice of Transfer Fee:  This fee is set out in the Lease.

Notice of Charge Fee (if the property is to be mortgaged): – This fee is set out in the Lease and is typically between £10 and £150 plus VAT

Deed of Covenant Fee: This fee is provided by the Management Company for the property and can vary but is typically between £100 and £200 plus VAT;

Stamp Duty or Land Tax

This depends on the purchase price and configuration  of your property, and whether you own any other property anywhere in the World.. You can calculate the amount you will need to pay by using the HMRC’s website  or if the property is located in Wales by using the Welsh Revenue Authority’s website.

These Disbursement fees vary from property to property and can on occasion be significantly more than the ranges given above. We will be able to give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property, we will confirm the ground rent and the anticipated service charge as soon as we receive this information.

 

How long will it take?

How long it will take from your offer being accepted until you move in to your property will depend on a number of factors. The average process takes between 4 to 12 weeks. It can be quicker or slower depending on the parties in the chain.

 

Stages of the Process

The precise stages involved in the purchase of a residential property vary according to the circumstances. Please see our Buyer’s Guide for more information.