Why Choose Saulet Townsend?
We offer a personal service from beginning to end. We have many years’ experience of buying and selling in Portsmouth. We are accredited to the Law Society’s Conveyancing Quality Scheme to ensure that you get the best experience.
Please note that any prices on this page are indicative costs only. A full quote will be given once we have understood the individual circumstances of the matter.
There are three parts making up the fees payable for buying a leasehold residential property.
Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty if the property is in England, or Land Transaction Tax if the property you wish to buy is in Wales. The figures below are based on the price of property up to £300,000.
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. 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.
Stamp Duty or Land Tax (on purchase):
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.
A link to HMRC’s SDLT calculator is here
|Postage, telephone and faxes||£25.00|
|Charges in relation to acting for |
your lender, if required
|Charges in completing the |
Government Land Tax Transaction Return
|Electronic money transfer fee||£35.00|
|Total Fees and VAT||£2,352.00|
|Search Fee – Local Authority |
(Portsmouth for LLC1 and CON29R) VAT on CON29R included in above figure
|Search Fee – Drainage and Water||£49.89|
|Search fee – Environmental |
|Land Charge search fee||£5.00|
|H M Land Registry fee||£135.00|
|Stamp Duty Land Tax||See above|
|Notice of Transfer fee – This fee if chargeable is set out in the lease. |
Often the fee is between £150 and £250.
|Notice of Charge fee|
(if the property is to be mortgaged) – This fee is set out in the lease.
|Deed of Covenant fee – This fee is |
provided by the management
company for the property and can be difficult to estimate.
Often the fee is between £150 and £250.
|Certificate of Compliance fee |
To be confirmed upon receipt of
the lease, as can range.
|Management Company charges||TBA|
|Total disbursements, |
not including SDLT
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 on sight of the lease, as it is difficult to estimate.
Stages of the process
The precise stages involved in the purchase of a leasehold residential property vary according to the circumstances, but will include:
- 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
- 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
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- 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
How long will my house 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 about 8 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 new build property with a mortgage in principle, it could take 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
* Our fee assumes that:
a. 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.
b. This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction such as an extension of the lease. This can take significantly longer, between X and X months. In such, a situation additional charges would apply.
c. The transaction is concluded in a timely manner and no unforeseen complication arise
d. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.