1 Berridge Street, Leicester, LE1 5JT

Telephone: 0116 262 6052

lbacon@shbsolicitors.co.uk  

Salusbury Harding & Barlow is the trading name of SHB Solicitors Limited a company registered in England & Wales - No. 9155072

 

Our registered office is at 1 Berridge Street, Leicester, LE1 5JT

Authorised and regulated by the Solicitors Regulation Authority - N0: 615081

Also at 3 Wycliffe Street, Leicester, LE1 5LR 

​​​​© 2016 SHB Solicitors Limited

Residential Freehold and Leasehold Purchases

Freehold House purchase:

 

Our fees cover all of 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 you wish to buy is in Wales. Our fees vary depending on the value of the property being purchased - the following figures provide guide prices at the stated property price points. In some cases we may identify circumstances which involve additional costs and we will discuss this with you.

 

Examples of Conveyancer's fees and disbursements:

 

 

 

 

 

 

 

Disbursements are costs related to your matter that are payable to third parties, such as searches or Land Registry fees. We handle the payment of the disbursements on your behalf.

 

Additional fees:

 

In addition to our fees and disbursements as indicated above, additional fees may be payable in some cases. Some examples where this may be necessary:

(i) we will charge £50 plus VAT to handle a government bonus claim or a withdrawal request under the Help To Buy ISA or Lifetime ISA schemes.

(ii) if you are using the government’s Help To Buy Equity Loan to help fund your purchase there will be an additional fee of £100 plus VAT due to the amount of additional paperwork that this involves.

(iii) if you are buying a new property, which can involve significantly more work than an established property.

 

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 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 6-9 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 property with no chain and you already have a mortgage agreed in principle, it could take 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 4 months. In such a situation additional charges would apply based on the additional work involved.

 

Stages of the process:

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have set out some key stages that will usually be relevant:

 

  • Take your instructions and give you initial advice

  • Check your financial arrangements to fund purchase

  • Receive and advise on contract documents

  • Carry out searches

  • Obtain further documentation if required

  • Make any necessary enquiries of seller's solicitor

  • Draft Transfer Deed

  • Give you advice on all documents and information received

  • Go through conditions of mortgage offer with you

  • Meet you or send purchase papers to you for signature

  • Advise you on joint ownership

  • Obtain pre-completion searches

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

  • Exchange contracts to make the deal binding and notify you that this has happened

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

  • Complete your purchase

  • Deal with payment of Stamp Duty/Land Tax

  • Deal with application for registration at Land Registry

  • Report to you and your lender

 

Please note that the examples of our fees assume that:

a. 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

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

c. the transaction is concluded in a timely manner and no unforeseen complications arise

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

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

 

 

Leasehold House/apartment purchase:

 

Our fees cover all of 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 you wish to buy is in Wales. Our fees vary depending on the value of the property being purchased - the following figures provide guide prices at the stated property price points. In some cases we may identify circumstances which involve additional costs and we will discuss this with you.

 

Examples of Conveyancer's fees and disbursements:

Additional fees:

 

In addition to our fees and disbursements as indicated above, additional fees may be payable in some cases. Some examples where this may be necessary:

(i) we will charge £50 plus VAT to handle a government bonus claim or a withdrawal request under the Help To Buy ISA or Lifetime ISA schemes.

(ii) if you are using the government’s Help To Buy Equity Loan to help fund your purchase there will be an additional fee of £100 plus VAT due to the amount of additional paperwork that this involves.

(iii) if you are buying a new property, which can involve significantly more work than an established property.

 

Disbursements are costs related to your matter that are payable to third parties, such as searches and Land Registry fees. We handle the payment of the disbursements on your behalf.

 

There are certain disbursements which will be set out in the individual lease relating to the Property or will be notified by or on behalf of the Landlord. 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 Disbursement:

 

Notice of Transfer fee – This fee, if chargeable, is referred to in the lease. 

Often the fee is between £60­ and £180. Notice of Charge fee (if the property is to be mortgaged) – This fee, if chargeable, is referred to in the lease. Often the fee is between £60 and £180.

Deed of Covenant fee – This fee, if relevant, is charged by the management company for the property and can be difficult to estimate. Often it is between £60 and £180.

Certificate of Compliance – fee to be confirmed upon receipt of the Landlord’s managing agent’s information, as can range between £60 and £180.

 

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 and the Landlord’s managing agent’s information.

 

You should also be aware that ground rent and service charge costs are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge when 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.

 

How long will my 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 6-9 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 property with no chain and you already have a mortgage agreed in principle, it could take 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 4 months. In such a situation additional charges would apply based on the additional work involved.

 

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

 

  • Take your instructions and give you initial advice

  • Check your financial arrangements to fund purchase

  • Receive and advise on contract documents

  • Carry out searches

  • Obtain further 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

  • Meet you or send the purchase paperwork 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 notices and payments due to Landlord

  • Deal with application for registration at Land Registry

  • Report to you and your lender

 

Please note that the examples of our fees assume that:

a. 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

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

c. the transaction is concluded in a timely manner and no unforeseen complications arise

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

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