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 and supervised by Richard Cramer, Managing Director and Solicitor.
|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)||£25 (plus VAT)|
|Electronic ID Search Verification (per name checked)||£6 (plus VAT)|
|Our Legal Fees for preparation of SDLT Return (if applicable)||£50 (plus VAT)|
|Anticipated Expenses **|
|Land Registry Search Costs (OS1) (per person)||£2 (plus VAT)|
|Bankruptcy Search Costs (per person)||£3 (plus VAT)|
|Purchase Price of the Property||Our Legal Fees(excludingVAT)|
|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|
* for properties with a value of £1million and above, fees will be provided upon request
** not list in these expenses or included in our legal fees is:
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).
Services included in this price:
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:
Factors that may affect the price that you have to pay:
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:
How long it will legally take to buy the property, so from your offer being accepted until you can move in to the property, depends on a number of factors.
At present, a number factors, namely the effects of the coronavirus pandemic, a substantial and unexpected rise in the number of property transactions that are taking place and the current SDLT holiday, which is due to end on 30 June 2021, are combining to extend the average transaction time. There are a number of pinch points slowing the process affecting Conveyancers, Local Authority Searches, Valuers, Surveyors, Property Management Companies, Lenders and Removals Companies in different ways. Sellers and other participants in the chain can also be affected by the pandemic during the process, including the withdrawal of previously agreed Mortgage Offers due to changed financial circumstances.
In “normal” times the average time from receipt of the purchase contract to completion taking place is 6 to 12 weeks but at present the timescale is more likely to be between 12 to 15 weeks. We aim to be better than average of course, however you should prepare for the fact that your transaction is likely to take longer than usual. We should also point out that if you are buying a property, we cannot guarantee that your transaction will complete prior to the end of the SDLT holiday on 30 June 2021 and you should therefore budget for any additional SDLT that you might become liable for.
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 to 6 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 situations, additional charges may apply.
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: