Buying a Leasehold Property

Fees Involved When Buying A Leasehold Property

Our fixed fees cover all of the work required to complete buying a leasehold property, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax if the property is in England, or Land Transaction Tax if the property you wish to buy is in Wales

Contact us

Contact

Our fees and disbursements when buying a leasehold property:

Legal fees:

Our fees will depend on the value of the leasehold purchase and will range from £950.00 to £2,295.00 plus VAT*

Search fees:

Land Registry Priority Search fee – £3.00

Bankruptcy Search fee (if obtaining a mortgage) – £2.00 per name

Search fees (includes Local Authority, drainage, environmental, Chancel, flood and planning searches) – £350.00 approximately

HM Land Registry fee:

This mandatory cost is set by the Land Registry and depends on the value of the leasehold purchase. The fee will range from £20.00 to £910.00.

Electronic Money Transfer fee:

£15 plus VAT per payment.

VAT:

You will only pay VAT on our legal fees and the cost to make an electronic money transfer.

Referral fees:

For some transactions, we do pay referral fees. The amount of any referral fee will be disclosed to you at the commencement of the transaction. To be clear, these referral fees are paid by us to third parties and not by you.

  • I've recently used Osbornes for my home purchase and an equity transfer. Rachael was fantastic all the way through, keeping me informed and up to speed as to the purchase progress.

    Nicky I, Google Review

  • We hope not to move again for a long time, but when we do we will choose Osbornes for the conveyancing. Thank you.

    Mike B, Trustpilot

  • Buying and selling a house can often be a challenging process, but communication and service I received from Osbornes was second to none. I would recommend them without hesitation - 5 stars

    Michelle B, Trustpilot

  • I have used Osbornes a few times and I’m really happy with the service provided. They provide a very professional, polite and efficient service and I would highly recommend them.

    Sam, Trustpilot

  • Osbornes team was great with the sale of our property, everything went smoothly and very responsive

    Rachel, Trustpilot

  • Osbornes are really thorough, professional & friendly. They were aware of the need for haste in my sale & they did everything they could to achieve the results of completing before the end of the SDLT holiday.

    Laurence H, Trustpilot

Speak to a Conveyancing Solicitor Today

For a free initial conversation call 020 7485 8811

Email us Send us an email and we’ll get back to you






    What are disbursements:

    These are costs related to your house purchase that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure there is no delay in your purchase.

    When buying a leasehold property, you should be aware that there may be certain additional disbursements which will be out in the individual Lease relating to the property.

    The additional disbursements which we anticipate may possibly apply are set out below. Your property lawyer will update you on additional disbursements fees that you may incur upon receipt and review of the Lease from the Seller’s lawyer.

    1. Notice of Transfer.
    2. Notice of Charge fee – This fee applies if the property is to be mortgaged.
    3. Deed of Covenant fee.
    4. Certificate of Compliance fee.

    You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

    Will I have to pay Stamp Duty and Land Tax?:

    The rate of Stamp Duty or Land Tax that you will pay will depend on the purchase price of your property, and your property lawyer will advise you of what this is. There is also a tax relief if you are a first time buyer and again, your property lawyer will provide you with full information.

    You can calculate the amount of stamp duty you will need to pay using the HMRC calculator

    • I've recently used Osbornes for my home purchase and an equity transfer. Rachael was fantastic all the way through, keeping me informed and up to speed as to the purchase progress.

      Nicky I, Google Review

    • We hope not to move again for a long time, but when we do we will choose Osbornes for the conveyancing. Thank you.

      Mike B, Trustpilot

    • Buying and selling a house can often be a challenging process, but communication and service I received from Osbornes was second to none. I would recommend them without hesitation - 5 stars

      Michelle B, Trustpilot

    • I have used Osbornes a few times and I’m really happy with the service provided. They provide a very professional, polite and efficient service and I would highly recommend them.

      Sam, Trustpilot

    • Osbornes team was great with the sale of our property, everything went smoothly and very responsive

      Rachel, Trustpilot

    • Osbornes are really thorough, professional & friendly. They were aware of the need for haste in my sale & they did everything they could to achieve the results of completing before the end of the SDLT holiday.

      Laurence H, Trustpilot

    How long will buying a leasehold property take?

    How long it will take from your offer being accepted until you can move into your house will dependent on a number of factors including whether you are part of a chain. There are often external factors which can delay the process and often the major issue is that exchange of Contracts cannot take place until all parties in the chain are ready. Obviously, the time it takes will depend on the complexity of the matter and the number of parties involved.

    Extending a Lease:

    If you are buying a leasehold property that requires an extension of the Lease this can take significantly longer and you would incur other costs if this is the case.

    Can you help me extend my Lease:

    Yes. Osbornes have expert Lease extension solicitors who can guide you through extending your Lease. To be an eligible leaseholder and able to extend your Lease, you must own a long Lease and have owned it for the past two years.

    It is possible to extend your Lease at the same time you are buying your leasehold property. This is achieved by the existing leaseholder (the Seller of the property) beginning the process and serving what is called a Section 42 Notice on the freeholder and by assigning the benefit of the notice to you as the Purchaser. This notifies the Landlord of an intention to extend the Lease and that you will benefit from this.

    How much does a Lease extension?:

    The cost of extending a Lease is separate to that of purchasing your property. In addition to the fees for the purchase of your property, you will incur legal costs for extending your Lease and you will also pay a premium to the freeholder for the right to extend your Lease.

    How much this premium is will depend on a number of factors including the current length of the Lease, the relative value of the property with a short lease and a long lease and the amount of ground rent payable .

    Once you have provided more information to our Lease Extension lawyers, we will be happy to give you a a complete breakdown of our costs and we can recommend you to an appropriate surveyor who will be able to advise you as to the likely premium and negotiate it with your Landlord.

    We would always recommend that you use both a lawyer and a surveyor who specialise in Lease Extensions.

    Our team would be delighted to speak with you and answer any questions.

    The stages involved when buying a leasehold property:

    The stages involved in buying a leasehold property will vary according to the circumstances and your property lawyer will advise you of this when all the facts are known to them. We will also be in contact with providing regular updates on the progress of your property purchase.

    Below are the standard stages of buying a leasehold property:

    1. Take your instructions and give you initial advice.
    2. Check finances are in place to fund purchase and contact Lender’s solicitors if needed.
    3. Receive and advise on Contract documents.
    4. Carry out searches.
    5. Obtain further planning documentation if required.
    6. Make any necessary enquiries of Seller’s solicitor.
    7. Give you advice on all documents and information received.
    8. Go through conditions of mortgage offer with you.
    9. Send final Contract to you for signature.
    10. Draft Transfer.
    11. Advise you on joint ownership.
    12. Obtain pre-completion searches.
    13. Agree completion date (date from which you own the property).
    14. Exchange Contracts and notify you that this has happened.
    15. Arrange for all monies needed to be received from Lender and you.
    16. Complete purchase.
    17. Deal with payment of Stamp Duty / Land Tax.
    18. Deal with application for registration at the Land Registry.

    *Our fee assumes that:

    This is the standard transaction and 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. The maximum fee shown is for a purchase price of a leasehold property between £1,400,000.00 and £1,500,000.00. Please contact us for a quote if the purchase price is above £1,500,000.00

    1. This is the assignment of an existing Lease and is not the grant of a new Lease.
    2. The transaction is concluded in a timely manner and no unforeseen complication arise.
    3. All parties to the transaction are co-operative, and there is no unreasonable delay from third parties providing documentation.
    4. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

    Speak to a Conveyancing Solicitor Today

    For a free initial conversation call 020 7485 8811

    Email us Send us an email and we’ll get back to you






      Residential Property News & InsightsVIEW ALL

      1. grand union walk camden
        23.9.2022

        First-time buyer stamp duty exemption – don’t get...

        Stamp duty is the bane of every home buyer, with only first-time buyers being exempt from paying the tax if...

        Read more
      2. 24.9.2021

        First Time Buyers Tax Relief Reminder

        First-time buyers have been urged to make the most of a ‘forgotten tax relief’ that could save them thousands of...

        Read more
      3. london houses
        30.1.2021

        Making Alterations to a Leasehold Property

        What is a Leasehold Property? There are two main types of property in England and Wales, freehold and leasehold property....

        Read more
      4. 10 top tips
        5.1.2021

        10 Top Tips to Avoid Delays When Selling Your...

        Thinking about marketing your property for sale? Simon Nosworthy, Conveyancing Solicitor at Osbornes sets out his top 10 tips of things...

        Read more
      5. 28.5.2020

        COVID-19 increases risk of Property Fraud

        Since the Government placed England in lockdown, in March, due to COVID-19 empty properties across England have likely gone unchecked....

        Read more
      6. 27.5.2020

        Post lockdown conditions have created a perfect time...

        A short-term drop in housing prices caused by Covid-19 and the existing low cost of borrowing have created the ‘perfect...

        Read more
      7. hampstead house
        15.5.2020

        To move or to improve? Legal considerations when...

        In an uncertain property market many of us are looking to stay put and make what we already have better...

        Read more
      8. 13.5.2020

        Property Market Gets The Green Light!

        Buyers, Sellers, Estate Agents, Solicitors, Mortgage Companies, Surveyors and many more have been waiting since March for the Government to...

        Read more
      9. 6.5.2020

        Let’s talk leasehold charges

        Buying a home warrants a financial commitment like no other. From needing cash for a deposit, mortgage fees, conveyancing fees,...

        Read more
      10. 27.3.2020

        Latest advice from Government – buyers urged not to...

        Speaking to the onthemarket.com today Simon Nosworthy, Head of Residential Conveyancing at Osbornes Law said: “If parties have exchanged...

        Read more
      11. 27.3.2020

        COVID-19: Conveyancing Can Continue

        COVID-19 is causing confusion in all aspects of life including conveyancing. Thankfully the government has now issued clear guidance as...

        Read more
      12. london houses
        25.3.2020

        Co-Ownership: The Importance of Declarations of Trust

        Recent court decisions have demonstrated the benefits of joint owners of property declaring their beneficial interests. The beneficial interest is...

        Read more
      13. 30.1.2020

        Co-buying a property with friends – the pros and...

        For many young people getting on the property ladder is just a dream, with spiralling house prices making it impossible...

        Read more
      14. 25.3.2019

        London property ‘hotspots’

        Property professionals across the country have made their predictions as to what is in store for the property market over...

        Read more

      VIEW ALL