What will it cost

Leasehold Sale/Equity

The following is a list of the fees that we will charge in relation to the sale or purchase of a leasehold or shared equity property.  VAT at 20% needs to be added in all cases.  This does not include the costs of any disbursements which we will deal with later.

Additional Charges

In addition to the above charges, the following will apply:

• Help to Buy Scheme Purchase -            £195.00
• Help to Buy ISA -              £50.00

Both are plus VAT at 20%

Transfers and Remortgages

The following is a list of the fees that we will charge in relation to transfers of equity and remortgages.  VAT at 20% needs to be added in all cases.  This does not include the costs of any disbursements which we will deal with later.

Our fees set out above cover all of the work carried out by us, including dealings with registration at the Land Registry and 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.

In addition, however, the following fees will apply where appropriate:

• Declaration of Trust if required - £75.00 + VAT
• Mortgage Report - £85.00 + VAT
• Buy to Let Mortgage Report - £125.00 + VAT
• Completion of SDLT forms - £35.00 + VAT

Although we provide a fixed fee scale of general rates, if the matter is deemed to be more complicated than first envisaged, we will discuss with you and revise accordingly.

Electronic ID (if necessary) will incur a charge of £5.00 plus VAT per person.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees and search fees.

We will handle the payment of the disbursements on your behalf to ensure a smoother process. We may, however, ask you to pay those disbursements up front before they are actually incurred.  They are:

• Search fees – these range from approximately £100.00 to £500.00 or sometimes more, depending upon the factors.  It is not possible to be more specific as the actual cost will depend upon the location of the property, the number of specific searches required and the requirements of any lender. Properties in different parts of the country require different types of searches.  We will always ensure that you are aware of the searches that need to be made and how much they will cost.
• HM Land Registry fee – this is based on the value of the property and range from £20.00 to £910.00, and will depend upon the value of the property and whether or not it is already registered, is a new build or forms part of an existing registered title
• Electronic money transfer fee (CHAPS fee) - £25.00 + VAT
• Land charges searches (if unregistered) - £2.00 per name
• Index map search (if unregistered) - £4.00
• Land Registry search (registered titles) - £3.00 per title
• Bankruptcy search (required for lenders) - £2.00 per name
• Stamp Duty Land Tax/Land Transaction Tax (on purchase) This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website (https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro) or if the property is located in Wales by using the Welsh Revenue Authority's website (https://gov.wales/land-transaction-tax-guide).

In addition to the above disbursements, a leasehold transaction will attract additional disbursements.  These can include:

• The lease may require that, on completion, a formal notice of the acquisition (and any mortgage) be notified in writing to the freeholder, with a registration fee often being required by the lease. Sometimes the lease will refer to a “reasonable fee”, rather than specify an amount. We will be able to advise you of this when we have been able to examine the documents.
• If the property you are purchasing has “common parts” i.e. areas that you share with others such as hallways, stairs, drives, parking areas, communal gardens etc., there may also be additional payments to be made:
  • Notice Fees – as above. There may also sometimes be an obligation to serve notice on the management company responsible for the common areas, and this may require the payment of a separate fee
  • Deed of Covenant – sometimes a lease will require that a purchaser enters into a separate deed of covenant in respect of the property. This may need to be completed at the expense of the seller/vendor or may be at the expense of the buyer/purchaser. Fees can vary but can be in the range of £75.00 to £300.00 or more.
  • Share Certificate – if the buyer/purchase is required to hold a share(s) in a Management Company there will usually be an administration charge for the issue of a new certificate.

Example Costs

The following are examples of the likely costs for a particular type and value of transaction.  Please note that they are only examples and each transaction will vary according to the values and locations of the properties involved and other legal factors such as referred to above.

Freehold Purchase

This illustration relates to a purchase price of £350,000. Our fees will vary upwards or downwards depending upon the value of the property and other factors.  We assume this is a standard transaction with no unusual features in the title and no new leases being granted. Do bear in mind that if unforeseen complications arise during the transaction, we may need to review our fees.

Freehold Sale

This illustration relates to a sale price of £450,000. Our fees will vary upwards or downwards depending upon the value of the property and other factors.  We assume this is a standard transaction with no unusual features in the title and no new leases being granted. Do bear in mind that if unforeseen complications arise during the transaction, we may need to review our fees.