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.
The quote below is the average cost of a leasehold purchase of a registered property with some element of mortgage finance at a purchase price of £500,000.00
Conveyancer’s fees
- Legal fee £1,530.00 plus VAT of £306 including bank fee
- Fee for acting on behalf of the mortgage lender – No additional charge
- Search fees Approximately £310.92 incl VAT
- HM Land Registry fee £150.00Standard due diligence to include “triple check” verification £25 plus VAT of £5
- Client verification of source of funds/wealth check where client resides abroad or funds come from abroad £50 – £200 plus VAT of £10 – £40.
Estimated Total £2,386.92 inc. VAT
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 £50 -£100
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between
- 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-£100
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50-£100
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 NIL
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, we set out below the major stages involved in a property purchase.
- Take your instructions and give you initial advice
- 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
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
Contact Our Friendly Legal Experts Today
For general enquiries or to discuss more specific needs in personal or commercial law please get in touch with a friendly member of our team today.
Client Testimonials
I have worked with George Ide’s residential tenancy team for over 15 years. The team are always the quickest, most efficient and competent at everything they do. I am extremely satisfied and would have no hesitation in recommending them.
I want to take this opportunity to thank you all at George Ide so much, for all the help and support you have given to the family down the years and in particular of course whilst acting for us as professional executor. This is an emotional period for all families I’m sure. It has been no different for us. You have handled everything with consummate professionalism throughout and especially so in our more fractious moments.
I would just like to thank you for all your hard work in settling my father’s case and in coming to an agreeable settlement with the insurers. Thank you for being so patient with us, and taking time to explain things in layman’s terms. You have led us through this process with ease and my father is very happy to have reached a conclusion in this matter . All your efforts are very much appreciated. Wishing you all the best.
I don’t have enough words to describe how helpful, professional and supportive you have been, at a very stressful time for me. I feel really lucky to have had you as my solicitor. Your service was superb; it just could not have been better.
For the sale and purchase of our properties we found the service we received throughout the conveyance to be exemplary. A clear, efficient and professional service from Nicholas Smith and his team.
I would look no further for any future property conveyance and as a result of this experience with George Ide I will consider them, first and foremost, for future legal matters.
Alice was amazing from start to finish, gave me accurate and sound advice. She always kept my expectations to a realistic level, and I would recommend her to anyone in a similar position to me, a credit to George Ide solicitors. I always felt I was dealing with a friend not just a solicitor.
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