Leasehold purchase pricing

Purchase of a leasehold residential property

Fees

Our fees for a leasehold residential property are set out in the Fee Schedule and cover the essential conveyancing steps that will need to be taken on a typical leasehold residential property purchase by a single natural person with no mortgage.

Our fees as set out in the Fee Schedule include all of the items specified in the Schedule of Services. If you proceed to instruct us, this will be the scope of work that will be set out in our letter of engagement.

Our fees assume that:

a. this is a standard transaction, concluded in a timely manner and that no unforeseen, unusual or additional matters arise, for example a defect in title which requires remedying, or the preparation of additional documents ancillary to the main transaction;

b. this is the assignment of an existing lease and is not the grant of a new lease;

c. the transaction involves only registered land;

d. all parties to the transaction are UK based, are co-operative and there is no unreasonable delay from third parties providing documentation.

Additional fees will apply for any unforeseen, unusual or additional elements required in the transaction. We have specified the more common elements which are likely to arise in the Table of Supplemental Fees below and for which we have been able to allocate an additional fixed charge.

Disbursements

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.

We use a National Land Information Service licensed supplier to obtain our search results from a wide range of sources (local authorities, water authorities and others). A fee is payable (plus VAT) each time we use this service which we will add to the search costs payable by you.

We set out below the estimated search costs (inclusive of VAT) which are likely to arise on a standard transaction, assuming that basic searches are undertaken, with the higher cost applied where there is a range of costs, as follows:

Local authority search: £480

Drainage and Water search: £75

Chancel check: £26

Envirosearch residential: £63

Land Registry title, plan and lease: £9

Land Registry Index map: £5

Mapping charge: £10

Pre-completion searches: £5

Total: £673

Disbursements will also include a fee payable to the Land Registry for the registration of your purchase (and mortgage if relevant) after completion. Land Registry fees are based on a scale relevant to the value of the property and type of registration required. We have included the relevant scale fee in our Fee Schedule for that value of property assuming a simple electronic application for registering a transfer of whole (with mortgage if relevant).

There are certain disbursements which may need to be incurred which will be unknown at the outset of a transaction and which cannot be estimated in advance. These include (without limitation), additional title documents that are required, travel and courier charges, search fees specific to the property or the location of the property, amounts which may need to be paid under the lease to facilitate the transaction, such as landlord/managing agents fees for obtaining additional building management information, landlord consents and/or lease registration fees and fees payable to a local authority for the provision of planning information and documents.

Other possible purchase costs*

• Notice of Transfer fee – this fee if chargeable is set out in the lease. Often the fee is between £5 to £50 plus VAT.
• Notice of Charge fee (if the property is to be mortgaged) – this fee is set out in the lease. Often the fee is between £5 to £50 plus VAT.
• Deed of Covenant fee – this is a fee charged by a landlord/management company for dealing with a deed of covenant where required under a lease. Often it is between £100 to £200 plus VAT.
• Certificate of Compliance fee - this is a fee charged by a third party, often landlord/management company, for providing a certificate of compliance with a title Restriction. Often it is between £100 to £300 plus VAT.

*These costs 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 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/Welsh Land Transaction Tax

This depends on the purchase price of your property. You may be able to calculate the amount you will need to pay by using HMRC's website or, if the property is located in Wales, using the Welsh Revenue Authority's website.

If your circumstances give rise to a complex SDLT/WLTT position then we can provide specific advice to you, for an additional fee to be agreed. We will also charge separately in acting as your agent on the preparation and submission of an SDLT or WLTT Return and arranging for payment of the duty.

TLT Schedule of Services - residential leasehold purchase

• Receiving your instructions, carrying out a conflict check, preparing and sending to you our standard letter of engagement, opening a file and receiving from you your identification documents to satisfy our anti-money laundering obligations;
• Making initial contact with the selling agent and reviewing the sales memorandum and particulars of sale (if there is an agent) and making initial contact with the seller's solicitors;
• Obtaining your instructions on your need for a mortgage and if so the current status of the application
• Considering with you the financial circumstances of the purchase generally including assessment of the applicable SDLT/WLTT rates and advising on the amount of duty that will be payable;
• Advising on commissioning a formal independent survey;
• If your lender is to be separately represented making initial contact with the lender's solicitors and ascertaining their requirements in the transaction;
• Reviewing and amending draft contract and reviewing legal pack provided by seller's solicitors, submitting standard property searches, applying to third parties for copy documents if needed;
• Reviewing the lease and obtaining and reviewing the management and service charge information for the building;
• Reviewing search results;
• Reviewing any existing tenancy agreements subject to which the Property will be sold;
• Raising additional enquiries as necessary with the seller's solicitors;
• Reporting to you on any identified defects or issues;
• Reviewing your mortgage offer, checking any unusual conditions with you, reporting to your lender (or to your lender's solicitors) any matters which need to be referred to them under the UK Finance Mortgage Lenders' Handbook;
• Reviewing and commenting on your survey report (if commissioned and received) and if required by you raising additional enquiries with the seller's solicitors on any issues revealed by the survey report;- Agreeing the form of contract and the transfer deed;
• Preparing report on title and contract for you and advising you generally as to shared or joint ownerships and financial contributions of the parties if there is more than one buyer;
• Arranging for you to sign the contract and arrangements for transfer from you to us of the required deposit monies;
• Agreeing a completion date with all parties and proceeding to exchange of contracts;
• Preparing draft SDLT /WLTT Return for your approval and arranging signature of transfer, mortgage deed, and SDLT/WLTT Return;
• Preparing and submitting certificate of title to your lender (or your lender's solicitors), dealing with their pre-completion requirements, finalising net mortgage advance and requesting and receiving your mortgage advance;
• Reviewing pre-completion information received from seller's solicitors, considering the requirements for redemption and discharge of the seller's mortgage(s) and obtaining the necessary undertakings;
• Preparing a completion statement for you and arrangements for the transfer from you to us of the balance of the purchase monies; - Carrying out pre-completion searches;
• Transferring funds to the seller's solicitors, formally completing, notifying all parties of completion and advising you of key collection arrangements;
• Submitting SDLT/WLTT Return on-line and payment of duty;
• Registering the purchase and mortgage at the Land Registry (and Companies House if relevant) and dealing with other routine post completion matters including registration of the assignment and charge with the landlord;
• Reporting to you once registration is completed, accounting to you for any surplus monies on account and dealing with any service charge retention.

TLT Fee Schedule - residential leasehold purchase

The fees [1] specified in  this table are all exclusive of VAT and disbursements

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[1] Discounts to our published fees may be available by agreement where we can resource work at a more junior level and/or from one of our regional offices

Table of Supplemental Fees

The fees specified in this table are all exclusive of VAT and disbursements