Legal Fees – Purchase of a Flat

We do not generally offer a fixed fee service where the property being purchased is a flat. An hourly rate of £200.00 plus VAT will apply and our charges will be based on the amount of time it takes to complete the transaction. Typically, a flat purchase might involve between 5 – 10 hours work and, on this basis, our charges would work out between £1,000.00 – £2000.00 plus VAT. We will review the amount of time expended at regular intervals and if at any point it becomes clear that more hours work than originally estimated will be required we will let you have a revised estimate of the likely additional charges in order to conclude the purchase.

In addition to our legal charges there will be various other costs payable to third parties e.g. Land Registry fees, Search Fees etc – these additional costs are called “disbursements”. Disbursements will apply whichever law firm you appoint. Stamp Duty or Land Tax is generally the most significant disbursement and the amount of the same will depend 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.

If you are not replacing your existing home and the purchase is of an additional property (e.g. buy-to-let or second/holiday home) the supplemental 3% stamp duty charge will apply – if you think that you will be caught by this surcharge please let us know and we will assist you with the calculation of the extra stamp duty payable. There are various standard disbursements apart from stamp duty, as follows:-

Standard Disbursements

Please see the Gov.uk website for more information about land registry application fees.

Search Pack	£164.70
Bankruptcy Search (per name)	£3.00
Land Registry Search Fee	£3.00
Total	£170.70

Please note additional disbursements may apply as set out in the below list – this list is not exhaustive and other disbursements may apply depending on the terms of the Lease. We will update you on the exact disbursements once all relevant information has been obtained from the Sellers’ Solicitors.

• Notice of Transfer fee – often the fee is between £10.00 and £100.00.
• Notice of Charge fee (if the property is to be mortgaged) – often the fee is between £10.00 and £100.00.
• Deed of Covenant fee – this fee is charged by the Management Company for the property and can be difficult to estimate. Often it is between £50.00 and £200.00.
• Certificate of Compliance fee – to be confirmed upon receipt of the Lease as can range between £50.00 and £100.00

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 at the stage where we report to you in relation to the property.

Additional Fees/Costs

Description	Total
Unregistered Title fee (Note 1)	£125.00 + VAT
Help to Buy Fee (Note 2)	£400.00 + VAT
Purchase New Build Fee (Note 3)	£250.00 + VAT
Lenders’ Solicitors Fee (Note 4)	£200.00 + VAT
Gifts or third Party Payments (Note 5)	£150.00 + VAT
Declaration of Trust (if standard) (Note 6)	£250.00 + VAT
Preparation of Deed of Covenant (Note 7)	£125.00 + VAT
Dealing with third party lawyers (Note 8)	£150.00 + VAT
Shared ownership sale or purchase (Note 9)	£95.00 + VAT
Help to buy ISA/Lifetime ISA (Note 10)	£50.00 + VAT
Sale of Help to Buy Property (Note 11)	£250.00 + VAT
Leasehold Flat Fee (Note 12)	£300.00 + VAT
Leasehold House Fee (Note 13)	£100.00 + VAT
Freehold property with Managed Areas/Management Company (Note 14)	£200.00 + VAT
Sale of a New Build (Note 15)	£150.00 + VAT
Expedition Fee (Note 16)	£60.00 + VAT

Notes:-

Note 1 – If the property has an unregistered Title this will incur an additional charge of £125.00 plus VAT for the further work involved.

Note 2– If the property is being purchased using the “Help to Buy” Scheme this will incur an additional charge of £400.00 plus VAT for the additional work involved.

Note 3 – If the property being purchased is a “New Build” property, this will incur an additional charge of £250.00 plus VAT for the additional work involved.

Note 4 – Where the Lender is separately represented this will incur an additional charge of £200.00 plus VAT for the further work involved in dealing with the Lenders’ Solicitors and meeting their requirements.

Note 5 – If you are buying with the aid of a Gift or Third Party Payment there is further work that we need to do in additional correspondence with the persons providing the payment, anti-money laundering and identification checks and also if you are buying with the aid of a mortgage we must report the gift/third party payment to your mortgage lender. This will incur an additional charge of £200.00 plus VAT, per gift, for the further work involved.

Note 6 – Where property is being jointly purchased a simple form of Trust will usually be required e.g. under which the joint purchasers hold the property upon trust for themselves as joint tenants or as tenants in common – where more complex trust arrangements are required additional charges will apply and we will provide you with a separate estimate for these.

Note 7 – Where a Deed of Covenant is required for you to enter into to confirm that you will comply with the covenants contained in the title to the property.

Note 8 – If there are additional lawyers required to communicate and liaise with outside the scope of the usual conveyancing transaction.

Note 9 – Where the property is a shared ownership sale or purchase.

Note 10 – If you are purchasing with a HTB ISA or Lifetime ISA.

Note 11 – Where the property being sold is a Help to Buy property.

Where Leasehold property or property subject to a rent charge/chief rent is being purchased additional disbursements may apply in respect of the giving of notice to the ground rent/rent charge/chief rent owner. We will provide details of these disbursements as soon as we are informed of the same.

Note 12 – Leasehold Flat Fee, £300 plus VAT, Dealing with a leasehold flat

Note 13 – Lease House Fee – Dealing with a leasehold house.Note 14- Dealing with a  Freehold property with Managed Areas/Management Company

Note 15 – Dealing with additional enquiries and documentation required in respect of a New Build

Note 16 – Expedited Fee when dealing with an exchange and completion within 7 days or less

How long will my flat purchase take?

How long it will take from your offer being accepted until you can move into your flat will depend on a number of factors. The average process takes between 8-12 weeks. It can be quicker or slower depending on the parties in any chain.

If you are a first-time buyer, purchasing a flat with a mortgage which has been agreed in principle, it could take 4-10 weeks from the date that your mortgage offer issues. However, if you are buying a leasehold property that requires an extension of the Lease the process can take significantly longer.

Stages of the process

The precise stages involved in the purchase of a flat vary according to the circumstances but, typically, the work required to complete your purchase will include the following:-

• Take your instructions and give you initial advice.
• Contact Lenders’ Solicitors if needed – please note if the Lender insists upon using separate Solicitors the legal charges which those Solicitors make for their work will be payable by you in addition to our charges.
• Receive and advise on contract documents.
• Carry out searches.
• Obtain further planning documentation if required.
• Make any necessary enquiries of Sellers’ Solicitor and review all management information.
• Give you advice on all documents and information received.
• Where property is being jointly purchased advise you on joint ownership.
• Obtain pre-completion searches.
• Prepare transfer documentation.
• Send contract to you for signature or arrange for you to attend at our offices for the purpose of signing the contract.
• 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.