Purchase of a Residential Leasehold Property - Pricing

For transparency and the avoidance of any doubt, our fees are below. Should you choose to instruct us, a tailored estimate of price will be provided based on your circumstances and the transaction and set out in our Engagement Letter.

The day to day work is carried out by Janice Colley, a Consultant Conveyancer and Solicitor, David Dresser, a Consultant Conveyancer, and supervised by Richard Cramer, Managing Director and Solicitor. The figures below do not include any VAT which may be applicable, and which will be charged at the prevailing rate at the time that your purchase completes. The prevailing rate of VAT is 20%, however, please note that this is subject to change, and we endeavour to update you.

Leasehold Purchase Costs Amount (excluding any VAT applicable)
Our Legal Fees Range from £850 and £2,050* (plus VAT)
Bank Transfer Fee (for each transfer made over £30,000) £30-49 (plus VAT)
Electronic ID Search Verification (per name checked) £10-17 (plus VAT)
Anticipated Expenses **
Land Registry Search Costs (OS1) (per person) £3 (plus VAT)
Bankruptcy Search Costs (per person) £2 (plus VAT)
Lawyer Check Search £10 (plus VAT)
Purchase Price of the Property Our Legal Fees (excluding VAT)
Up to £100,000 £850 – £1,200
£100,000 -£250,000 £1,000 – £1,250
£250,000 -£375,000 £1,150 – £1,450
£375,000 -£500,000 £1,300 – £1,500
£500,000 -£750,000 £1,500 – £1,700
£750,000 -£1million £1,750 – £2,050
£1million and above 0.35% of the price plus £750

** not list in these expenses or included in our legal fees is:

Conveyancing Search Costs, the cost varies depending on the search and provider.

  • Conveyancing Search Costs, the cost varies depending on the search and provider.
  • HM Land Registry Registration Fee, which is based on the purchase price of the property.
  • Charges ordinarily payable to the freeholder/landlord of the property – for example, the costs of notifying the landlord of the change of ownership of the property and getting any consents required.

The fees and disbursements on this page relate to fees and disbursements for direct instructions provided by clients to Front Row Legal Ltd.

Stamp Duty Land Tax / Land Transaction Tax

In addition to the above costs, you may also have to pay Stamp Duty Land Tax on your purchase or if the property which you are buying is in Wales, Land Transaction Tax. You can work out what you will need to pay in respect of such tax using one of the following links: Tax Calculator (England) or Tax Calculator (Wales).

Your specific circumstances and those of the individual transaction may alter the amount of tax you that have to pay. Once we have all the necessary information from you, we will be able to make a calculation and let you know the likely amount owed in respect of stamp duty land tax. The amount will be based on the rates in force on the day of completion of your purchase (rates do change from time to time, particularly following the budget in October / November each year).

What is included in this price and what factors might affect what you have to pay?

The above range of figures are based of the purchase of an existing residential leasehold property by one or more individuals (as opposed to a company or business partnership) with a title which is already registered at HM Land Registry and with the help of a mortgage from a traditional high street mortgage lender. Most leasehold property purchases in England and Wales will fall within this category. The fees include the following work:

  • Setting up your file
  • Checking and processing your instructions including carrying out the identity and anti-money laundering checks that we are required by law to carry out
  • Checking the title deeds and other standard documentation that we receive from the seller’s legal representative
  • Ordering any necessary searches and checking the results
  • Clearing up any discrepancies or ambiguities in the information we receive from the seller’s legal representative and obtaining any missing information
  • Reporting our findings to you and preparing paperwork for you to sign
  • Liaising with your mortgage lender and ensuring any conditions attached to the release of the mortgage money are satisfied
  • Exchanging contracts
  • Completing your purchase
  • Dealing with the freeholder’s change of ownership requirements
  • Submitting a Stamp Duty Land Tax / Land Transaction Tax return on your behalf
  • Ensuring your purchase is registered with HM Land Registry
  • Closing and storing your file in accordance with our data retention policy
  • Keeping you and any relevant third parties updated throughout as appropriate

Additional work may need to be carried out on your purchase which we are not aware of at the outset but which leads to an increase in our legal fees and/or the third party expenses which you will need to pay. If any such additional costs arise we will tell you about them as soon as possible. Examples of situations that might lead to an increase in costs include:

  • If you are purchasing in a company name
  • You are purchasing a share in a property jointly owned by a housing association (shared ownership)
  • The property is newly built
  • The property hasn’t been registered at Land Registry
  • You are taking a mortgage from a non - high street lender
  • There are problems with the title deeds
  • You are buying the property to let
  • The term of the lease needs to be extended
  • We need to prepare additional deeds as required by the landlord
  • You are using the Government’s Help to Buy Equity Loan Scheme
  • You are using a Help to Buy ISA/Lifetime ISA bonus
  • We have to pay a referral fee to the professional who referred you to us

How long will your leasehold property purchase take?

How long it will legally take to buy the property, so from your offer being accepted until you can move into the property, depends on a number of factors. The average process in England and Wales ordinarily takes between 10 to 12 weeks.

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 from around 4-6 weeks.

Key Stages in the Purchase of a Residential Leasehold Property

The exact stages involved in the purchase of a residential leasehold property vary according to the individual specific circumstances. However, the following are the key stages of a typical transaction:

  • Accept your instructions and provide you with our initial advice
  • Check finances are in place to fund your purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s legal representative
  • Give you advice on the documents and information received
  • Review the conditions of your mortgage offer
  • Send final contract to you for signature
  • Agree a completion date (the date from which you legally own the property)
  • Exchange contracts and notify you
  • Arrange for all monies needed to be received from your lender (and you)
  • Complete the purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with the application for registration at Land Registry of your title to the property

FRONT ROW LEGAL LTD – 30 October 2023

Testimonials

‘FRL were a tremendous help in a recent legal battle and were instrumental in successfully settling the case for us. Utterly professional and responsive throughout...’

Emma Hadley, Unleashed Talent, Kent
We’re not like many other law firms; we only practice law in a few specialist areas that require skill, knowledge and experience. Call or email for a no obligation chat with one of our partners.
© 2023 Front Row Legal – All Rights Reserved. Front Row Legal and Legal Surgery by Front Row Legal are trading names of Front Row Legal Limited, registered in England & Wales. Registered Number: 8351502. Registered office address: Suite 1a, Chapel Allerton House, 114 Harrogate Road, Leeds, LS7 4NY and is authorised and regulated by the Solicitors Regulation Authority, https://www.sra.org.uk/consumers/ – ID number 618700.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram