conveyancing, house purchase and houes sale, home information packs by GB Solicitors of Fareham Hampshireproperty purchase and property sale, conveyancing and home information packs - GB Solicitors, Fareham Hants

GB Solicitors Ltd - purchasing LEASEHOLD properties

LEASEHOLD residential property - Estimate for the cost of purchase
Our fee £750
Land Registry searches £15
Bank transfer fee £30
VAT on above at 20% £159
Search Fees £200
Fee for land registration £270
Total: £1,424

In addition to these expenses there will be tax to pay if the price exceeds £125,000. The rate of 1% applies to purchases up to £250,000 in value, 3% applies for properties priced from £250,001 to £500,000 and 4% for the properties priced from £500,001 to £1 million. Higher rates apply to properties over £1 million.

The tax is applied to the full value of the property so a purchase at £250,000 attracts tax of £2,500 whilst a purchase at £250,001 will attract tax of £7,500. See the separate notes relating to Stamp Duty Land Tax.

Usually a lease will require the leaseholder to inform the landlord whenever there is a change of ownership of a lease or whenever the leaseholder offers the lease to a lender as security for a mortgage loan. The lease will also usually require a fee to be paid when that notice is given. The precise amount of the fee will depend upon what the lease says and the costs charged by the landlord or his managing agents. We will not know the precise amount until after we have seen the lease and any other relevant paperwork so the figure is not included in the expenses listed above.

This page is for the purchase of dwellings only. If you are purchasing a commercial property, land or something more unusual please contact us to obtain details of our costs.

web design by SiteWeave of Hampshire