Residential Purchase Freehold and Leasehold

The Service

Acting for you in respect of your purchase of a residential property:

As part of this service we will:

  • Provide you with a dedicated and experienced team to work on your matter
  • Take your initial instructions and give you initial advice
  • Receive and advise on contract documents
  • Carry out searches
  • Make any necessary enquiries of seller’s solicitor
  • Report to you on all documents and information received
  • Send final contract to you for signature
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Advise you of the monies needed for completion
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry
  • Send you your registration documents once the registration formalities have been concluded
  • Please note this fee is based on all documents, communications being sent to you electronically.

In relation to leasehold properties we will also:

  • Review your lease and report to you on the terms of the Lease
  • Advise you of any additional costs required pursuant to the Lease in respect of landlord/ managing agents/ management company involved, as appropriate
  • Advise on service charge and ground rent pursuant to the lease.
  • Make enquiries with the Landlord’s or their agents via the Seller’s solicitors in respect of the arrangements for management/ maintenance of the building in which your leasehold property is located, including communal parts

Average timescales

How long it will take from your offer being accepted until you can move in to your new home will depend on a number of factors. The average process takes between 6 to 8 weeks to exchange, and a further one or two weeks before completion, dependent on all parties involved being agreeable to the completion date.

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 10 to 12 weeks.  However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 to 4 months.  In such, a situation additional charges would apply.

What is the Estimated Fee

Our fee for dealing with a normal freehold conveyancing property purchase is:

  Purchase Price   Our Legal Fees (Freehold)   Our Legal Fees (Leasehold)
  £0-£399,999   £695   £795
  £400,000 – £699,999   £795   £895
  £700,000 – £999,999   £895   £995
  £1,000,000 – £1,499,999   0.125%   0.15%
  £1,500,000+    Please call us for quote   Please call us for quote

If you are buying with the assistance of a mortgage, we charge an additional fee of £195 plus VAT, assuming the mortgage is being provided by a high street lender. This includes:

  • Checking finances are in place to fund purchase and contact lender’s solicitors if needed
  • Go through conditions of mortgage offer with you, including a report on mortgage

Additional fees may apply in instances that fall outside of the normal conveyancing transaction. Please see Potential Additional Fee section below.

AND

You should note that for all new clients of the firm, we will conduct an electronic ID search for Anti Money Laundering compliance. The administrative fee for arranging these checks is £15 plus VAT.

If we are arranging the transfer of funds electronically, we will charge a fee for our time involved in arranging each transfer, for example sending completion money to your seller’s solicitors on completion, the cost of this and the amount we pay to the bank for the transfer is £25 plus VAT per transfer.

Information on Estimated Fees

Your fee will reflect work involved in your transaction. Our fee assumes that:

  • This is a normal conveyancing 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 not the grant of a new lease in leasehold matters.
  • The transaction is concluded in a timely manner and no unforeseen complication arises
  • 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
  • This work will be undertaken by our Stanmore office by a lawyer supported by various other junior members of the team. If you require a designated lawyer/ fee earner to deal with your transaction additional fees may apply to suit your needs and service requirements.

There may be additional documents and, requirements of your specific purchase, based on the documentation required to transfer the title into your name, or to deal with specific parties involved in your transaction. We have set out in the Potential Additional Fees section situations that may arise which would attract additional fees. We will of course notify you of any additional costs and disbursements before they are incurred.

Please note that if for any reason we are unable to proceed or you choose to close your matter after you have instructed us, you will still be charged for any work (including additional work) that we have carried out.

Preferential rates may apply to returning clients and those that are recommended to us by one of our business partners. Please contact us to find out more about any discounts that may be applicable.

Likely disbursements and recharges/ expenses (these are costs related to your matter that are payable to third parties. We handle the payment of the disbursement on your behalf to ensure a smoother process)

Potential Additional Disbursements

  • In Leasehold matters we may also need to pay a fee to the Landlords Solicitors or Agents in respect of the Notice of Transfer/ Charge. This cost varies from one property to the next, depending on the fees confirmed in the Lease/ agreed with the landlord. We will advise you of this cost, however this usually ranges between £25-£75 per Notice plus VAT.
  • In leasehold matters, your Lease may require a Deed of Covenant, depending on the terms of the Lease. The Landlord/ Management Company/ Agent may charge a fee for registering this document with them on completion of your purchase. We will advise you of this cost, if appropriate, however the cost could range between £75 to £200 plus VAT
  • In leasehold matters, it may be required, as a term of your lease that you require a Certificate of Compliance from the Landlord/ Managing Agent/ Company. The fee will be confirmed to you once we have reviewed the Lease and made enquiries with the Landlord/ Management Company/ Agent, however, the cost could range from £75 to £200 plus VAT.

You should note that these disbursements can vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate indication of costs once we have had sight of the specific documents for your purchase.

Other disbursements may apply depending on the terms of your Lease. We will update you on the specific fees upon receipt and review of the lease from the Seller’s solicitors.

Potential Additional Fees

We always provide clients with a fee estimate at the start of each new matter, therefore if you would like a bespoke estimate for your particular matter/ case please contact us to discuss.

If your case involves unexpected complications, we will always inform you, including any additional fees that may apply, so that you can make an informed decision as to how to proceed. You should be aware that additional fees will apply in the following situations:

  Acting for an additional lender
  If your lender wishes for another legal representative to act for them
  Administering Service Charge Retentions in leasehold matters
  Administration Fees if you require your documents by post.
  Approving a lease extension
  Approval of a tenancy Agreement
  Additional bank transfer costs (per transfer)
  Administration fees for unpaid cheques
  Administration costs for cheques stopped at client request
  Completion required within 7 days of exchange of contracts
  Dealing with share of freehold
  Dealing with sitting tenants or occupiers
  Dealing with third party lawyers, e.g. in a matrimonial dispute
  Dealing with trust property
  Deed of Covenant
  Deed of Easement
  Deed of Gift- per gift
  Deed of Grant or variation
  Deed of Guarantee
  Drafting Statutory Declaration or Statement of Truth
  File Retrieval after completion from storage
  General Power of Attorney
  Investigating bankruptcy Entry
  Land Registry Restriction (each)
  Leasehold Property supplement
  Letter of Postponement or Deed of Postponement
  Liaising with Trustee in Bankruptcy
  Mutual Deed of Covenant for flying freehold
  Obtaining Indemnity Insurance (each)
  Purchase at an undervalue
  Registration at Companies House
  SDLT supplemental fee
  Shared Equity/ Help to Buy
  Shared Ownership
  Simultaneous exchange and completion
  Staircasing
  Unregistered land
  Voluntary First Registration for a sale property

VAT will be chargeable in addition on all fees quoted.

This list is not exhaustive, and if there are additional fees that you may incur we will inform you in advance. In addition to our legal fees for some items above you may incur an associated disbursement, such as additional Land Registry Fees, or Landlord Fees (if appropriate). We will inform you accordingly.

 

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