Leasehold Residential Purchase Pricing

Whether you are a first-time buyer, moving home or an investor we will guide you through each step of your transaction and tailor our service to suit your requirements, providing a high quality but value for money service.  We will keep you regularly advised so that you make informed decisions.

We are proud to hold the CQS accreditation issued by the Law Society which confirms that we ensure we maintain the highest levels of client care at all times.

Important Notice:

We are currently unable to act on the purchase of leasehold flats, where the building exceeds 5 storeys or 11 metres in height.  This is as a direct result of new legislation (The Building Safety Act 2022 and Fire Safety (England) Regulations 2022) that was introduced after the Grenfell tragedy in 2017 which has caused complexities in regulations and mortgage lender requirements.

Further guidance is awaited from both the government and mortgage lenders as to how we can proceed with such transactions.  Until then, we are unable to act on the purchase of properties that fall into this category.

The new legislation may have iplications if you are looking to buy a leaseholdflat or if you own a leasehold flat that you are looking to sell, remortgage or transfer equity..

For more information please contact us to discuss further.

Pricing

We will usually work on a fixed fee basis so that you know what fees will be incurred.  If there is a new development during the transaction which may/will change the fee charged we will discuss with you and agree a way forward.Our fees will cover all the work required to complete the sale and/or purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty for properties in England.

Leasehold Purchases:

Disbursements

These are any costs related to your matter which are payable to third parties, such as search fees.  We will handle the payment of disbursements on your behalf. Certain disbursements will be included within the Lease to the property.  The disbursements we anticipate are set out below. However, this list is not exhaustive and other disbursements may become due depending on the terms of your lease.  We will update you with specific fee upon review of the lease from the seller’s solicitors.

H M LAND REGISTRY FEES (payable on all matters where registration at H M Land Registry is required

STAMP DUTY

This depends on the purchase price of your property and your personal circumstances.  You can calculate the amount you will need to pay using HMRC’s website at https://www.gov.uk/stamp-duty-land-tax

Exclusions

We do not provide tax advice, which you should obtain from an accountant or tax specialist if required.

Our fees are fixed but there may be factors which could increase the cost.  Where this is likely we will inform you at the earliest possible opportunity.  The following factors could result in an increase to the fixed cost quoted:

• If you discover building regulations or planning permission has not been obtained
• If crucial documents requested from you have not been provided.
• If a legal title is defective or if part of the property is unregistered
• If the property is less than 10 years old or a new build
• If you require a Declaration of Trust regarding ownership of the property
• If the property is shared ownership

Timescales

Timescales are difficult to predict as they are subject to change depending on when your offer is accepted and other factors.  However, the average process takes around 10-14 weeks but do bear in mind that it can be quicker depending on the parties in your chain.  If you are buying a Leasehold property that requires an extension of the Lease it could take significantly longer and in such cases additional charges would apply.

Our fee is on the basis that:

• This is a standard transaction and that no unforeseen matters arise
• This is the assignment of an existing lease and not the grant of a new lease
• No unforeseen complications arise
• No indemnity policies are required – additional disbursements will apply if this is the case.

Our Team

We have an experienced team who understand the stress involved in buying, selling or re-mortgaging your property.

Robert Taylor is a Solicitor, Partner of EMD and head of conveyancing.  He has over 40 years of experience in conveyancing, both residential and commercial and is competent in all areas of conveyancing. Contact Robert on 01424 420261

Mustafah Shekib has over 8 years of residential conveyancing experience, dealing with freehold and leasehold sales and purchases, re-mortgages, transfers of equity and more.  Contact Mustafah on 01580 890600 or 01424 420261

All members of staff in the Conveyancing department are supervised by Robert Taylor.  Robert is a Partner of the firm and Head of the Conveyancing Department.#

Additional Fees:

All clients will be required to pay an onboarding fee of £15.00 plus VAT where we are acting for a sole client and £25.00 plus VAT where acting for joint clients.

If your transaction requires us to send money to you by Telegraphic Transfer, you will be charged £36.00 plus VAT to do so.

It would not normally be necessary to undertake other work or incur other costs other than those described above.  However, we would be very happy to provide you with a more tailored quote for all stages of your particular case once we know about your specific circumstances.