Leasehold Purchase
| Leasehold Price Bracket | Standard Fees | Partner Fees |
|---|---|---|
| Up to £200,000 | £1,450 plus VAT* | £1,750 plus VAT |
| £200,001 to £250,000 | £1,550 plus VAT | £1,850 plus VAT |
| £250,001 to £350,000 | £1,725 plus VAT | £2,025 plus VAT |
| £350,001 to £500,00 | £1,875 plus VAT | £2,175 plus VAT |
| £500,001 to £999,999 | 0.275% plus VAT | 0.275% plus £300 plus VAT |
| Over £1,000,000 | Contact us for a quote | Contact us for a quote |
| Additional fixed fees and expenditures | Fee |
| Electronic Transfer Fee (our fee to send completion monies including bank charge) | £35 plus VAT |
| Completion and submission of the Land Transaction Return to HM Revenue and Customs | £90 plus VAT |
| Land Registry pre-completion search | £3 plus VAT |
| Bankruptcy search (fee per name and variation of each name) | £2 plus VAT |
| Fee for obtaining Help to Buy ISA bonus (if applicable) | £50 plus VAT |
| Lawyer checker fee (used if the Seller’s appointed solicitors are unknown to us to help avoid fraud) | £18 plus VAT |
| Help to Buy fee (if applicable) | £220 plus VAT |
| Forces Help to Buy advance pay loan fee (if applicable) | £110 plus VAT |
| Shared Ownership fee | £50 plus VAT |
*All reference to VAT on this page is at the standard rate of 20%
Additional variable fees and expenses (calculated on the basis of):
- The agreed price of the property
- The location of the property
- Your own personal circumstances and reason for purchasing
Search fees
Our standard search packs include:
- Local Authority Search
- Water and Drainage Search
- Environmental Search
The cost of the search pack depends upon whether the Administrative Area within which the property you are buying is situated.
Searches are subject to VAT and example costs are provided below:
| Administrative Area | Price |
| South Hams District Council | £250.48 |
| Cornwall Council | £362.67 |
| Plymouth City Council | £255.42 |
| West Devon Borough Council | £250.48 |
| Additional searches | |
| Mining search | £50 + VAT* |
*All reference to VAT on this page is at the standard rate of 20%
Land registry fees and stamp duty land tax
Land registry fee (this is a scaled fee depending on the value of the transaction and whether you are buying a newbuild or unregistered property that is subject to first registration) please click here.
Stamp Duty Land Tax (this depends on the value of the transaction and whether you are purchasing the property for use as your main residence or a buy-to-let investment property / second home) please click here.
| Additional fees – Leasehold purchase – these are dependent on the individual matter | |
| Ground rent and service charge apportionments | *£150 |
| Notice of Transfer Fee (to be advised by landlord/managing agent) | *£100 |
| Notice of Charge Fee (to be advised by landlord/managing agent) | *£100 |
| Deed of Covenant Fee (to be advised by landlord/managing agent) | *£150 |
| Other (to be advised by landlord/managing agent) | *£? |
*These figures are typical, but each Landlord/freehold agent has its own charging scale and so the figures provided are for illustrative purposes only and should not be relied upon.
Worked Example of fees and expenditures
Using the information above you can estimate the total sum applicable to your transaction. Or, get in touch today to obtain a specific quote.
Example - Purchase for an individual of a leasehold property in Plymouth for £150,000 subject to a mortgage
| Purchase of a leasehold property by an individual in Plymouth for £150,000 | |
| Professional Costs | £1,450.00 |
| VAT on our Fees | £290.00 |
| Our Fees INC VAT | £1,740.00 |
| Vatable Disbursements | |
| Pre completion & bankruptcy search (per person) | £6.00 |
| Notifying the transaction to HM Revenue & Customs | £90.00 |
| Bank Transfer Fee | £35.00 |
| Online identity check (per Person) | £14.50 |
| Lawyer Checker Fee | £18.00 |
| Non-Vatable Disbursements | |
| Local search, Water & Drainage search, environmental search and Terrafirma search bundle (estimate - some searches may be subject to VAT) |
£300.00 |
| Land Registry Fee | £100.00 |
| Disbursements | £551.70 |
| VAT on Disbursements | £30.34 |
| Total Disbursements INC VAT | £582.04 |
| Our total fees and Disbursements Inclusive of VAT | £2,322.04 |
*These figures are typical, but each Landlord/freehold agent has its own charging scale and so the figures provided are for illustrative purposes only and should not be relied upon.
The work involved in dealing with a leasehold purchase is similar to the work set out under the heading “Freehold Purchase” and the additional work includes:
- Considering the title to the freehold land (the land in the ownership of the Landlord)
- Considering the provisions of the lease and the seller’s leasehold title
- Ensuring that any restrictions contained in the leasehold title are dealt with appropriately and all necessary consents to the assignment of the lease are obtained
- Reviewing ground rent provisions
- Reviewing service charge provisions
- Reporting on the anticipated annual costs and expenditures of the leasehold property
- Ensuring the Landlord’s compliance with current legislation in relation to the freehold land and buildings
- Service of notices on the freeholder / management company
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.
When do our fees become payable?
Our standard fixed fees are due on completion of the transaction. Payments to third parties, such as Land Registry title documents will be payable in advance. We normally ask you to make an initial advance payment on account of £300. If the initial payments are likely to exceed this, we will request an additional sum to cover those expenditures.
Referral fees
We have a commercial arrangement with a few local Estate Agents, Mortgage Brokers and Financial Advisors to whom we pay a fixed fee for each matter that is referred to us by them. A formal referral agreement is made between Wolferstans and the company or body referring work to us but our duty remains to advise you independently in line with our professional duties. The agreement will not impact on you, as a client, or your rights as a consumer. We will let you know if such an arrangement is in place between Wolferstans and the person or body that has referred you to use our services. We will confirm to you in writing the fee that Wolferstans shall pay to the Referrer on completion of your transaction. Please note, that the fees quoted to you by Wolferstans will not be increased or amended to account for the referral fee.
How long will it take?
The length of time that it takes to complete a purchase of a leasehold property depends on various factors, including:
- How quickly the other party to the transaction is able to proceed
- How quickly the conveyancer acting for the other party is able to progress the transaction
- How quickly you are able to respond to any enquiries or provide us with relevant instructions
- Whether any unusual or difficult circumstances should arise or come to light during the course of the transaction.
It will also depend on the nature of the transaction, for example, whether:
- you are relying on monies under an advance pay loan agreement such as under the Forces Help to Buy Scheme
- there are multiple owners
- you are buying a property subject to existing tenancies
- you are buying under a Shared Ownership Scheme
- you are using the Help to Buy Scheme
- the transaction is a probate purchase awaiting issue of the formal Grant of Probate
- you wish to instruct a Surveyor to prepare a HomeBuyer’s report and the availability of the Surveyor
- you are buying only a part of a property that is subject to complex rights and reservations
- you are buying a newbuild property on a new development
- you are buying an auction property
- the property you are buying has been repossessed by the owner’s mortgage company
- you have a related transaction
- you are buying under a part-exchange arrangement.
On average, standard purchase transactions take between 6 to 12 weeks to complete.
*All reference to VAT on this page is at the standard rate of 20%
Get in touch to discuss how we can help you by calling 01752 292201.