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Illustrative quote

  • sale price: 180 000
  • (flat sale - 150 years remaining on the lease)
  • fees                    495
  • (fixed)
  • including redeeming mortgage
  • vat:                    99
 
  • Management information pack fees ?



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purchase price:
                   245 000
(flat purchase - 150 years remaining on lease)

fees                   795
fixed fee, that is
including SDLT
(stamp duty form)
including acting for Lender
including postage & telephone calls
including buying in joint names
including indemnity insurance
including I.D. check

vat                    159

stamp duty        ?%

HM Land Registry135

electronic transfer
of funds              25

various searches- depending on your postcode:

local authority    
HMLR searches
Water & drainage
coal mining         
environmental     
chancel check    
brine search
tin mining search

Notice of transfer and charge / Deed of covenant / certificate of compliance fee ???



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Please telephone 0161 866 8999
for your free quote

RESIDENTIAL PROPERTY - Purchase of a leasehold residential property

We handle a substantial caseload and have a vast experience in handling large value and complex property transactions.
 
We do not pay any estate agents or other introducers any commission and so are able to remain highly competitive on price and remain truly independent for your best interests.

 
Fees for selling a leasehold residential flat or apartment:

Legal fees for selling.  These are usually 495 (fixed fee) for flat / apartment sales where the sale price is up to 500 000 (five hundred thousand pounds).  Thereafter it is usually 0.1% of the price.  For example, a flat / apartment sale at 750 000 our fees will usually be 750.
   
VAT:  Vat is charged on our legal fees.  The current rate is 20%. For example vat on 495 is 99.

Electronic money transfer fee:  We normally charge 25 inclusive of vat.
 
HM Land Registry documents.  Office copies, plans, conveyances, transfers, deeds & agreements are normally 3 each. We  normally estimate 15 for these.

Sellers management information pack.  Sellers usually provide the buyers with management information packs from the managing agents or Landlord / Freeholder.  These are also known as LPE1 form replies.  The managing agents / Landlord / Freehold usually charge a fee for supplying this information.  You are free to contact the managing agents / Landlord / Freehold and ask them how much they charge for providing this information.


Estimated total for a standard straight forward sale at a sale price of 250 000 in Manchester
Our fees: 495 (fixed fee)
vat: 99
HM Land Registry documents: 15
Electronic transfer of funds 25 (x 2) Usually two are needed. One to repay a mortgage and one to send the balance to the client.
Management information pack from managing agents: ???
Estimated total: 659 including vat + management information pack at a price of ???.

We do not ask for any funds on account for selling a flat.   Clients normally pay the managing agents / Landlord / Freeholder  directly for the management information pack.


Stages of the flat / apartment selling process

Summary of the steps to be taken by the Seller's Solicitors or Conveyancers.

(a) Prepares or obtains the client information documents.

(b) Collates all the ancillary Property Title Deeds and Documents.

(c) Prepares the Agreement / Contract for the sale of the Property.
  
(d) Sends the Agreement and HM Land Registry basic documents to the Buyer's Solicitors together with a management information pack.

(e) Sends the client a duplicate Agreement, Property Information form and Fixtures Fittings form.

(f) Receives any questions or enquiries from the Buyer's Solicitors.

(g) Obtains answers to the Buyer's Solicitors questions from the client and / or Property Title Deeds and replies to the Buyer's Solicitors.

(h) Obtains a mortgage redemption statement, if applicable

(i) Obtains any other consents to the sale, if applicable.  For example Parents who have given Children deposits to initially buy the house may have chosen to place a restriction on the Property Title Deeds that the house cannot be sold without their consent.

(j)  The Buyer and Seller liaise to agree dates for exchange and completion.  A quick check to see if removal vans can be arranged.

(k) The Agreement / Contract is exchanged and made binding between the Seller's Solicitors and Buyer's Solicitors for completion on a fixed date.  The clients, having already signed the Agreement do not need to attend the Solicitors office on the day.

(l) The Seller's Solicitors posts to the Buyer's Solicitors the Seller's signed agreement.  The Buyer's Solicitors posts to the Seller's Solicitors the Buyer's signed agreement and deposit.

(k) Seller's Solicitor receives the Transfer Deed from the Buyer's Solicitor and arranges for the Seller to sign this document.  In many cases the Seller's Solicitors will receive the Transfer Deed at an early stage and already have it signed and on the file prior to exchange of contracts.

(m) The Seller and Buyer arrange removal vans in readiness for completion.

(n) The Seller's Solicitors and Buyer's Solicitors attend to pre-completion matters such as undertaking to repay mortgages, completion statements and the code for Completion.

(o) Completion day:  The Buyer's Solicitors send to the Seller's Solicitors the balance money due.  Seller's Solicitors receive the money and authorises the Estate Agents to release the keys.

(p) Seller's Solicitors pay off any mortgage and sends the balance of the money to the Seller or uses it on related purchase.

(q) Seller's Solicitors send to the Buyers Solicitors the Transfer Deed and Property Title Deeds, if applicable.

  
 
Fees for buying a leasehold residential flat or apartment:
 
Please feel free to email us with the following details and we will provide you with a fixed fee quote.
 
Property price
Property address
Are you getting a mortgage and if so which lender have you chosen. (The Solicitors you appoint should ideally be on the panel of solicitors for your lender. We are on the panel of all the major high street lenders).
Are you local to us (this helps with all the ID issues)
Are you a first time buyer
Is the Property a freehold or leasehold
Is the Property a house or a flat
Is it new build
Is it a first registration
Is it a buy to let property for you or a second home
Are there multiple owners
Is it a shared ownership scheme
Are you using a help to buy ISA or scheme
Is it under a right to buy
Are there any time limits involved - for example auction property or a repossessed property
Is no purchase no fee available - with us, this means you only pay for the searches that have been carried out if you do not end up buying the property
Does the freehold house have a rentcharge or variable rentcharge.  A variable rentcharge is similar to a service charge but without the same consumer protection.

As you can see there are a number of factors to take into account.  Most clients just pick up the telephone and talk to us.  We like talking to clients and will be happy to chat to you about your purchase.

  
Our fees cover all of the work required to complete the purchase of your property, including dealing with the registration at HM Land Registry and dealing with the payment of Stamp Duty.
 

Solicitor's fees and disbursements:-

Legal fees for buying.  These are usually 795 (fixed fee) for flat / apartment purchase where the purchase price is up to 500 000 (five hundred thousand pounds).  Thereafter it is usually 0.16% of the price.  For example, a flat purchase at 750 000, our fees will usually be 1 200.
 
 
VAT:  Vat is charged on our legal fees.  The current rate is 20%. For example vat on 795 is 159. 
 
 
HM Land Registry fees:  These depend on the purchase price and if the property is already registered at HM Land Registry under its own individual separate title number.   Most are registered in this way so to keep the fee structure simple they are:

House price:
0 to 80 000 - HMLR fee is 20
80 001 to 100 000 - HMLR fee is 40
100 001 to 200 000 - HMLR fee is 95
200 001 to 500 000 - HMLR fee is 135
500 001 to 1 000 000 - HMLR fee is 270
1 000 001 and over - HMLR fee is 455
 

 
Searches:  The searches that are needed depend on the post code of the Property.  The figures for local authority searches are vat inclusive.

We are based in Manchester and the usual searches we carry out are with the following local authorities.  We only carry out official searches in accordance with best practice and not personal searches.
Manchester City Council - 74
Trafford Borough Council - 84
Stockport Borough Council - 144
Salford City Council - 159

Other councils we have dealt with include:
Barnet - 241
Barnsley - 90
Basildon - 169
Bassetlaw - 103
Blackpool - 164
Bolton - 152
Burnley - 160
Bury - 157
Cambridge - 172
Cheshire East - 85
Cheshire West - 90
Conwy - 101
Dudley - 92
Gwynedd - 134
Hackney - 147
Harrow - 261
Havering - 102
High Peak - 94
Hillingdon - 66
Kirklees  - 82
Lancaster - 106
Leeds - 62
Leicester - 88
Liverpool - 75
Mole Valley - 256
Newham - 163
Oldham - 115
Preston - 116
Rochdale - 158
Rossendale - 92
Sheffield - 90
Tameside - 67
Wakefield - 44
Wallsall - 151
Warrington - 171
Westminster  - 174
Wigan - 197
Wyre - 112
Yorkshire East Riding - 150
 
 
Environmental & Water Drainage searches combined are usually 138 for our local areas,   Trafford, Manchester, Stockport & Salford. 
Coal mining search, if needed, is 41.  [The coal search allows you to carry out a free preliminary check to see if the full search is needed].
 

 
Other disbursements:
Electronic money transfer fee:  We normally charge 25 inclusive of vat.
 
Bankruptcy searches 2 per name. OS1 priority searches 2 per title number.  We normally carry these out prior to exchange and again on completion in accordance with best practice.  We normally estimate 16 for these. 
 
Notice of transfer and charge / Deed of Covenant fee / Certificate of compliance.  Most managing agents require buyers to pay for a notice of transfer and charge,  deed of covenant & certificate of compliance. We do not know what this fee will be at this stage but you can always ask the seller for this information.   The information is usually contained in the managing agents management information pack which is also known as LPE1 standard replies.   These fees vary from property to property and can be between a few hundred pounds to several hundred pounds. We can give you an accurate figure once we have had sight of the management information pack.

We will also let you know the length remaining on the lease, whether any parking space is included within the title deeds, the ground rent and service charges payable now and on any subsequent review.

 
Other common issues which can cause a delay and impact on the fees:
(a) if legal title is defective or part of the property is unregistered
(b) if we discover building regulations or planning permission has not been obtained.
(c) if the property your buying is tenanted and you are buying it with a buy to let mortgage.
(d) this is a grant of a new lease instead of a standard assignment of an existing lease

 
  
Stamp Duty:
HMRC stamp duty information is available online from the HMRC website. If the property is in Wales then it is the Welsh Revenue Authority website.   There are a number of exemptions and reliefs available.  The most common stamp duty rates we deal with are:


Normal rate:
Purchase price
up to 125 000 @ 0%
125 001 to 250 000 @ 2%
250 0001 to 925 000 @ 5%
925 001 to 1.5 million @ 10%
Over 1.5 million @ 12%

For example,  if you buy a house for 300 000, the Stamp duty is calculated as follows
125 000 @ 0% = 0
next 125 000 @ 2% = 2 500
next 50 000 @ 5% = 2 500
Total = 0 + 2500 + 2500 = 5000


Higher rates of stamp duty
Purchase price
up to 125 000 @ 3%
125 001 to 250 000 @ 5%
250 0001 to 925 000 @ 8%
925 001 to 1.5 million @ 13%
Over 1.5 million @ 15%

For example,  if you buy a house for 300 000, the Stamp duty is calculated as follows
125 000 @ 3% = 3 750
next 125 000 @ 5% = 6 250
next 50 000 @ 8% = 4 000
Total = 3 750 + 6 250 + 4 000 = 14 000


First time buyer rates of stamp duty:
Purchase price
up to 300 000 @ 0%
300 001 to 925 000 @ 5%
925 001 to 1.5 million @ 10%
Over 1.5 million @ 12%

For example,  if you buy a house for 300 000, the Stamp duty is calculated as follows
300 000 @ 0% = 0
Total = 0 (no stamp duty payable.


Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.  We handle the payment of the disbursement on your behalf to ensure a smoother process.


Estimated total for a standard straight forward purchase at a purchase price of 250 000 in Manchester without any rentcharge
Our fees: 795 (fixed fee)
vat: 159
HM Land Registry fee: 135
Manchester City Council local search fee: 74
Environmental & Water Drainage search: 138
Coal mining searches: 41
Electronic transfer of funds 25
Bankruptcy and OS1 searches: 16
Stamp duty at the normal rate: 2 500
Notice of transfer & charge / Deed of covenant / certificate of compliance: ???

Estimated total: 3 883 (including vat) + managing agents / Landlord / Freehold fees of ???

We normally ask for 300 on account.  You normally pay 10% of the purchase on exchange of contracts.  The balance is due just before completion.


How long will my flat / apartment 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.  There are various statistics but the average is 8-12 weeks.  The main factor affecting timescales is the length of the chain.  The longer the chain the more time it takes for everyone in the chain to get ready.  The chain can only move as fast as the slowest link.  For example, if you are a first time buyer, purchasing an empty property with a mortgage in principle, it could take about 8 weeks.  However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6-12 months.  Lease extensions are not part of a normal conveyancing quote. 
 
 
Stages of the flat / apartment buying process
 
The precise stages involved in the purchase of a residential property vary according to the circumstances.  However, below we have suggested some key stages that you may wish to include:

1. Take your instructions and give you initial advice

2. Check finances are in place to fund purchase.  Mortgage lender details.

3. Receive and advise on contract documents, title deeds & management information pack.

4. Carry out searches

5. Obtain survey and mortgage offer.

6. Make any necessary enquiries on the title deeds and documents and send them to the seller's solicitor

7. Give you advice on all documents and information received. Including on joint ownership.

8. Go through conditions of mortgage offer with you.

9. Arrange for you to sign the contract and transfer the deposit to us.

10. Agree dates for exchange and completion. Completion date is the date you get the keys to the property.  Exchange date is the date the agreement is made binding.

11. Exchange contracts

13. Ask the mortgage lender to send us the mortgage funds.  Most lenders require about a week between exchange and completion.

14. Complete purchase

15. Deal with the stamp duty and land registry formalities.



 CONTACT US - click here

  

Team Leaders
M. Afzal. Senior Partner
Qualified as a Solicitor in 1991
Over 27 years experience
   
T. Hussain. Partner
Qualified as a Solicitor in 1998
Over 20 years experience



Additional Information:

Earlier edition 2018