Purchase of a Freehold/Leasehold Residential Property
Solicitors in Essex & London
Fees and Disbursements
Our fees cover all of the work* required to complete the purchase of your property, 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 are calculated based on the value of the property you are purchasing and range from £1,095 to £3,000. VAT on our fees is charged in addition 20%. In addition to our fees, you will also have to pay disbursements, the costs of which can vary, relating to:
If you are taking out a mortgage, our fee for acting on behalf of the mortgage lender will be £100 plus VAT assuming the Lender is a “high street” lender and the mortgage is on standard terms.
Please telephone us and we can give you a specific fee and disbursement quote for your transaction.
In relation to leasehold property, there are certain disbursements which will be set out in the individual lease relating to the property. These can include:
Thoroughly check the legal title
You should also be aware that with leasehold property 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.
Apportionments of the Ground rent and service charge already paid by the Seller are usually requested upon completion and please factor this into your budgeting.
The length of time 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 8-10 weeks from the issue of the contract pack from the seller’s solicitor. You can expect longer where there is a Leasehold involved.
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 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer. In such a situation additional charges could apply.
If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between three and four months. In such a situation additional charges would apply.
The precise stages involved in the purchase of a residential property vary according to the circumstances but typically the key stages are:
*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. Our fee assumes that: