Worthingtons Solicitors

Leasehold Residential Purchase Pricing

 
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17 August, 2021

Thank you for looking at our property services. Whether you are a first-time buyer or an investor, we are here to take the stress out of buying and selling residential property.

You will be guided through every stage of your transaction and because not every purchase is the same, we offer a service that meets your individual requirements. Where necessary we can recommend independent professionals such as Surveyors, IFA’s and property valuers.

We strive and succeed to provide a quality service at a fair price particularly at a time where money really matters.   We will always keep you informed of all relevant information, so you have time to make informed decisions and to ensure that every detail has been properly taken care of in a timely manner.

Why Us

We have an experienced team who understand the stresses involved in buying or remortgaging  your property. You will receive outstanding customer service from our dedicated expert  team who all know the local area and make the difference by taking care of all the important legal details and removing any confusion and uncertainty from the process of selling a property.  Client care is our top priority.

We remove the legal jargon so if you are purchasing your property through an estate agent or privately, we will make sure that all information you receive from us is as clear and possible.   Our team are made up of highly qualified solicitors who have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner.

Communication is fundamental as you are our priority and because of this, you will only ever have one dedicated experienced solicitor acting for you throughout the whole transaction.  You can come into the office and speak to face to face to your solicitor or contact us by email or phone whichever you prefer.

We are honoured to hold the CQS Accreditation, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain highest levels of client care.

Pricing

We review our fees on a regular basis because fees involved in any transaction are important and we always take into consideration client feedback to ensure we always offer good value for money. We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction.

Sometimes there may be a development in a matter which was not foreseen and we may increase our fees but before this happens we will always discuss the change in fees with you and agree a way forward.

Our fees cover all the work required to complete the purchase of your new home, including dealing with registration of the property at the Land Registry and payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England.

Our fees start from: –

Item Amount VAT Subtotal
Legal Fees (Leasehold) From £1,075 £215 From £1,290
Search fees From £134 dependant on locality From £134
HM Land Registry fee £40-£540 dependant on purchase price £40 -£540
Electronic money transfer fee 30 6 36

Disbursements

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.

These fees may be subject to change if further information relating to your property becomes available, for example, if you require additional searches such as a flood Search, which typically costs £30.00.

Additional Disbursements on Leasehold Purchases

Item Amount VAT Subtotal
Notice of Transfer fee. This is the fee chargeable as set out in the Lease From £50.00 to £250.00 inclusive of VAT From £50.00
Notice of Charge Fee (if the Property is being mortgaged).  This fee is set out in the Lease From £50.00 to £250.00 inclusive of VAT From £50.00
Deed of Covenant Fee (This fee is provided by the Management Company for  the property and can be difficult to estimate.  Often the fee is between From £150.00 – £250.00 inclusive of VAT From £150.00
Certificate of Compliance/Notice of Transfer Fee From £50.00 – £350.00 From £50.00

 

These fees vary from property to property and can on occasions be significantly more than the rates given above.  We can give an accurate figure once we have sight of your specific documents.

You should be aware that Ground Rent and Service Charges are likely to apply throughout your ownership of the property and both of those can vary year by year, certainly in the case of Service Charges.  We will confirm the Ground Rent and the anticipated Service Charges as soon as we receive that information.

Stamp Duty Land Tax

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 or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

Exclusions

We do not undertake tax advice.

Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

Factors that may lead to an increase in cost 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 documents, we have previously requested from you have not been provided to us
  • If the property is a new build
  • If the property is less than 10 years old
  • If you require to exchange within 6 weeks of instructing us
  • If you require completion within 6 weeks of instructing us
  • If you require simultaneous exchange and completion

Timescales

For any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved such as:

  • Number of parties in the chain
  • Whether you have a mortgage in place
  • Whether you are buying a new build property
  • Whether you need a lease extension for a leasehold property

A typical transaction will take between 8-12 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. 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.

Key Milestones

With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:

  • Taking your instructions and give initial advice based on the information you have provided
  • Checking finances are in place to fund the purchase and contacting the lender’s solicitors if needed
  • Receiving and advising on contract documents
  • Undertaking searches
  • Obtaining further planning documentation if required
  • Making any necessary enquiries of the seller’s solicitor
  • Providing advice on all documents and information received
  • Advising you of the mortgage offer conditions
  • Finalising contracts and sending to you for signature
  • Agreeing a completion date (the date from which you will legally own the property)
  • Exchanging contracts and notifying you that this has happened
  • Ensuring all monies have been received from you and the lender(s)
  • Completing the purchase
  • Dealing with payment of Stamp Duty/Land Tax

Completing and submitting an application for registration at the Land Registry.

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Client Testimonials

“Can I say a big thanks to Worthingtons Solicitors for the very good professional advice you have given me over the last few months. Without it, I don’t think I would have received the satisfactory outcome of my divorce and financial matters.” 

Ian A.

“Worthingtons have handled my case for many years and where most would have given up, they persevered even when it got extremely tough! Their patience transformed a nightmare situation and made it humorous and pleasurable!”

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