Residential Property Pricing Leasehold Purchase

At Heringtons we pride ourselves on offering a clear pricing structure for the high level of service we provide.  We ensure there are no hidden charges.  Not all firms offer the same level of service and this is reflected in the fees charged.  Heringtons do not charge fixed fees so you will only pay for the time spent on your matter.  We provide an estimate related to the value of the property involved.  This is because in our experience this is a good guide to the level of work involved.  But, every transaction is different depending on your needs and circumstances and the type of property involved so we’ll let you know if the estimate needs to be reviewed. 

We aim to help you move on the day you choose and don’t usually charge more just because we need to act quickly.  Our charges for the purchase of a single residential leasehold property are estimated to be:

Property PriceFeeVATTotal
Up to £175,000£1,050£210£1,260
£175,001 to £250,000£1,150£230£1,380
£250,001 to £500,000£1,250£250£1,500 
£500,001 to £600,000£1,450£290£1,740
£750,001 to £1 million£1,750£350 £2,100
£1 million to £1.2 million£2,000£400£2,400

If the time spent on your transaction at completion is less than that estimated at the outset, we will charge you less; we may have to charge you more but this is unusual and we’ll be sure to let you know as soon as we can.  The amount you pay is calculated using the following hourly rates:

PositionHourly Rate
Partner/Senior Solicitor£200-£260 
Senior Licensed Conveyancer£200
Junior Solicitor £180
Chartered Legal Executive £180
Conveyancing Executive£180 
Paralegal£150 

In addition to the figures shown above there will be further time spent in appropriate transactions at the estimated cost shown:

Shared Ownership£200 + VAT(£240)
Where the property is a new build£200 + VAT(£240)
Where you obtain a mortgage*£125 + VAT(£150)
Help to Buy Loan£350 + VAT(£420)
Help to Buy ISA or LISA£50 + VAT(£60)
Investment Property£100 + VAT(£160)

 

 

 

 

 

*Excluding bridging finance which is charged on a separate basis, an estimate for dealing with which will be provided on request.

We will also charge the following for each bank transfer made during your transaction:

  • Transfer by BACs (takes 4 days)                               £25 + VAT each         (£30)
  • Transfer by CHAPs (same day)                                 £40 + VAT each         (£48)

The work on your sale will be handled by a named specialist property lawyer helped by trained admin staff.Your lawyer can call on a wide range of expertise across Heringtons to support you in any unusual situations that may arise.

Disbursements are costs paid to others, such as the Land Registry. We ask for a payment in advance so that we can easily handle these disbursements to ensure your move proceeds as smoothly as possible.  Usual payments include:

Searches£350 upwards (varies as to Local  ????
Land Registry Official Copies£3 per entry/plan/document obtained
Land Registry Searches£3 per title searched
Bankruptcy Searches£2 per name searched 
Notice of Transfer and/or Charge to the freeholder or their agent(s)Varies (set by freeholder) 
HM Land Registration FeeSee below 

 

Property price                                         Fee


Up to £80,000                                           £20

£80,001 to £100,000                                £40

£100,001 to £200,000                              £95

£200,001 to £500,000                              £135

£5000,001 to £1 million                            £270

£1 million plus                                           £455

 Please note if the transaction involves a transfer of part (which can include the grant a new build lease) the registration fee is doubled by the Land Registry

You will also be required to pay any Stamp Duty Land Tax (‘SDLT’) due which we cannot estimate for you at this stage.  However, you may wish to refer to the SDLT Calculator on the gov.uk website.

In a leasehold purchase transaction, our estimates allow for the following steps:

  • Taking your instructions and providing any initial advice;
  • Preliminary checks as to gifted deposits/funds from third parties, eg relatives;
  • Making initial contact with third parties as necessary;
  • Reviewing the lease and any deed of covenant and advising you upon it;
  • Review the title documentation and providing advice;
  • Carrying out searches, providing copies of the results and reporting on those to you;
  • Advising you as to any disclaimer for not taking out searches (should you be a cash buyer);
  • Applying for further planning or building regulation documents, where relevant (please note there may be additional fees charge by the Local Authority)
  • Reviewing and advising upon any management pack, where received;
  • Reviewing and advising as to any indemnity policy required;
  • Raising appropriate enquiries with the seller’s lawyers;
  • Reporting to you as to satisfactory replies to enquiries and other matters regarding the property in general;
  • Confirming the conditions of any mortgage;
  • Obtaining any Consent to Mortgage;
  • Dealing with special conditions imposed within a mortgage offer;
  • Completing the SDLT Return for your approval;
  • Sending the contract/transfer/SDLT Return to you for signature;
  • Checking your proposed buildings insurance on behalf of any lender;
  • Exchanging contracts, forwarding any deposit due to the Seller’s lawyers;
  • Confirming title to your lender and requesting any mortgage advance;
  • Authenticating Seller’s lawyers and their financial details to minimise fraud;
  • Confirming funds, if any required from you;
  • Arranging the transfer of funds on completion to the Seller’s lawyer;
  • Notifying all relevant parties of completion;
  • Submitting the SDLT Return to HMRC and arranging payment from funds received from you;
  • Putting any indemnity insurance policy (not provided by the Seller’s lawyers) at risk;
  • Applying for registration at the Land Registry;
  • Dealing with straight-forward post completion matters, including serving notice of transfer and/or charge, retentions and restrictions;
  • Sending your lender copies of the registration title documents where so required;
  • Sending you confirmation of the registration title documents and deeds;
  • Reasonable liaison with you, any lender and third parties throughout; and
  • Retaining and storing deeds on request.

On rare occasions there are unexpected complexities or things take longer than expected. Examples include drafting a Declaration of Trust or approval of Legal Charge or lease extension, investigating a gifted deposit from abroad, drafting any Insolvency Declaration, providing advice as to letting a property post completion.  We will discuss with you as soon as possible any issues that are likely to mean an increase in our fees and we will provide an updated estimate.

 

For further information or to speak to one of our experts please call us on: