What is the difference between freehold and leasehold?

Generally, the purchase of a freehold property is simpler than leasehold and so can often means lower fees.

Leasehold

Our Freehold fees start at £445 for a sale and £495 for a purchase, and should you want to base your decision on the average legal fees you would pay for a standard freehold sale or purchase where the property is registered with HM Land Registry, you would need to add land registry costs, full details of costs can be found at Land Registry Website.

As stated previously, there may be additional fees, and examples these and/or disbursements (payments which we pay to third parties on your behalf as part of the conveyancing process) are outlined below.

Example

Figures as based on a sale or purchase of up to £125000

Sale Price
Residential Mortgage Redemption £75.00 + VAT
Company Mortgage Redemption £325.00 + VAT
Acting on Leasehold or Commonhold properties £200.00 + VAT
CHAPS Transfer re: Mortgage (TT Fee) £25.00 + VAT
CHAPS Transfer to pay balance monies to you (TT Fee) £25.00 + VAT
Arranging Defective Title Insurance Policy (including; Chancel Repair Insurance & Environmental Contaminated Land Insurance) £50.00 + VAT
Removal of Registered Caution £95.00 + VAT
Discharge of Legal Aid Charge or Second Charge £190.00 + VAT
Statutory Declaration £150.00 + VAT
Dealing with third party lawyer e.g. matrimonial dispute £200.00 + VAT
Key undertaking £50.00 + VAT
Fee for handling a contract race on a sale £125.00 + VAT
Leasehold £150 + VAT
Purchase Price
Leasehold £150.00 + VAT
Acting for Residential Lender - Mortgage £75.00 + VAT
Acting for Company Lender - Mortgage £325.00 +VAT
CHAPS Transfer re: Purchase £25.00 + VAT
SDLT fee (Stamp Duty Land Tax form completion & submission) £50.00 + VAT
Arranging Defective Title Policy (including Chancel Repair Insurance & Environmental Contaminated Land Insurance) £50.00 + VAT
Deed of Covenant (drafting, engrossing and registering deed) £100.00 + VAT
Statutory Declaration £150.00 + VAT
Dealing with third party lawyer e.g. matrimonial dispute £200.00 + VAT
Key undertaking £50.00 + VAT
Certificate of Compliance £50.00 + VAT
Transfer of Share Management Company £50.00 + VAT
Registering up to 3 contact addresses and / or restriction re: purchase £50.00 + VAT
Dealing with a gifted deposit (Per Deposit) £75.00 + VAT
Help to Buy ISA (per ISA) £50.00 + VAT
Life time ISA (Per ISA) £75.00 + VAT
Help to buy scheme £150.00 + VAT
New Build Property £250.00 + VAT
Shared Ownership £200.00 + VAT
Unregistered Property £200.00 + VAT
Bridging Loan £250.00 + VAT
Further additional fees: - Price
Expedition / Auction Properties from £250.00 + VAT
Securing second legal charge under New Build ‘Home to Buy’ scheme. £150.00 + VAT
Assignment of a Solar Panel Lease and obtaining consents £150.00 + VAT
Deed of Appointment of a New Trustee £150.00 + VAT
Flying Freehold Deed of Mutual Covenant £150.00 + VAT
Transfer of property by way of gift £550.00 + VAT
Drafting a Transfer of Part with rights, reservations and/ or covenants £300.00 + VAT
Removal of registered Caution (each time) £95.00 + VAT
Drafting Assured Shorthold Tenancy £250.00 + VAT
Drafting additional Contract packages for sale contract race (each) £175.00 + VAT
Cheque returned unpaid / stopped at customer request £35.00 + VAT
Lease extension or variation (approval) £550.00 + VAT
Lease extension or variation (creation) Ask for a bespoke quotation. Bespoke
Transfer of Share Certificate in the Management Company £50.00 + VAT
Gift Letter to Donors £50.00 + VAT
Money Laundering ID Check (Per Person) £12.00 + VAT
Digital Archiving £25.00 + VAT
Case Management £30.00 + VAT
Preparing a Deed of Trust / Declaration of trust £150.00 + VAT

** Land Registry Fees are based on the purchase price and will increase if the property you are buying is unregistered or is a brand-new plot. For further information visit the Land Registry Website.

***Stamp Duty Land Tax (SDLT) will be payable on all purchases in excess of £125,000

The purchase of a main residence. If you are a first-time buyer and meet eligibility criteria you may be exempt from SDLT if you purchase for £300,000 or less. If the purchase price is between £300,001 and £500,000 you may be eligible to pay a reduced amount.

Timings

The length of these legal processes can vary from start to finish. Accurate timescales will be given after initial consultations have taken place on your individual case.

Exceptional Circumstances

This website provides examples of the average costs and fees involved with these types of legal matters. But each client has their own set of circumstances and so there will be occasions when exceptional circumstances add to the complexity and time taken to reach a conclusion. We will always keep you fully informed of any change in costs and circumstances and explain why, too. In these situations, our fees may exceed those quoted above, but we will notify you in advance if we need to exceed an original estimate.