EVERATTS LLP

Purchase of a leasehold residential property

Our fees cover all 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 is in Wales.

Legal fees  :  Please refer to our table of estimated fees.

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. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors.

Search fees

£250.00

HM Land Registry fee

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HM Land Registry's website

Electronic money transfer fee £15.00 plus VA

Anticipated Disbursements

  1. Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 – £100.00 plus VAT.

  2. 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 and £100.00 plus VAT.

  3. 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 £100.00 plus VAT and £300.00 plus VAT.

  4. Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £100.00 plus VAT and £300.00 plus VAT.

*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 in the Report on Title.

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 - or if the property is located in Wales by using the Welsh Revenue Authority's website - https://beta.gov.wales/land-transaction-tax-calculator

Extra legal fees will be charged, as follows, in the event that any of the following documents are required in relation to a transaction:-

Licence to Assign £350.00 plus VAT
Licence to Charge £350.00 plus VAT
Deed of Covenant £150.00 plus VAT
Indemnity policy (all types) £150.00 plus VAT per policy
Licence for Alterations £750.00 plus VAT
Deed of Variation £750.00 plus VAT

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:

  1. Take your instructions and give you initial advice

  2. Check finances are in place to fund purchase and contact lender's solicitors if needed

  3. Receive and advise on contract documents

  4. Carry out searches

  5. Obtain further planning documentation if required

  6. Make any necessary enquiries of seller's solicitor

  7. Give you advice on all documents and information received

  8. Go through conditions of mortgage offer

  9. Send final contract to you for signature

  10. Draft Transfer

  11. Advise you on joint ownership

  12. Obtain pre-completion searches

  13. Agree completion date (date from which you own the property)

  14. Exchange contracts and notify you that this has happened

  15. Arrange for all monies needed to be received from lender and you

  16. Complete purchase

  17. Deal with payment of Stamp Duty/Land Tax

  18. Deal with application for registration at Land Registry

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 8 - 12 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 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.

* 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.