Purchase of a leasehold residential property - pricing guideline
Our costs
Our fees for a typical flat purchase range from around £1,800 plus VAT* for a simple transaction (such as a small flat in a converted house) to around £5,000 plus VAT for a large purpose built flat or retirement flat with communal facilities and detailed management structure. These figures may however vary in cases with special complications. That's why we will always give you an individual cost estimate at the start of the transaction, taking into account the actual features of your purchase.
If the work you have asked us to do proves to be more difficult or time consuming than we first envisaged because of factors of which we are currently unaware, or should your instructions change, or if you require additional work and advice, we will need to revise our estimate. In such circumstances we will inform you of the estimated cost of the extra work and any additional expenditure before incurring extra costs.
We charge on a time basis and the hourly rates of the team members that may be involved in your purchase are set out at the bottom of this page.
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 with to buy is in Wales.
Disbursements and other costs
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We will handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements and other costs we anticipate will apply are set out below. This list is not exhaustive and other disbursements may apply.
- Search fees in the region of £350 to £500 (plus VAT where applicable)
- HM Land Registry fee – this is a scale fee set by the Land Registry and will depend upon the value of the property.
- Electronic money transfer fee (per transfer) £35 plus VAT
- Notice of Transfer fee – this fee will vary according to the landlord/management company and is often between £50 - £150 (plus VAT where applicable)
- Notice of Charge fee (if the property is to be mortgaged) – this fee will vary according to the landlord/management company and is often between £50 - £150 (plus VAT where applicable)
- Certificate of Compliance fee – this fee will vary according to the landlord/management company and is often between £50 - £150 (plus VAT where applicable).
Stamp Duty or 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 .
Stages of work
The precise stages involved in the purchase of a residential freehold property vary according to the circumstances, but below are the usual key stages:
- 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 title and contract documents
- Carry out searches
- Make any necessary enquiries of seller's solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer
- Report to you on the property along with final contract documents for signature
- 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 and submission of Stamp Duty Land Tax Return
- Deal with application for registration at Land Registry
- Serve notice of transfer/mortgage on the landlord/management company
* 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 purchase 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.
How long will my flat 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.
Team members
Please see the links to the profiles of the team members who may be involved in your matter and their hourly rates below.
- Janice Cowley – Legal Director - £390 plus VAT
- Tim Cunion – Managing Paralegal - £210 plus VAT
*VAT will be charged at the prevailing rate (which is currently 20%).