Conveyancing fees example – Purchase of a Leasehold Flat

Conveyancing fees example – Purchase of a Leasehold Flat

Our fees* cover all of the standard work required to complete the purchase of this property, including dealing with the registration at Land Registry and the Submission and payment of Stamp Duty Land Tax if the property is in England or Land Transaction Tax if the property is in Wales.

Conveyancers Fees and Disbursements

Purchase of a Leasehold Flat at a Purchase Price of £100,000

Legal Fee

£700.00 Plus VAT £140.00

Disbursements

Local Search £99.05 inc VAT

Water and Drainage Search £71.88 inc VAT

Coal Search £48 inc VAT

Environmental Search £67.20 inc VAT

Chancel £15.79 inc VAT

Bankruptcy Search per person £2.40 inc VAT

Land Registry Priority Search £3.60 inc VAT

Land Registry Fee £40.00

Stamp Duty (assumes you are a first time buyer) £0.00

Professional Charges

Bank Transfer Fee £30.00 plus VAT £6.00

Estimated Total  £1,133.00

Additional Costs

Please refer to the section headed ‘Additional Costs’ for circumstances in which we may need to charge additional fees.

* Our fee assumes 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
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 disbursements may apply if indemnity policies are required.

Stamp Duty or Land Tax (on purchase)

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 here.

Disbursements

Disbursements are payments to third parties and organisations such as Land Registry fees.  The costs estimate sets out the current cost of expected disbursements but they are subject to variation, and the final bill of costs will include the actual expenditure incurred. We handle the payment of the disbursements on your behalf to ensure a smoother process. It is sometimes necessary to make additional disbursements either in respect of documents not within the deeds, particular problems or because of delays. In such cases additional fees will be payable.

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.

Anticipated Disbursements*

• Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50-£100.
• 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-£100.
• 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 £50-£100.
• Share Certificate fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £50-£100.
• Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50-£100.

*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. If the property is subject to various management companies and agents in addition to the Freeholder/Landlord then further sets of fees may be payable to each party depending on the structure of the development and requirements contained within the Lease.

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.

How long does it take to buy and sell a house?

We aim to complete a straight forward sale and/or purchase transaction in 6-8 weeks. If there is no chain involved that time scale may be less. If there is a long chain this time scale will be extended. If there is a defect in the title then the time scale may be further extended whilst we find a possible solution.

Stages of the Process

The precise stages involved in the purchase of a residential property vary according to the circumstances. The key stages include the following:

1. Your Quote – Based on the details you provide we will generate your tailored conveyancing quote for this purchase and send you our client care pack with a number of forms for you to complete.
2. The Contract Pack – Once we receive all the relevant forms from you, we will contact the seller’s solicitors and request the contract pack.
3. Mortgage Application – Once your offer is agreed, your mortgage lender will process your mortgage application and forward a copy of your offer to us, of which we will provide you a detailed report.
4. Searches and Enquiries – We will order your searches and raise pre-contract enquiries with the seller’s solicitors, before providing you with our findings in a detailed search report.
5. Property Report – Upon receipt of satisfactory replies to our enquiries from the seller’s solicitors we will provide you with your property report.
6. Review Reports – You can review the report and provide us with the documents as requested within the report. We will now be ready to exchange so the deposit should be transferred.
7. Exchange Contract – Exchanging contracts commits both you and the seller to the sale at the agreed price on an agreed date.
8. Completion – On the agreed date, once the seller’s solicitor receives the purchase payment, your purchase will compete.
9. Post Completion – Any required Stamp Duty forms will now be submitted to HRMC, and the title to the property will now be registered at HM Land Registry. We will also serve the notices and deal with the post completion requirements as per the Lease.