Purchase of a leasehold residential property
An example of costs involved for a purchase of a leasehold residential property by a couple, for £300,000 in the Tandridge area with a mortgage.
Conveyancer's fees and disbursements*
- Legal fee £1,300
- Stamp duty land tax return £50
- Search fees £253
- Land charges search £4
- Land registry priority search £3
- HM Land Registry fee £135
- Electronic money transfer fee £30
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50-£150.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50-£150.
- Deed of Covenant fee (if required) – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100-£250.
- Certificate of Compliance fee (if required) - To be confirmed upon receipt of the lease and can range between £100-£250.
- VAT payable £276
Estimated total: £2,351-£2,851 plus any stamp duty payable
Stamp Duty or Land Tax
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using the HMRC Stamp Duty Calculator or if the property is located in Wales by using the Welsh Revenue Authority Stamp Duty Calculator.
To contact one of our specialist leasehold residential property team members simply email us at email@example.com or telephone us on 01883 347823. Or you can fill out our contact form or email our office and someone will be in touch within 24 hours.
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