Leasehold Residential Purchase Pricing
At Talbots Law, home is where our heart is. We know that buying a new home is a big commitment – that’s why we’ll always do our best to make the transaction smooth and efficient. Whether you’re a first-time buyer or an investor, we are here to take the stress out of buying and selling residential property.
As a leading national residential property firm, our conveyancing team have the experience and legal and technical “know how” to help you through the process, guiding you through each step of your transaction and offering a service that takes the worry out of moving home. We will assign a dedicated conveyancer to who will be contactable by direct dial telephone number and email address. We understand that communication is key, so we will make sure we are available to answer your questions in plain English and keep you up-to-date with everything you need to know.
At a time when money really matters, we understand the importance of providing a professional, quality service at a fair price. Potentially this is the biggest investment of your life and we not only want to provide that first-class service, but also value for money with no hidden fees.
Our conveyancing team is made up of solicitors, chartered legal executives, trainee solicitors and paralegals, and is supervised by Keith Yates who is a director and Head of Residential Property.
More information about the individual members of the team is available in the profiles section of our website.
Where necessary we can also recommend other professionals such as Surveyors, IFAs and property valuers.
We are proud to hold Lexcel and CQS Accreditations, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.
We understand that costs are important and we review our fees on a regular basis, so we can make sure we are always competitive and offer the best value for your money.
We typically work on a fixed fee basis, so that you know what the fees will be for your transaction from the outset, providing you with an individual cost estimate, so that there are no hidden surprises. If, during the transaction, there are any new developments that involve additional work on our behalf, we will discuss any change in fees with you and agree a way forward.
Leasehold Residential Property Fees
Our typical legal fees for conveyancing on a leasehold residential property by individuals range from £700 - £1200 plus VAT.
Taking into account the assumptions listed below. our legal 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 you wish to buy is in Wales.
- That it’s a standard transaction and no unforeseen matters arise including, for example (but not limited to), a defect in title which requires remedying before completion, or the preparation of additional documents supplementary to the main transaction.
- That this is the assignment of an existing lease, and not the grant of a new lease
- The transaction is concluded in a timely manner and no unforeseen complications arise
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- No indemnity policies are needed (there may be additional fees and disbursements if indemnity policies are required)
- We are also instructed to act for your lender to complete the registration of the mortgage on your property
What’s Not Included
Help to Buy Scheme
First Time Buyer Cash ISA/LISA
Client ID Admin Fee (per person)
Telegraphic Transfer Admin Fee (per transfer)
Arranging Indemnity Insurance (per policy)
What Might Affect our Fees
Factors that may lead to an increase in our fees include:
- If a legal title is defective or part of the property is unregistered
- If you discover building regulations or planning permission has not been obtained
- If crucial documents, we have previously requested from you have not been provided to us
- If you need us to expedite the transaction and exchange contracts and complete within four weeks of instructing us.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry 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 terms of the lease. We will update you on specific fees upon receipt and review of the lease from the seller’s solicitors.
Notice of Transfer fee
This fee, if chargeable, is determined by the lease any and may range from £50-£500. The fee will be confirmed in the leasehold information pack.
Notice of Charge fee (if the property is to be mortgaged)
This fee is set out in the lease and may range from £50-£500.
Deed of Covenant fee
This fee is provided by the management company for the property and can be difficult to estimate, but may range from £50-£250.
Certificate of Compliance fee
The fee will be confirmed upon receipt of the lease, and the range can be £50-£200
* These fees vary from property to property and can on occasions 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.
- Property (includes local authority, drainage and environmental searches): £151.67 plus VAT
- Mining Search - £34.33 plus VAT
Land Registry Fee
This will depend on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website
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.
*** STAMP DUTY UPDATE 8th July 2020 ***
On 8 July 2020, the Chancellor of the Exchequer announced a Stamp Duty holiday* which means that, from 8 July 2020 until 31 March 2021 inclusive, no Stamp Duty will be payable on residential property purchase transactions up to £500,000, with reduced SDLT above that level. The 3% higher rate for purchases of additional dwellings applies on top of revised rates for the period 8 July 2020 to 31 March 2021.
The government have updated their Stamp Duty Land Tax calculator following the Chancellor’s statement. This is the best place to see how the announcement will affect you.
This list is not exhaustive and other disbursements may apply, depending on the particular circumstances of your transaction. We will tell you about any additional disbursements if they arise, and agree these with you in advance.
We work with local and national estate agents and introducers throughout England and Wales. On some transactions we pay referral fees to these introducers from our marketing budget so that any referral fee is not an additional cost to you. The average fee paid is between £95 and £440.
What We Do - The Key Stages
- Carry out Identification and Money Laundering checks;
- Obtain full details of the transaction from you and any estate agent/introducer;
- Obtain contract documentation and report in detail on all relevant aspects;
- Make all relevant enquiries on the title to the property;
- Make all relevant searches against the property and report to you;
- Review any mortgage offer applicable to your purchase and report to you;
- Liaise with all parties with regard to exchange of contracts, negotiate the deposit payable and the completion date;
- Obtain your signature to the contract and effect exchange of contracts;
- Prepare Transfer Deed and obtain your signature to it;
- Prepare Mortgage Deed, if applicable, and obtain your signature to it;
- Raise any queries on the title with your seller's solicitors and obtain relevant undertakings to discharge outstanding liabilities;
- Carry out Land Charges and HM Land Registry searches and report to you on any adverse results;
- Liaise with your Lender, if applicable, and draw down loan in readiness for completion;
- Prepare financial statement showing monies required from you;
- Supervise completion arrangements, release of keys, transfer of funds;
- Attend to payment of any Stamp Duty Land Tax together with preparation of Returns to HMRC;
- Attend to registration of your title at HM Land Registry and forward copy documentation to you and, where applicable, your Lender.
- We will update you regularly with progress on your matter.
What We Don’t Do
- Advise on tax as this is a specialist area;
- Advise on insolvency matters;
- Advise on any other matter without first agreeing the fee with you
How long will your purchase take to complete?
How long it will take from the date your offer is accepted by the seller, until you get the keys to your new home will depend on a number of factors. In our experience, the average process takes between one and three months to reach completion.
It can be quicker or slower depending on the parties in the chain.
Other factors which may affect the timescale include;
- If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer and in such a situation additional charges would apply.
- How quickly you provide us with any information we have requested from you
- The speed of the responses we receive from other parties involved in the transaction or conveyancing chain
- Any unforeseen circumstances
- Buying a newbuild property, where the timescale will depend on how long it takes for the builder to complete construction
We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.
It’s good to talk . . .
We know that trying to work out the exact cost of moving house isn’t easy – everyone’s circumstances are different. That’s why we have a dedicated enquiries team who specialise in providing all-inclusive fixed fee conveyancing quotes. They can explain all the charges, in clear, plain language over the phone, so there are no surprises down the line and confirm by email, usually in a matter of minutes.
Contact them now for a fixed fee quote on 0800 118 1500, or email firstname.lastname@example.org.
For more information please contact us