Pricing: Purchase of a 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.

 Property value of up to £450,000Property value of up to £1MProperty value of £1M-£2MProperty value of £2M+
Fixed Legal fee for standard property purchase*£1,850£2,000£2,3500.15% of property value
VAT£370£400£47020% of fee
Total legal fee including VAT£2,220£2,400£2,820Depending on property value
Anticipated disbursements**    
Search fees (including VAT)£360-£600£360-£600£360-£600£360-£600
Electronic money transfer fee
(including VAT)
£12 per transfer£12 per transfer£12 per transfer£12 per transfer
Land registration fee£20-£135
Depending on value of property
Depending on value of property
Pre-completion searches£10£10£10£10
Total anticipated disbursement costs (based on 1 x transfer)£402-£757£517-£892£837-£1,077£837-£1,077

* No property is exactly the same and our fees will reflect the particular requirements of your purchase. For example, dealing with a listed building may, because of the added complexities, cost more than dealing with a new freehold property. We will always give you an individual cost estimate at the start, taking into account the actual features of your purchase.

The fees outlined above assume 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, such as deed of variation, lease extension
  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

The fees outlined above do not include:

  • assigning the benefit of a 42 notice for a lease extension, or
  • entering into any exclusivity agreements
  • preparing deed of variations
  • Stamp Duty Advice
  • Indemnity policies. Additional disbursements may apply if indemnity policies are required.

We can assist with any of the above if required, and we will provide a fee quote before we proceed. If there are any unexpected complications during the purchase of the property, we will always inform you and discuss any potential consequences and impact on price before additional fees are incurred.

**Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process. Search fees and Land Registration fees can vary due to location of the property.

There are also certain disbursements which will be set out in the individual lease relating to the Property. The additional 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.

  • Notice of Transfer fee – This fee, if chargeable, is set out in the lease. Often the fee is between £60-£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 £60-£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 £100-£200.
  • Certificate of Compliance fee – This fee is set out in the lease. Often it is between £100-£200.

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.

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.

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have listed the key stages that we would typically expect in a standard leasehold purchase.

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Review leasehold information provided by managing agent
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer
  • Report to you on all of the documentation
  • Send final contract to you for signature
  • Draft Transfer
  • Advise you on joint ownership
  • Obtain pre-completion searches
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry
  • Notify the managing agents of the change of ownership.

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 4-6 weeks. It can be quicker or slower, depending on the parties in the chain.

Our real estate team has experience in delivering high quality work in all matters relating to conveyancing. The team has particular expertise in the sale, purchase or refinance of freehold and leasehold property, including complex transactions, for high net worth UK and overseas clients, owner occupiers, investors, clients with investment portfolios, as well as secured lending for UK and overseas lenders.

We have 10 members of the team who may work on your matter:

Adrian Horwood-Smart, Partner

Rupert Melville-Ross, Partner

Andrew Williamson, Partner

Amy Lynch, Senior Associate

Nessa Barry, Senior Associate

Louise Moore, Associate

Thomas Andrews, Associate

Zoe Johnston, Associate

Mary Sargent, Associate

Anna Lui, Paralegal

Regardless of who works on your matter, they will be supervised by Nessa Barry, Senior Associate.

Click here to view the profiles of our Real Estate team.