Please note that all fees quoted are exclusive of VAT
Statutory Lease Extensions
Exact price on application. However, you can expect our fees to be in the range of £2250 – £3500 + VAT and disbursements in cases where there is no intermediate leasehold, no lease amendments (other than those which are mandatory) and where the current lease term has over 80 years left to run and the premium is below the £40,000 threshold and therefore, no need for a Stamp Duty Land Tax return.
We charge separately on an hourly rate basis if terms cannot be agreed before it becomes necessary to protect the right to a new lease by making application to the First Tier Tribunal (Property).
If there are lease amendments needed (within the limited Act parameters, or there are some worth pursuing), or the landlord wants to put these in and we need to argue that the statutory rights are limited, or there is marriage value or intermediate lease interests, the fee range will normally be in the region of £2750 – £5,000.
Transfers of Equity
Our fees are based on the value of the property, although there will be additional fees payable dependent on the transaction we are being asked to advise on. Below is a list of the fees we will charge.
| Value of Property | Fee |
|---|---|
| £0 – £500,000 | £1,499 – £1599 |
| £500,001 – £1,000,000 | £1,699 – £1,799 |
| £1,000,001 – £1,500,000 | £1,899 – £1,999 |
| £1,500,001 – £2,000,000 | £2,099 – £2,499 |
| Above £2,000,000 | On Request |
Likely Disbursements
A ‘disbursement’ is expenditure incurred in order to progress your matter. Search Fees and Land Registry fees are examples of disbursements. We endeavour to inform you in advance of the disbursements you should expect to pay during your matter and why they are necessary; if this changes we will let you know and explain why.
Factors that may increase costs
Your matter may attract additional fees in the range of £200 to £750. Here are some examples of situations that can arise during a property matter that will require additional work and therefore, increase our fees:
- If there is a defect in your title that requires remediation before completion
- If a statement of truth or statutory declaration is required
- If there is more than one mortgage or charge on the property
- If the property is in turn subject to a lease to a tenant in occupation
- If any consents are required in order to sell the property, including retrospective consents or permissions
Timescales
How long it takes to complete your transaction is difficult to anticipate and is typically dependent on a variety of factors that may not always be within our control. Here is a list of factors that impact on how quickly a transaction takes to proceed:
- Whether the property is freehold or leasehold. Freehold transactions tend to be faster to complete. For leasehold properties, there is more title due diligence required, and it may take some time for landlords or management companies to respond to us with the information we need
- Whether the property is subject to a mortgage. Mortgage lenders tend to have their own list of requirements that must be satisfied before we can proceed to completion, and so transactions which involve a mortgage tend to take a little longer
- How efficient the other parties involved in the transaction are. Rest assured that we will progress your matter as quickly and efficiently as possible, but we have noticed in some matters that other parties involved (other side’s solicitors, mortgage lenders, management companies) tend not to move as quickly
- How complex your property’s title is, and whether any additional work is required as a result
What are your next steps?
Please get in touch with us. We look forward to helping you.
