PCL Renewal Service

Legal Costs

Our costs for the above (not including attendance at a hearing in the First Tier Property Tribunal) will be £1950 plus VAT for an individual extension which will be reduced as follows depending the number of flats participating:

£1500 pus VAT for 2 to 9 flats

£1250 plus VAT for 10 to 19 flats

£1000 plus VAT for 20 to 29 flats

Disbursements

Items we pay out on your behalf payable no matter which firm you instruct

* if the premium you pay the Landlord is above £50,000 then the Land Registry fees will increase by the following:

£50,001 – £80,000 £80

£80,001 – £100,000 £130

£100,001 - £200,00 £200

£200,001 - £500,00 £280

£500,001 - £1million £420

Stamp Duty Land Tax

If the premium you pay is above £125,000 then you will have to pay SDLT to the Inland Revenue. This is payable at the following rates:

£125,000 - £250,000 1% of premium

£250,001 - £500,000 3% of premium

£500,001 - £1m 4% of premium

£1m - £2 5% of premium

Over £2 7% of premium

Over £2 (purchased by corporate body) 15% of premium

Legal Costs That Are Not Included

Please note that the following legal costs are not included in the service however they are very unlikely (less than 1% of applications issued):-

• Costs for us having to attend a First Tier Property Tribunal hearing. The costs for a day hearing will be £2000 plus VAT however if you are to be represented just by your surveyor if the dispute relates to the premium only, the costs may be lower.

• Application to the County Court is required for a vesting order then additional costs of £450 plus VAT will be charged with a Court fee of £175. If the vesting order is required since your landlord fails to complete then it is likely these costs can be recovered from your landlord.

Oher Costs

In addition to your costs you will be liable for your surveying costs, together with the Landlord's reasonable legal and surveying costs which (as a guide) will be roughly similar to yours. You also have to pay the premium and the landlord will require you pay any service charge or ground rent arrears. We are able to recommend surveyors should you wish.

Recommended by

"Through their Lease Clinic, Comptons have simplified the lease renewal process. Their expertise in this field is reassuring to all those involved and most definitely minimises the anxiety and delays caused by having to extend these shortening leases"
KFH