View Full Version : Legal Fees on purchase of freehold
animal
20-03-2008, 16:03 PM
Anyone give an idea of what legal fees would be expected on the purchase of a freehold? 44 Flats and 9 freehold houses which have access rights to grounds and facilities. Grounds purchased separately from flats (ie two companies set up, one to own grounds, one to own flats).
The actual purchase took place in 2002, but I am looking into various matters related to the management of our property.
animal
23-03-2008, 11:37 AM
Where's Jeffrey when you need him :-)
Reason I am asking is that I am investigating the purchase of the freehold to highlight some aspects of the purchase. It seems we may have paid way over the odds for the legal fees, so I would appreciate someone giving me some idea what would be reasonably expected...
jeffrey
24-03-2008, 13:47 PM
Where's Jeffrey when you need him :-)
Reason I am asking is that I am investigating the purchase of the freehold to highlight some aspects of the purchase. It seems we may have paid way over the odds for the legal fees, so I would appreciate someone giving me some idea what would be reasonably expected...
Here I am. Don't you have Bank Holidays where you are, then?
Legal fees on f/r purchase will comprise these elements at least:
A. Basic net fees, which depend on value. Might be £200-£400 for low-value purchase (e.g. < £40 000). Increased if not yet registered land.
B. VAT on those fees.
C. Disbursements: Search fees of up to £10 (more if several titles or not yet registered land) and HMLR registration fee of £40 (more if price > £50 000).
D. Perhaps CHAPS fee of about £20.
How much was your transaction's purchase price? What elements did the Bill of Costs show?
Powered by vBulletin® Version 4.1.12 Copyright © 2012 vBulletin Solutions, Inc. All rights reserved.