PURCHASE OF A LEASEHOLD RESIDENTIAL PROPERTY

MJP Law’s fees range from £905 + VAT with an additional Leasehold Fee of £150.00 + VAT up to £1,500.00 + VAT + the Leasehold Fee (depending upon the complexity and value of the transaction). We will always provide you with an individual fee estimate at the outset of the transaction.  There are occasions when we pay a referral fee, which will not affect the amount we charge you.

Our fees assume that:

  1. 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;
  2. this is the assignment of an existing lease and is not the grant of a new lease or a new build property;
  3. the transaction is concluded in a timely manner and no unforeseen complication 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 legal fees disbursements may apply if indemnity policies are required.

Our fees cover all the legal 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/SDLT) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

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 term of the lease. The fees below are estimates and we will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

HM Land Registry fee (apx depending on purchase price) £135.00
Search fees (apx, depending on location) £310.00 inc VAT
Electronic money transfer fee £35.00 + VAT

 

Anticipated Disbursements*

Notice of Transfer fee – This fee, if chargeable, is set out in the lease. Usually between £50.00 and £100.00
Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Usually between £50.00 and £100.00
Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often the fee is between £100.00 and £200.00
Certificate of Compliance fee – To be confirmed upon receipt of the lease. This can range from £100.00 to £200.00 depending on your individual lease.

*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.

Stamp Duty Land Tax

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website SDLT calculator 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 6-12 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, with a mortgage in principle, it could take 10 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 and you will be advised of this before any additional work starts.

Charlotte Tench

Director & Solicitor

Conveyancing
Bournemouth
01202 582582

Jodi Halkier

Solicitor

Conveyancing
Verwood
01202 823666

Samantha Tapper

Conveyancer

Conveyancing
Wimborne
01202 842929