Sale or 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 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.

Re-mortgage costs start at £750 +VAT plus disbursements

In a small number of cases we do pay a referral fee but please rest assured these fees are not added to your quote. These are paid for by Scott Fowler LLP. Where there is a referral fee payable we will advise you in our client care letter to you.

*These are third party costs and therefore are estimates only, actual costs may vary outside these ranges. 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 this we receive this information.

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. The below 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.

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.

How long will my house sale/purchase take?

How long it will take from your offer being accepted until you can move will depend on a number of factors. The average process takes between 8 to 10 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 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 and 12 months. In such a situation additional charges would apply.

Stages of the process

The precise stages involved in the sale/purchase of a residential leasehold property vary according to the circumstances. However, below are some key stages (some apply only to purchases, others only to sales):

• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact lender's solicitors if needed
• Obtaining redemption figures from your lender
• Receive and advise on/Issue 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
  

^Our fee assumes that:

• 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
• this is the assignment of an existing lease and is not the grant of a new lease
• the transaction is concluded in a timely manner and no unforeseen complication arise
• all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Below is list of some of the things which may increase your fees:

• value of the property
• first-time buyer
• re-mortgage
• freehold or leasehold
• new build
• first registration of title
• whether a mortgage or not, or Islamic mortgage
• in purchase cases, whether primary residence, buy to let or second/holiday home
• multiple owners
• shared ownership scheme
• using a help to buy scheme, and whether it is an equity loan or ISA
• purchase under right to buy
• purchase at auction
• property has been repossessed

This list is not intended to be exhaustive.