Fees

Our fee estimate will be based upon the time that we think we are likely to spend on the matter, and will cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and with the landlord, dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property in Wales. Our fee estimate will also cover acting for your mortgage lender if they instruct us.

The total cost of carrying out a residential leasehold purchase will depend on the individual circumstances of the matter. For example, there may be a need for seniority due to the complexity of the property, the value of the property, or any risk or urgency in the matter. We stress that we prefer to discuss a matter with you well in advance before giving you a firm and transparent estimate.

As a general guide, we have found in practice that the time required to be spent by us in dealing with a straightforward UK residential leasehold property purchase typically leads to an overall charge falling within the range of 0.5% - 2.0% of the purchase price, plus VAT. However, we would not normally accept instructions to act in such a matter where the minimum fee was to be less than £5,000 plus VAT and disbursements.

Our fee estimate assumes that:

• This is a standard transaction involving the purchase of an existing lease; and that no unforeseen matters arise including, for example: ◊ A defect in title which needs to be remedied prior to exchange or completion; or ◊ The preparation of additional documents ancillary to the main transaction such as:

- A deed of variation of lease - A lease extension or acquisition of the freehold (statutory or negotiated) - A licence for alterations.

• Title is registered to, and you are a UK resident and domiciled individual
• The transaction is concluded in a timely manner and no unforeseen complications arise
• All parties to the transaction are co-operative and there is no unreasonable delay from the parties providing documentation
• The seller’s landlord(s) and management company(ies) is/are co-operative and there is no unreasonable delay in their providing documentation
• No indemnity policies are required. Additional disbursements may apply if indemnity policies are required
• The property was not/will not be bought at auction or by sub-sale
• You do not require a bespoke declaration of trust or co-ownership agreement
• The property is not being sold as part of a ‘matrimonial’ process or following an order of the court
• Your mortgage lender does not appoint a separate firm of solicitors to act on their behalf.
• Your mortgage lender does not appoint a separate firm of solicitors to act on their behalf.

If the transaction falls outside these standard parameters, then our fee estimate is likely to be higher than the range indicated above.