Expenses on Purchase of a Property with a New Lease

Expenses on the Purchase of a Property with a new Lease

Survey

A lender will carry out a basic survey but this does not deal with many structural issues or will not pick up issues such as damp. You may wish to get your own full independent survey which you have to pay for.

Removal Costs

You will need to also consider the costs of transporting your goods to and/or from the property.

Searches

If you are buying with the aid of a mortgage we have to carry out certain searches. There are also other optional searches. We recommend you carry out searches however even if you are not buying with a mortgage. For more information go to our Searches & Other Enquiries page.

Stamp Duty Land Tax

This is a form of tax that is payable upon transfer of the property. The amounts payable are as follows:

Value of property being purchased
Percentage of Tax Charged
Under £125,000.00 (or £150,000.00 in disadvantaged areas)
0%
More than £125,000.00 and under £250,000.00
1%
Over £250,000.00 and under £500,000.00
3%
Over £500,000.00
4%

Registration Fee

This is the fee for registering you as the new owner with the Land Registry. The fee is based upon the value of the property being purchased as follows:

Value of Property Being purchased	Registration Fee
£0-£50,000.00	£50.00
£50,001.00 - £80,000.00	£80.00
£80,001.00 - £100,000.00	£130.00
£100,001.00 - £200,000.00	£200.00
£200,001.00 - £500,000.00	£280.00

Notice to Landlord

It is not possible to give an exact figure but we shall have to pay a fee to the Landlord when we give notice of the mortgage if there is one. Generally the fees for this would be between £40.00 and £80.00.

Administrative costs of the Developer

Occasionally there are administrative costs in connection with
the development which the Developer may wish to recover.Whilst not desirable this is normally impossible to resist. However the costs are not likely to be more than £150.00.

Legal Costs of Drawing up the Lease

The solicitors acting for the Developer will almost always make a charge for drawing up the Lease which has to be paid by the buyer of the property. This is normally between £58.75 and £117.50 including VAT.

Payment to the Developer in respect of Ground Rent and Service Charge

The Developer will normally ask for an on account payment in respect of Ground Rent and Service Charge to be paid upon completion. We shall normally get this figure just before completion and it will normally be a payment of between 3 and 6 months charges.