Our fees cover all of the work required to complete the purchase of a leasehold property, including:-
- Communicating with you, your sellers’ conveyancer, the estate agent and your mortgage provider, as necessary, to facilitate a smooth transaction.
- Request the draft contract and title documentation from the sellers’ conveyancer.
- Prepare the Land Registry transfer.
- Advise you on the contract and property title and provide you with the contract and transfer for signature.
- Advise you on joint ownership.
- Carry out a Local Authority search, drainage and water search, environmental and flood search and, where necessary, a mining search.
- Advise you on the results of the searches.
- Raise such enquiries as we consider necessary to clarify any discrepancies in connection to the property title.
- Advise you on any information provided by the sellers’ conveyancer in their replies to our enquiries.
- Advising you on the implications of owning a leasehold property, including the ground rent, service charges and insurance position, and any costs payable by you to the landlord, management company or their agents in administering the change of ownership.
- Review the conditions of your mortgage offer.
- Report to you with the mortgage deed for your signature.
- Negotiate a completion date on your instructions with the sellers’ conveyancer.
- Obtain pre-completion searches.
- Exchanging the contracts on your authority to secure the sellers’ commitment to the contract.
- Preparing a detailed financial statement for you in relation to the purchase in anticipation of completion.
- Facilitating the completion of the purchase and making such payments, as are necessary, to the seller and to HMRC in respect of Stamp Duty Land Tax.
- Serving the appropriate notices of change of ownership on the landlord, management company or their agents.
- Attend to the registration of your ownership at the Land Registry.
- Retain a copy of your file on record for a minimum of seven years for your information purposes.
Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry document fees and searches.
We handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements, which are strictly necessary, are set out in your conveyancing estimate. This list is not exhaustive and other disbursements may apply depending on your specific transaction.
For leasehold property transactions, you should also be prepared for the following anticipated disbursements*:
- Notice of Transfer fee – this fee is chargeable if set out in the lease. Often the fee is between £75.00 to £150.00.
- Notice of charge fee (if the property is to be mortgaged) – this fee is set out in the lease. Often the fee is between £75.00 to £150.00.
- 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 £100.00 to £250.00.
- Certificate of Compliance fee – to be confirmed upon receipt of the lease. This fee can often can range between £100.00 to £250.00.
*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.