Conveyancing Residential purchase of Leasehold Costs
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.
Conveyancer's fees and disbursements
- Legal fee £350 - £1200 + VAT depending on the value of the property
- Fee for acting on behalf of the mortgage lender £250 + VAT•Search fees £250
- HM Land Registry fee £40 to £900
- Electronic money transfer fee £30 + VAT
- VAT payable – VAT is payable on some of the above
- Subtotal £1580 + VAT This is for example purposes only and may vary
Referral fee (if any)
- Amount of referral fee paid would be between£50 -£250 + VAT
- Recipient of referral fee –a range of suppliers including estate agents, conveyancing networks
Estimated total: £1730 + VAT This is for example purposes only and may vary
Disbursements are 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. 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.
- HM Land Registry fee: £20 to £900
- Search fees: £250
- VAT on search fees is included in the search fee figure above
- Electronic money transfer fee: £30 + VAT
- VAT –VAT is payable on some of the above
- Subtotal: £780 + VAT This is for example purposes only and may vary
- Notice of Transfer fee –This fee if chargeable is set out in the lease. Often the fee is between £30 - £300.
- Notice of Charge fee (if the property is to be mortgaged) –This fee is set out in the lease. Often the fee is between £30 and £300.
- 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 £60 to £300.
- Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £60 to £300.
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.
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.
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.
Estimated total of Stamp Duty on a property purchased at £450,000 when you are not a first time buyer and the property is in England would be £12,500 This is for example purposes only and may vary
Those carrying out fee earning can be found on the Residential Property page.