Leasehold Sale and Purchase

Sale of a leasehold residential property

Our fees aim to cover all of the work required to complete the sale of your 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.

GHP Legal's estimated fees* and disbursements for the sale of a leasehold residential property are as follows:

Conveyancer’s estimated fees Est. Fee VAT Total
Up to £150,000 £650.00 £130.00 £680.00
£150,001 - £250,000 £750.00 £150.00 £900.00
£250,001 - £500,000 £850.00 £170.00 £1,020.00
£500,001 - £750,000 £950.00 £190.00 £1,140.00
£750,000 and over £1,050.00 £210.00 £1,260.00
       
Additions for:      
Divorced/separated parties including distribution of assets £125.00 £25.00 £150.00
Help to Buy to redeem £100.00 £20.00 £120.00
Shared ownership/Housing Association £100.00 £20.00 £120.00
Expedited transaction £100.00 £20.00 £120.00
Official Copy Entries and Plan       
(estimate dependant on amount of copy documentation required)      £12.00
TT fees     £30.00
Lawyer Checker     £10.00

  Referral fee (if any)

  • Amount of referral fee paid £100 plus VAT

  • Recipient of referral fee 

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.

For leasehold sales you may be expected to purchase the Management Company pack which costs in the region of £150.00 - £400.00 depending on the managing agent and would need to be paid up front by yourselves.

How long will my house sale take?

How long your house sale will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6-8 weeks.

It can be quicker or slower, depending on the parties in the chain.

Stages of the process

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages:

  • Take your instructions and give you initial advice

  • Prepare and forward contract documents to the buyers solicitors

  • Assist in any enquiries raised by the buyer’s solicitors

  • Give you advice on all documents and information received

  • Send final contract to you for signature

  • Agree completion date (date from which you own the property)

  • Exchange contracts and notify you that this has happened

  • Arrange for all monies needed to be paid to agents and any mortgage if applicable

  • Complete sale

Purchase of a leasehold residential property

Our 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 is in Wales.

GHP Legal's estimated fees* and disbursements for the purchase of a leasehold residential property is as follows:

Conveyancer’s estimated fees Est. Fee VAT Total
Up to £150,000 £750.00 £150.00 £900.00
£150,001 - £250,000 £850.00 £170.00 £1,020.00
£250,001 - £500,000 £950.00 £190.00 £1,140.00
£500,001 - £750,000 £1,050.00 £210.00 £1,260.00
       
Additions for:      
Joint tenancy/equal/unequal shares – Declaration of Trust required £125.00 £25.00 £150.00
Gift of funds from parents £50.00 £10.00 £60.00
Loan from Parents £100.00 £20.00 £120.00
Help to Buy – Equity Mortgage £200.00 £40.00 £240.00
Shared ownership/Housing Association £200.00 £40.00 £240.00
Expedited transaction £100.00 £20.00 £120.00
New Build £200.00 £40.00 £240.00
Searches     £170.00
Chancel Indemnity     £15.00
TT Fees     £30.00
Lawyer Checker     £10.00
Bankruptcy Search     £2.00
Search with priority     £3.00
  • HM Land Registry fee: £  please see table
  • Search fees: £170

  • VAT on search fees

  • Electronic money transfer fee: £25

  • VAT £5

    Referral fee (if any)

  • Amount of referral fee paid £100 plus VAT

  • Recipient of referral fee

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. 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 term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors.

Anticipated Disbursements*

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £100- £200.

  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £100 and £200.

  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £50 and £150.

  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £50 and £150.

*These fees 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 charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

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.

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages:

  • Take your instructions and give you initial advice

  • Check finances are in place to fund 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 solicitor

  • Give you advice on all documents and information received

  • Go through conditions of mortgage offer

  • Send final contract to you for signature

  • Draft Transfer

  • Advise you on joint ownership

  • Obtain pre-completion searches

  • Agree completion date (date from which you own the property)

  • Exchange contracts and notify you that this has happened

  • Arrange for all monies needed to be received from lender and you

  • Complete purchase

  • Deal with payment of Stamp Duty/Land Tax

  • Deal with application for registration at Land Registry

How long will my house purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6-8 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 8-12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.

*Our fee assumes that:

1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction

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

3. the transaction is concluded in a timely manner and no unforeseen complication arise

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

5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Amended

19/03/2019