Purchase of a residential leasehold property
Property value from £0 to £500,000: £1,000 plus VAT at 20%:
Property value from £500,000.01 to £1,000,00: £1,500 plus VAT at 20%
Property value from £1,000,000.01 to £2,000,000: £2,000 plus VAT at 20%
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.
- Search fees: £250 – £350 plus VAT at 20%
- HM Land Registry fee: dependent on value of property e.g. purchase of £250,000 property will incur £270 fee (https://landregistry.data.gov.uk/fees-calculator.html)
- Stamp Duty or Land Tax (applicable on purchase).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.
- Anti-Money Laundering (AML) checks: £7 plus VAT at 20% (per individual)
- International Anti-Money Laundering (AML) checks: £10 plus VAT at 20% (per individual)
- Electronic money transfer fee £25.00
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
- 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.
Stages of the process for the purchase of a residential leasehold property
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. The key stages of the purchase are as follows (including likely timescales where possible):
- Initial instructions from you – you formally instruct us on acceptance of the offer: 1 hour
- Receive draft contract pack – we receive the Contract pack from the Seller’s solicitors: 1-2 weeks on average
- Searches and investigation of title – we check the contract pack, raise pre-contract enquiries, and carry out the necessary searches: 2-3 weeks
- Report – we review and report to you on the contents of the contract pack, pre-contract enquiries and the result of the searches: 1 week
- Signing – when you are happy with all the paperwork, we can then arrange for you to sign and a completion date is then decided amongst all parties involved in the transaction. At this stage in the conveyancing process, you will transfer the deposit, usually 10% of the purchase price, to us which enables us to be ready to exchange the contracts: 1 day
- Exchange of contracts – the transaction and completion date becomes legally binding on the exchange of contracts. The deposit will be sent to the Seller’s solicitor. Before completion, the balance of the funds due from you must be with us at least one working day beforehand: 1 day
- Conveyancing process for buying a house (finish) – completion happens on the eagerly awaited ‘moving day’ and when the full purchase price is transferred to the Seller’s solicitor. The keys are left with the estate agent and once the Seller’s solicitor has received the funds the keys are released to you: 1 day
- Post-completion – we send off the relevant Stamp Duty Land Tax forms and register the property in your name at Land Registry: 1-2 months
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes up to 4 months. It can be quicker or slower, depending on the parties in the chain.
Please note that we are not on the Mortgage Lending panel and therefore we cannot act for the Lender in the purchase of properties where a mortgage is required.