Purchase of Freehold Properties

How long will my Freehold house purchase take?

How long it will take from your offer being accepted until you can move into your house 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 the chain or unforeseen complications. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months. In such, a situation additional work and charges would apply. ‘Chains’ of properties being sold and purchased at the same time will also dictate eventual completion of your purchase.

Purchase of Leasehold Properties

How long will my leasehold flat Purchase take ?

How long it will take from your offer being accepted until you can move in to 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 the chain or unforeseen complications. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months. In such, a situation additional work and charges would apply. ‘Chains’ of properties being sold and purchased at the same time will also dictate the eventual completion of your purchase.

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include;

Stages of the process

1. Take your instructions, provide initial advice and confirm your identity
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 upon receipt of money on account
5. Obtain further planning documentation if required
6. Make initial enquiries regarding the property of seller’s solicitor
7. Prepare a Report on Title – providing advice on all documents and information received regarding the property
8. Go through conditions of mortgage offer with you
9. Send final contract to you for signature
10. Agree completion date (date from which you own the property)
11. Exchange contracts and notify you that this has happened. You will be responsible for insuring the property from this point.
12. Arrange for all monies needed to be received from your lender and you
13. Complete purchase
14. Deal with payment of Stamp Duty/Land Tax
15. Deal with application for registration at Land Registry

Stages Of The Process

1. Take your instructions, provide initial advice and confirm your identity
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 upon receipt of money on account
5. Obtain further planning documentation if required
6. Make initial enquiries regarding the property of seller’s solicitor to include information from the Landlord
7. Prepare a Report on Title – providing advice on all documents and information received regarding the property
8. Go through conditions of mortgage offer with you
9. Send final contract to you for signature
10. Agree completion date (date from which you own the property)
11. Exchange contracts and notify you that this has happened. You will be responsible for insuring the property from this point.
12. Arrange for all monies needed to be received from your lender and you
13. Complete purchase
14. Serve Notice of Transfer on the Freeholder
15. Deal with payment of Stamp Duty/Land Tax
16. Deal with application for registration at Land Registry

Example 1
Purchase of a freehold residential property for £500,000

Our fees cover all of the legal work required to complete the purchase of your new property, including dealing with registration at the Land Registry and payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

A) Conveyancer’s fees and disbursements

• Legal fee £1,250.00 + VAT @ 20%
• Fee for acting on behalf of the mortgage lender £200.00 + VAT (based on a mortgage of £200,000.00)
• Electronic money transfer fee £15
• VAT £290.00

Subtotal A £1,755.00

B) Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of these disbursements on your behalf.

• Search fees £300 – £500 dependant on Local Authority fee e.g. Epping Forest District Council £353.26 as of October 2021
• HM Land Registry fee £135.00
• HM Land Registry Search fee £3.00
• HM Land Registry Bankruptcy Search if a mortgage is included- £2.00 per person
• Solicitors’ Indemnity fee £80 – Contribution to Professional Indemnity Premium
• VAT £ Not applicable

Subtotal B £667.92

(based on a single purchaser taking out a mortgage of £200,000 and purchasing a property in Epping Forest)

C) Stamp Duty or Land Tax (on purchase)

This depends 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.

Estimated total Stamp Duty for the purchase of the above property-

Subtotal C £15,000.00

(based on circumstances confirmed via the HMRC website calculator above e.g. first time buyer)

Total fees including legal costs, disbursements and Stamp Duty – (Subtotals A + B + C)

£17,442.92

Example 2
Purchase of a leasehold residential property for £350,000.00

Our fees cover all the work required to complete the purchase of your new property, including dealing with registration at the Land Registry and payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

A) Conveyancer’s fees and disbursements

Legal fee £1,250.00 + VAT @20%
Fee for acting on behalf of the mortgage lender £200.00 + VAT (based on a mortgage of £200,000.00)
Electronic money transfer fee £15.00
VAT £290.00

Subtotal A £1,755.00

B) Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

• Search fees £300 – £500 dependant on Local Authority fee e.g. Epping Forest District Council £482.92 as of January 2024
• HM Land Registry fee £135.00
• HM Land Registry Search fee £3.00
• HM Land Registry Bankruptcy Search if a mortgage is included- £2.00 per person 
• Solicitors’ Indemnity fee £80 – Contribution to Professional Indemnity Premium 
• VAT £ Not applicable

Subtotal B £702.92

(based on a single purchaser taking out a mortgage for £200,000 and purchasing a property in Epping Forest)

C) Stamp Duty or Land Tax (on purchase)

This depends 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.

Estimated total Stamp Duty for the purchase of the above property- 

Subtotal C £7,500.00

(based on circumstances confirmed via the HMRC website calculator above e.g. first time buyer)

Total fees including legal costs, disbursements and Stamp Duty – (Subtotals A + B + C)

£9,957.92

Anticipated Disbursements^*

• Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between  £50.00 – £200.00 as set by the Freeholder or their Managing Agent
• Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00 – £200.00
• Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100.00 – £200.00 if required under the terms of the lease
• Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50.00 – £150.00 if there is a Restriction on the Title

These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

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 as soon as this we receive this information.