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Purchase of a Property (leasehold and freehold)
The information is based on a number of assumptions and particular the fee assumes that:
- This is a standard transaction and that 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 transaction is concluded in a timely manner and no unforeseen complication arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
There may be circumstances when other costs may be incurred due to particular circumstances of your particular transaction, but we will advise you if this becomes the case and will tell you about any additional costs when the arise.
Timings and Stages
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. On average the process takes about 6-12 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are purchasing property with a mortgage and also selling without a chain it could take 16 weeks.
Purchase of a leasehold property could take longer as it is necessary to check both the leasehold and freehold titles and management company information.
Donwload PDFStages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances but will typically include:
- Obtain up-to-date ID
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Review mortgage offer
- Send transfer and Contract documents to you for signature
- Agree completion date (date from which you own the property)
- Arrange for all monies needed to be received from lender and you
- Exchange contracts and notify you that this has happened
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
- Provide you with updated Title documentation relating to your property.
What happens if the transaction does not complete:
ABORTIVE COSTS STAGE – % of our charge
- Prior to draft documentation: 20%
- Upon commencement of drafting
- Documentation or documents being received: 50%
- Upon finalising the draft documentation: 90%
Anticipated Leasehold Purchase
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is in the region of £50 – £100.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is in the region of £50 – £100.
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is in the region of £50 – £100.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100 and £200.
Your purchase of a property (leasehold and freehold) team are...
Christine ChantSolicitor
Christine is a Solicitor in our Residential Conveyancing team.
Cameron CaverhillPartner
Cameron is a Partner and Head of our Property team in Exeter
Jane BromleyConveyancer
Jane is a Conveyancer in our Residential Property team in Plymouth
Kay FaulknerAssociate
Kay is a Associate in our Residential Property team in Torquay
Sally GroomAssociate
Sally is an Associate in our Residential Property team in Torquay
Jenna Hamilton-PursglovePartner
Jenna is a Partner in our Residential Property team in Exeter
Rebecca KiftTrainee Licenced Conveyancer
Rebecca is a Trainee Licenced Conveyancer in our Residential Property team in Exeter
Craig RobertsTrainee Chartered Legal Executive
Craig is a Trainee Chartered Legal Executive in our Residential Property team in Torquay
Laura TuckerConveyancer
Laura is a Conveyancer in our Residential Property team in Plymouth
Judy VaughanChartered Legal Executive
Judy is a Chartered Legal Executive in our Residential Property team in Torquay
Jenna VinceChartered Legal Executive
Jenna is a Chartered Legal Executive in our Residential Property team in Torquay
Lucy AlfordLegal Secretary
Lucy is a Legal Secretary in our Residential Property team in Exeter
Abby ColeyLegal Assistant
Abby is a Legal Assistant in our Residential Property team in Exeter
Katy DoreLegal Secretary
Katy is a Legal Secretary in our Residential Property team in Torquay
Samantha GregoryLegal Secretary
Samantha is a Legal Secretary in our Residential Property team in Plymouth
Janice KeightleyLegal Secretary
Janice is a Legal Secretary in our Residential Property team in Torquay
Alana NightingaleLegal Assistant
Alana is a Legal Assistant in our Residential Property team in Torquay
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