Leasehold Conveyancing Service North London

Each matter is different. When you contact us we will provide you with a written quote specific to your transaction. There are no hidden charges as we provide you with details of the likely fees and disbursements before you formally instruct us. We are bound by that estimate and are professionally obliged to inform you when there will be any changes to that original estimate as circumstances arise.

When we provide our estimate, it is based on the information available at the time and it is occasionally the case that matters arise which have to be dealt with which were not included in the original estimate. Should this happen we will let you know and provide an estimate for dealing with that work on your behalf.

Please see our freehold page for details of our conveyancers and the supervising partner and their profiles in the Our People section of the website.

Conveyancing for Property Purchase (Leasehold)

The following fee information gives an indication of our fees for the purchase of a leasehold residential property in Edmonton London N18 at a purchase price of £290,000

Our fees cover all of the work* required to complete the purchase of your new 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 FEE

Acting for you in the purchase of your new home – £1000.00
Acting on behalf of your mortgage company** – £100.00
Leasehold Fee – £120.00
Professional Indemnity Fee – £75.00
Transfer of Funds, per item – £30.00
Stamp Duty Land Tax Form Completion – £75.00
Searches Administration – £25.00
ID Check – £5.00
File Archive Fee – £25.00
Total of Above Fees £1455.00

Total VAT to be paid on the above fees – £291.00

**If your Mortgage provider is Paragon Mortgages, Metro Bank or The Mortgage Trust there will be an additional legal fee estimated to be around £100.00 + VAT due to the sheer number of conditions in their offers.

DISBURSEMENTS

Disbursements are costs related 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.

Stamp Duty Land Tax*** – If all purchasers qualify as first-time buyers – £2500.00
Stamp Duty Land Tax*** – If any purchasers do not qualify as first-time buyers but do not currently own other property or are replacing their main home – £4500.00
Stamp Duty Land Tax*** – second home and buy-to-let rate – £13,200
Standard Search Pack: Local Authority, Water & Drainage, Environmental, Chancel Indemnity – £215.30
Land Registry Fee – £100 to £500 depending on purchase price
Land Registry Search Fee – £3.00
Bankruptcy Search Fee (per name) – £2.00

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.

Additional, Anticipated Disbursements

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.
Notice of Transfer fee – This fee, if chargeable, is set out in the lease. Often the fee is between £100 to £200 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 to £200 plus VAT per notice.
Deed of Covenant fee – This fee (when required) is payable to the management company on completion and can be difficult to estimate. Often it is between £100 and £200 plus VAT.
Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £75 to £200 plus VAT.

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.

STAGES OF THE PROCESS

The precise stages involved in the purchase of a residential property vary according to the circumstances – the key stages are as follows;

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Request management pack (leasehold only)
  • Raise enquiries on the management pack (leasehold only)
  • Read and advise on the lease and raise enquiries (leasehold only)
  • 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 with you
  • Personal attendance with you to go through the paper work and sign the contract
  • 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
  • Deal with post completion Notices (leasehold only)

How long will my property 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 8 – 12 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 freehold house with a mortgage in principle, it could take 8 – 10 weeks. However, if you are buying a leasehold property with a Management Company it can take from 12 – 16 weeks especially if there is a chain.

Property Sale (Leasehold)

The following fee information gives an indication of our fees for the sale of a leasehold residential property in Edmonton London N18 at a sale price of £290,000 in a simple uncomplicated transaction, including redeeming any mortgage secured against the property. Additional fees may apply for a number of reasons, for example, a Defect in Title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.

OUR FEE

Acting for you in the sale of your property – £950.00
Acting on Behalf of Your Mortgage Company (per lender) – £100.00
Leasehold Fee – £75.00
Professional Indemnity – £75.00
Transfer of Funds, per item – £30.00
ID Check – £5.00
File Archive Fee – £25.00
Total of Above Fees – £1260.00
Total VAT to be paid on the above – £252.00

DISBURSEMENTS

Disbursements are costs related 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.

Land Registry Office Copy Entries, per title – £6.00
Management Pack (estimate) – £300.00 (plus VAT)

STAGES OF THE PROCESS

  • The precise stages involved in the sale of a residential freehold property vary according to the circumstances – the key stages are as follows;
  • Take your instructions and give you initial advice
  • Arrange for you to complete the protocol forms
  • Obtain and investigate the title to the property and your right to sell the property
  • Obtain a redemption statement from your mortgage lender
  • Obtain replies to enquiries from any management company
  • Prepare contract documents and send these to the buyer’s solicitor
  • Respond to any necessary enquiries of the buyer’s solicitor
  • Give you advice on all enquiries received
  • Send final contract to you for signature
  • Agree completion date (date on which you sell the property)
  • Exchange contracts and notify you that this has happened
  • Calculate any apportionments to be collected
  • Arrange for all monies required to be collected from the buyer’s solicitor
  • Pay the estate agent, if any
  • Redeem the mortgage, if any
  • Account to you.

How long will my property sale take?

How long it will take from the offer being accepted until the sale completes will depend on a number of factors. The average process takes between 6-12 weeks.

It can be quicker or slower, depending on the parties in the chain.

To discuss your specific conveyancing requirements, please contact us:

Telephone: 020 8367 3230
Email: reception@martinshepherd.co.uk

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