This includes dealing with registration at the Land Registry and 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.
Estimated total on a leasehold purchase up to £100,000.00 is £1,703.00 and up to £500,000.00 is £2,478.000.
Disbursements are costs relating 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, set out in the table above, are Search Fees, Final Searches and CHAPS Fee which are all inclusive of VAT.
Search Fees include Environmental, Water & Drainage, Coal/Brine and Local Authority Searches on the property. Final Searches include Priority Searches at the Land Registry (OS1 and OS2) and Bankruptcy Searches on each Client. For additional costs, optional searches include further Environmental, further Brine, further Water & Drainage and any other Local Authority Departments, e.g. specific planning enquiries.
There may also be an additional charge of £18.00 inclusive of VAT payable to Legal Marketing Services (LMS) for handling mortgage offers on-line.
For New Build Properties and those utilising the Help to Buy Products there is a discretion to increase the fixed fee.
We do not pay Referral fees for our work.
We reserve the right to use our discretion to increase the legal fees if more complex or higher risk matter
Increased legal fees include , but are not limited to, obtaining Indemnity Insurance Policies, dealing with Gifted Deposits, drafting Declaration of Trusts, Help to Buy ISA’s, drafting Deeds of Covenants, drafting a Statutory Declaration, Key Undertakings, disclosing issues to Lenders and drafting Forms RX1 and RX3 etc.
There are other disbursements relating to Leasehold properties as follows:-
- Notice of Transfer fee – This fee, if chargeable is set out in the Lease. Often the fee is between £100.00 and £200.00 plus VAT.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the Lease. Often the fee is between £100.00 and £200.00 plus VAT.
- 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 £100.00 and £200.00 plus VAT.
- Certificate of Compliance fee – To be confirmed upon receipt of the Lease, this is approximately £100.00 plus VAT.
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.
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 we receive this information.