Leasehold Residential Purchase Pricing

Thank you for looking at our property services. Whether you are a first-time buyer or an investor, we are here to take the stress out of buying and selling leasehold property.

We will guide you through each step of your transaction, tailoring our service to fit your requirements, so you can have complete peace of mind that every detail has been properly handled. Where necessary, we can also recommend other professionals such as Surveyors, IFA’s and property valuers, giving you access to all the expertise you need.

At a time where money really matters, we take care to provide a high quality, value-for-money service you can rely on. We will keep you regularly advised of every detail you need to know so you can make informed decisions and conclude your leasehold property transaction promptly and with the minimum possible stress and hassle.

Why choose Bright & Sons' residential property solicitors?

We have an experienced team who understand the stress involved in buying, selling or re-mortgaging your property. Our approach is a simple – we provide a first-class service from our expert team who make the difference by taking the stress away from you and dealing with all the details of your transaction on your behalf.

We know that communication is key, especially when dealing with the complex issues that can sometimes be involved with leasehold property. Our team are made up of highly qualified solicitors and licensed conveyancers who have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner, but also have the people skills to ensure you are kept informed of everything you need to know in plain English.

You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have.

We realised that this is potentially the biggest investment of your life and we not only want to provide the first-class service you deserve, but also real value for money with no hidden fees.

We are proud to hold Lexcel and CQS Accreditations, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain the highest levels of client care.

Pricing

We know how important cost is when deciding who to use for leasehold conveyancing, so we review our fees on a regular basis, taking into account clients’ feedback, so we can make sure we always offer great value.

We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. If during the transaction there is a new development, we will discuss the change in fees with you and agree a way forward.

Our fees are set out as:

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

Item

Amount

VAT

Subtotal

Legal Fees

*£1400.00

£280.00

£1,680.00

Fee for acting on behalf of the mortgage lender

NIL

  

Search fees

£300.00

£60.00

£360.00

HM Land Registry fee

£150.00

 

£150.00

Electronic money transfer fee

£30.00

£6.00

£36.00

Estimate Total

£1,880.00

£346.00

£2,226.00

*Please note that this quote is based on a purchase price of £250,000.00; if the price is less our fees will be reduced accordingly – if the purchase price is more we have a sliding scale of increased fees and will be happy to provide a tailored quote.  By way of example if the purchase price is £500,000.00 our fees will be £1,700.00 plus VAT and if the purchase price is £1,000,000.00 our fees will be £2,100.00 plus VAT

Shared Ownership

If the property you propose to purchase is a shared ownership lease your conveyancer will need to liaise with the Housing Association to check their legal requirements. If you are obtaining a mortgage your conveyancer will need to seek the approval of your mortgage offer from the Housing Association and comply with complex lender requirements.  Additional SDLT advice will also need to be provided to you so you make an informed decision of electing to pay on this transaction or on staircasing.    Your conveyancer will need to ensure that adequate time is given for the Housing Association to prepare the completion documents and completion statements for legal completion.  This involves further time and paperwork to be completed and will be subject to an additional charge of £100.00 plus VAT. 

Help to Buy Equity Mortgage

If you are purchasing your property with the aid of a Help to Buy Equity mortgage your conveyancer will need to review the Homes & Communities Agency paperwork to check their legal requirements.  Additional advice will need to be provided to you the legal implications of the equity mortgage and arrange for you to execute additional documents.  Your conveyancer will need to verify your first lender's mortgage offer to check it meets the Homes & Communities Agency requirements.  There will be strict time frames to meet in respect of expiry dates of your Help to Buy Equity Mortgage and serving the relevant request to Homes and Communities Agency to provide authority to exchange and complete.  This involves further time and paperwork to be completed and will be subject to an additional charge of £750.00 plus VAT. 

New Build

If you are purchasing a new build property there will be a substantial amount of documentation to review which will be subject to an additional charge of £250.00 plus VAT. 

Referral Fees

We are proud that our clients choose us on our reputation – we never pay estate agents for work or introductions.  By doing so we offer truly independent advice.

Disbursements

Disbursements are any 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.

These fees may be subject to change if further information relating to your property becomes available, for example, if you require additional searches such as a flood search, which typically costs £24.00.  The figure quoted for search fees above indicates local authority, water and drainage, chancel repair and environmental searches.

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 specific fees upon receipt and review of the lease from the seller’s solicitors.

Anticipated Disbursements*

Item

Range from

Range to

Plus VAT

Notice of Transfer fee, this fee if chargeable is set out in the lease. Often the fee is:

£120.00

£220.00

£24 to £44

Notice of Charge fee (if the property is to be mortgaged), this fee is set out in the lease. Often the fee is:

£120.00

£220.00

£24 to £44

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:

£150.00

£200.00

£30 to £40

Certificate of Compliance fee – to be confirm upon receipt of the lease, as the range can be

£90.00

£200.00

£18 to £40

* These fees vary from property to property and can on occasions 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 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.

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.

Exclusions

We do not undertake tax advice.

Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

Factors that may lead to an increase in cost include:

  • If a legal title is defective or part of the property is unregistered
  • If you discover building regulations or planning permission has not been obtained
  • If crucial documents, we have previously requested from you have not been provided to us
  • If the property is a new build
  • If the property is less than 10 years old
  • If you require to exchange within 4 weeks of instructing us
  • If you require completion within 5 weeks of instructing us
  • If you require simultaneous exchange and completion

In our experience it is rare that we need to change our original quote.

Time Scales

For any transaction, the timescales are subject to change depending on when your offer is accepted and other factors involved. The average process takes between 12-14 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, adding a further 1 to 2 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 (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

Key Milestones

With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:

  • Taking your instructions and giving you initial advice
  • Checking finances are in place to fund purchase and contacting lender's solicitors if needed
  • Receiving and advising on contract documents
  • Carrying out searches
  • Obtaining further planning documentation if required
  • Making any necessary enquiries of seller's solicitor
  • Giving you advice on all documents and information received
  • Going through the conditions of your mortgage offer
  • Sending the final contract to you for signature
  • Draft Transfer
  • Advising you on joint ownership
  • Obtaining pre-completion searches
  • Agreeing a completion date (the date from which you own the property)
  • Exchanging contracts and notifying you that this has happened
  • Arranging for all monies needed to be received from lender and you
  • Completing purchase
  • Dealing with payment of Stamp Duty/Land Tax
  • Dealing with application for registration at Land Registry

See our Conveyancing Services