10-11 Austin Friars, London, EC2N 2HG

DX98930 CHEAPSIDE 2
Tel: +44(0)20 7382 1567 Fax: +44(0)20 7382 1568
[Link]

REPORT ON TITLE

-relating to-

Chelsea Creek, Block H, London

SW6

Zhong Lun Law Firm

10-11 Austin Friars
London
EC2N 2HG
Tel: +44(0) 207 382 1567
Fax: +44(0) 207 382 1568
Website: [Link]

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 REPORT ON TITLE

-relating to-

Chelsea Creek, Block H, London SW6 (the

“Development”)
OVERVIEW

Introduction

This Report has been prepared for you in relation to purchase of the Property. Each heading provides
general guidance relating to the purchase of your apartment (“Property”) in the Development and is
supplemented where appropriate by information that has been obtained in the course of our
investigations relating to the Property.

Whilst this Report sets out to summarise the main findings from the searches and enquiries concerning
the Property, the contract and the lease, it does not purport to be exhaustive nor to cater for any special
interest.

The Seller

The Seller of the Property is St George West London Limited (“the Seller”). The Seller is the freehold
owner of the Property and will grant you a lease for a term of 999 years from 1 June 2010 on
completion.

Development

Blocks G and H together comprise a total of 415 residential units together with 547 square metres of
commercial/office space for A1-A5 and / or B1a uses.

There are 268 residential units in Block H, of which 111 are to be provided as affordable units. There
are to be provided via registered provider in accordance with the Section 106 Agreement dated 29
March 2019.

There is a gym/spa facility provided in Block J2 which is intended to be available for use by residential
owners of the Development (including those in Block H). The costs associated with this facility will form
part of the service charges and paid for by the residential owners.

The Seller will be responsible for the management of the accessways, waterways, landscaped areas and
other communal areas. Service charge will be paid pursuant to the terms of the lease. Each of the leases
created out of the freehold will, as part of the service charge for their block, contribute towards such
estate service charges. The seller has appointed Mainstay as managing agents at the development.

The Waterways will be provided as part of the development and will be maintained as part oft the
Estate Service Charge. The use of the Waterways and any moorings will be by arrangement with and
on terms and conditions and subject to regulations imposed by St George.

There is a centralised heating system serving this block and others on the Estate. The centralised
heating system is located within Block L but does not serve Block L. The main plant for the centralised
heating system is located in the basement area beneath Block L. Please note that any payment towards
the maintenance costs of the plant are separated out in the service charge budget. The usage costs of
the CHP are not included in the service charge and are billed separately.

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There is no allocated parking for Block H purchasers. Purchasers may be able to acquire a general
right to park (on a first come first served basis). If the aforesaid is purchased it will be dealt with in
the Lease.

The car park will be gated with access controlled by electronic fobs to ensure only those entitled to
use the car park have access.

Planning and Building Control

The development has an outline planning permission referenced 1998/00407/OUT granted by the
London Borough of Hammersmith & Fulham dated 12 May 2000. The planning permission was granted
for mixed use development comprising 1665 residential units, 15,564 square metres of B1 floorspace,
6217 square metres of A1/A2/A3 floorspaces, 2158 square metres of community use (D1) 6,284 square
metres of hotel (C1) 3132 square metres (D2) of health and fitness club and 480 square metres of river
related use public open space and riverside walk together with parking spaces, landscaping and access
road.

Reserved Matters Consent was then granted under reference 2008/01525/RES. The implemented
Chelsea Creek Permission is 2011/01462/CONB and variations thereto, including 2016/00765/VAR. . St
George have recently obtained a variation in relation to this Block pursuant to planning reference
2016/04733/NMAT and 2017/02921/NMAT. The variation relates to amendments to the number of
units, layout and materials for this particular block.

Blocks G and H are being built under planning permission 2018/02929/FUL as varied by permission
2020/00733/NMAT.

Underground parking facility relating to Blocks G and H is being provided pursuant to planning
permission 2019/01966/NMAT

Subject to the above planning permission, the Seller entered into a Section 106 Agreement with the
local council that they would fulfil their obligations when developing the Estate. This provides for the
provision of the affordable housing within the Estate and also for a number of financial contributions
which the Seller will make at the appropriate time in accordance with the obligations set out in the
agreement. Section 106 Agreement (Dated 29 March 2019, clause 11) provides that the obligations
contained therein will not be enforceable against owners/occupiers of individual apartments. The
development under the current planning permission is subject to change as the development covers a
large area. Any subsequent consents and amendments by the local authority will be notified by the
Seller’s solicitors.

The purchasers at the Property are currently not eligible to enter the local authority zoned parking
scheme.

Buildings Insurance and Warranty

The Property is at the Seller’s risk until completion. Following actual completion, the Seller will insure
the Property in accordance with the Lease.

The Property will have the benefit of NHBC warranty or similar provider. This insurance guarantee
scheme will cover for a period of ten years from the date of completion.

Exchange and Completion

Any transaction relating to a property takes place in two stages, namely, "exchange of contracts" and
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"completion". On exchange of contracts, 10% of the purchase price as deposit will be required to be
paid and the transaction becomes legally binding on all parties. Before exchange of contract, either side
is free to withdraw at any time.

On completion, a standard form of the lease will be granted to you for a term of 999 years commencing
from 1 June 2010 and you will pay the balance of the purchase price together with the costs and
expenses related to the purchase. The anticipated completion date for the Property is not specified.
The contract provides a notice period of 10 working days for completion.

TITLE

St George West London Limited is the freehold owner of the Property. Its freehold title to the Property
is registered at Land Registry under title number BGL24044. Block H is comprised in BGL24044, within
the land tinted pink at the northern end of the estate in the Plan.

Various entries are noted under the Property Register, Proprietorship Register and Charges Register of
the OCR. As part of the development of the Estate, the Seller will comply with the provisions contained
in these entries.

Property Register

Entry 2 – A copy of the Licence dated 23 April 1894 is provided. This granted licence to make an
embankment. This Licence does not relate to any future works to the river wall. Should further licences
be required for items which are fixed to the wall new licences would be agreed with the Port of London
Authority.

Entry 6 – A further deed of variation to the 1997 transfer is proposed. It is not intended that the right of way
benefits leaseholders.

Proprietorship Register

Entry 3 – The developer will comply with the positive covenants, save where ongoing maintenance and costs
thereof will form part of the service charge scheme.

Charges Register

Entry 4 – A Conveyance of the land tinted blue on the title plan contains covenants for the benefit of British
Railways Board. The fencing and retaining wall covenants will be complied with save where the same relate
to ongoing management as they would then form part of the service charge scheme.

The Agreement

The Agreement sets out the terms and conditions between you and the Seller for the sale and purchase
of the Property (“the Agreement”). The Agreement is in a standard form which the Seller has adopted
for the whole development.

The Agreement incorporates the Standard Conditions of Sale (Fifth Edition) (“the Standard Conditions”)
with the exception of certain conditions which have been excluded or amended. The Standard
Conditions are very commonly used in residential property transactions in the UK.

You should read and note carefully all the terms of the Agreement. A copy of which has already been
provided to you. A brief summary of the main terms and conditions of the Agreement is set out below.

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Under the Agreement:

1.1 You agree to buy a leasehold interest in the Property and the Seller shall grant you a lease for
999 years from 1 June 2010

1.2 The Seller shall grant a lease to you with full title guarantee.

Purchase price and deposits

1.3 Upon exchange of contact, a ten per cent (10%) deposit and ten per cent (10%) Advance
Instalment of the purchase price minus the reservation deposit (the “Initial Deposit”) is to be
paid to Seller’s Solicitor on exchange of contracts and is to be held as agents for the Seller,
which means the Seller Solicitor entitled to release the funds to the Seller upon receipt;

1.4 The balance of the Purchase Price is to be paid on completion;

1.5 Time is of the essence of such payments. If these monies are not paid the Seller may terminate
the Agreement, retain all monies paid by you and sue for breach of contract which would
include any unpaid deposit, accrued interest and costs. The contract rate is 4% per annum
above the current Barclays Bank PLC base rate for the time being in force.

1.6 The deposits shall be held by the Seller Solicitors as agents for the Seller.

Completion

1.7 The Anticipated Date for this property is uncertain but according to the reservation form the
estimate period is from May 2025.

1.8 Completion of the purchase shall be concluded within 10 working days from after the
date a written notice is served by the Seller’s solicitors that construction is substantially completed
and you shall pay the balance of the purchase price together with other monies payable (i.e.
proportion of the ground rent and service charge);

1.9 If there is any delay in payment you shall pay interest to the Seller on the sum unpaid at
the rate of 4% per annum above Barclays Bank plc;

1.10 If you fail to complete on time, you shall pay compensation for late completion in addition to
the interest on the balance of the purchase price.

1.11 Completion cannot be delayed if there are any extra works which the Seller agree to carry out,
any minor works outstanding or any accessways or communal area works outstanding, the
Seller will complete such outstanding matters as soon as practicable following completion;

1.12 NHBC or similar building warranty certificate will be given to you on completion;

1.13 You will not be entitled to any keys to the Property nor take possession until all monies payable
have been received;

1.14 If you fail to complete on the scheduled completion date and such failure is not directly
attributable to any default by the Seller in performing its obligations under this Agreement, you will
pay to the Seller upon completion as compensation for late completion in addition to interest on the
balance of the purchase price at the contract rate the following sums:

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 1.14.1 Seller solicitors’ reasonable fees incurred in providing the following additional works:
(a) recalculation and redrafting of the completion statement
(b) drafting and service of notice to complete
(c) correspondence ancillary to the above capped at the rate of £150.00

1.14.2 Any additional fees reasonably

1.15 Please note that completion is not conditional on you obtaining mortgage finance. Therefore,
please make sure that you have sufficient funds to proceed to completion;

Building Work and Variation

1.16 The Seller is to build the Property in accordance with the specifications, planning permissions
and all relevant building regulations;

1.17 The Seller anticipates that the Property will be completed by the Anticipated Date (which will
be stated in your contract on exchange of contract) but this is subject to reasonable extensions of time
but the Buyer may by giving to the Seller no less than 28 days’ notice in writing to terminate this
Agreement if the Property is not completed by the date being 12 months after the Anticipated Date
as extended by any reasonable extensions of time.

1.18 You acknowledge that completion of the Property may take place prior to the completion of
the works to the development and the Seller and those authorised will be entitled to complete the
outstanding works to the development notwithstanding any inconvenience or annoyance caused;

1.19 The Seller will notify you in writing of any change which is proposed by the Seller and in such
notice the Seller will advise you whether or not the change is a Material Change. A Material Change is
a change that would significantly and substantially alter the area, the appearance and/or the value of
the Property, so that when built the floor area of the Property is more than 5% smaller than the area.

1.20 If the Seller serves a notice on you to propose to make a Material Change, you need to reply
to the Seller within 10 working days of service of such notice in writing whether or not you agree to
the Material Change. If you do not agree the Material Change the Seller will consult with you and seek
to agree a modified form of Material Change. If after the consultation you still do not agree to the
Material Change, the Seller will notify you in writing whether or not the Seller intends to carry out the
Material Change originally notified to you. If you still do not agree and the Seller still proposes to carry
out the Material Change, you can rescind the contract by serving a written notice on the Seller within
ten working days of receipt of the original notice and the Seller will return the deposit to you but you
will not be entitled to any compensation.

1.21 The Seller shall be entitled without obtaining the approval of the Buyer to make such
variations and amendments which do not substantially alter the accommodation intended or to make
any change which is not a Material Change;

1.22 If you are given a colour choice of material you shall instruct the Seller immediately, if your
instruction is not received with 21 days from the Seller’s request the Seller shall determine the choice
for you.

Insurance

1.23 The Seller will insure the Property for its full value and keep it insured until the date of
completion

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Lease

1.24 Upon completion you shall accept the lease substantially in the form of the lease annexed to
this agreement

1.25 You shall pay £200.00 plus VAT towards the Seller’s lease engrossment fee.

Vacant Possession

1.26 Vacant possession will be given to you on completion.

Assignment

1.27 You are entitled to assign the benefit of this agreement once only prior to the date of service
of notice to complete subject to the Seller’s written consent.

1.28 You are not permitted to assign this agreement until the deposits are paid and must be prior
to the date of service of notice to complete.

1.29 You shall provide the Seller the identity of the 3rd party purchaser and other measures as
necessary to enable the Seller to comply with the Money Laundering Regulations. You shall give
written notice to the Seller the full name, address of the assignee, the assignee’s solicitors and gross
resale price.

1.30 You shall pay the Seller’s solicitors the sum of £250.00 plus VAT for dealing with any permitted
assignment.

Whole Agreement and Representation

1.31 This Agreement will be the entire contract agreed between the Seller and you. Anything not
contained in this Agreement save as to such of the written statement of the Seller’s Solicitors prior to
making of this Agreement as were not susceptible of independent verification by inspection, search
and enquiry of any local or other public authority will not bind the Seller. In other words, you cannot
rely on sales brochures or statements made by any of the Seller’s representatives. Neither can you
reply on the model of development situated within the sales and marketing suite.

THE LEASE

1. The Lease is to be entered into between St George West London Limited as the Landlord and
you as the Tenant in respect of the Property. Under the Lease, the Landlord will grant you the right to
the ownership of the Property for a term of 999 years commencing on 1 June 2010 subject to the
payment of the ground rent, service charges and other monies reserved under the Lease. The Lease
will be registered at the Land Registry following completion of the purchase of the Property. You will
obtain absolute leasehold title.

2. The Lease is in a standard form for the development of the Estate and as such the Seller will
not agree to any amendments or variations to it since there is an obligation on the Seller to ensure
that all leases of private residential units are in a similar form.

3. A summary of the main terms of the Lease is set out below; however please read the whole
Lease very carefully and ensure that you comply with all the tenant obligations in the Lease. Please be
advised that the Lease may be varied before completion if the Seller deems it necessary to do so.
However the basic provisions described in this Report will not vary.
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3.1 You will have rights of access to the Estate Communal Areas for all purposes incidental to the
occupation and enjoyment of the Apartment and using other facilities provided by the Estate.

3.2 The annual ground rent is a peppercorn and it is payable in advance on 1 January and 1 July in each
year.

3.3 The service charge

The service charge is your contribution to the costs incurred by the landlord in performing the services
and insurance obligations in the Lease. The services to be provided are usual for the development of
this nature.

An initial contribution on account of the first year’s service charge will be collected on completion.
Please see the attached estimated service charge which is calculated based on the size of the
Apartment.

Any overpayment on estimate will be credited against future payments due from the Tenant to the
Landlord. In the event of shortfall of the actual expenditure, the Landlord will demand any
underpayment from you.

The service charge is payable on account in advance on 1 January and 1 July in each year or at such
other times as specified by the Landlord.

3.4 Rights to which the Apartment is subject

Schedule 5 contains the rights reserved by the Landlord over the Apartment for the performance of
the Landlord’s obligations under the Lease. Among other things, the Landlord shall have rights of
access over the Apartment for the proper performance of its obligations for the repair decoration
maintenance or inspection of the Property.

3.5 Tenant covenant

As a Tenant you must observe and comply with all the Tenant’s obligations in the Lease. These
obligations are detailed in Schedule 8 to the Lease. We strongly recommend you to familiarise yourself
with all provisions in this Schedule and to ensure that you observe and perform them during the term
of the lease.

A summary of these obligations are listed below:-

3.5.1 to pay the rent, service charge and water supply on demand;

3.5.2 to pay interest at the rate of 4% above the base rate of Barclays Bank PLC from time to time
on all sums unpaid for 14 days from the date due until the actual payment date;

3.5.3 to pay all proper costs charges and expenses properly incurred by the Landlord in service of
any notice under section 146 and 147 of the Law of Property Act 1925 including schedule of
dilapidations and notices;

3.5.4 to yield up at the termination of the term the property together with any landlord fixtures
and appliances and any replacements thereof;

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3.5.5 to permit the intending tenants to view the property 6 months prior to the termination of the
term;

3.5.6 to pay all taxes, outgoings, utility services payable in respect of the Apartment;

3.5.7 to repair and keep the Apartment and all service installations in good and substantial repair
order and condition at all times during the term;

3.5.8 to paint with two coats of good quality material and in a proper and workmanlike manner all
internal wood metal stone at least once in every 5 years and in the year preceding the
termination of the term;

3.5.9 to clean all internal surfaces of all the windows at least once in every 4 weeks;

3.5.10 to permit the Landlord or their agent with or without workmen at any convenient hours to
enter into the Apartment to view the condition and remedy breach of repair covenant;

3.5.11 to make good any damage to any part of the estate cause by any act of any occupant using
the estate;

3.5.12 not to do any act which may render any increase or extra premium payable for the said
insurance;

3.5.13 not without the previous consent in writing of the landlord to cut maim or injure nor to make
any breach in any part of the structure of the Apartment or make any alteration or additions
to plan design or elevation of the Apartment;

3.5.14 not at any time during the term to sublet the whole or any part of the Apartment save for
underletting of the whole of the Apartment with prior written consent of the Landlord is
permitted in the case of a term not exceeding 3 years let on an assured shorthold tenancy
agreement;

3.5.15 not to assign transfer any part of the Apartment but only to assign transfer as a whole;

3.5.16 not to assign or transfer the Apartment during the last 7 years of the term without prior
written consent of the landlord;

3.5.17 not to underlet the Apartment to any family individuals or any one whom are on housing
benefits;

3.5.18 not to use the Apartment other than as a private residence for occupation by a single
household and not to carry on any trade business or profession;

3.5.19 not to obstruct any accessways roadways entrance stairways etc on the estate;

3.5.20 not to throw dirt rubbish rags or other refuse to be thrown into sinks or basins lavatories
cisterns or waste or soil pipes;

3.5.21 no piano record player or other instruments shall be played between the hours of 11pm to
9am;

3.5.22 no dog bird cats or other animals shall be kept in the Apartment except with the prior written

9
 consent of the landlord;

3.5.23 not to place or keep any item or articles on any balcony or terrace.

3.6 Landlord Covenant

The obligations of the Landlord are set out in Schedule 9 of the Lease, the summary of which is set
out below:-

3.6.1 To ensure that the leases granted by the Landlord contain covenants on the part of the various
tenants to observe obligations materially in the same form;

3.6.2 Subject to the tenant paying rent and observing and performing the covenants the tenant
shall peacefully hold and enjoy the Apartment without any lawful interruption by the
landlord;

3.6.3 At the request of the tenant to enforce by all reasonable means the said covenants entered
into by a tenant;

3.6.4 To carry out works and provide all the services set out in this lease provided that the Landlord
shall not be hold responsible for any damages caused by any want of repair or defects, the
Landlord’s right to recover from the Tenant any losses suffered due to the negligence or
wrongful act or default of the Tenant is not prejudice or the Landlord shall not be liable for
any failure to provide employees and workmen in connection with the development;

3.6.5 To use all reasonable endeavours to recover the contribution towards the costs of service
charges which may be due from the tenants or occupiers.

SEARCHES

The Seller’s solicitors have provided us with relevant searches and the results of the searches are
listed as below. However, as the property is yet been allocated postal addresses and as such it may
not be possible to obtain plot specific Local Searches. As a result of this a site wide search forms part
of the Searches.

Local Authority search

A local authority search reveals important information about a property, such as planning permissions
and building regulation consents, proposals for road schemes, environmental and pollution notices and
whether any part of the property is registered as common land or as a town or village green. A local
authority search only reveals matters that affect the property being searched against. It will not disclose
matters that affect neighbouring properties.

A search of the local land charges register shows matters such as compulsory purchase orders, tree
preservation orders, planning enforcement notices and financial charges registered against a property.
You should note that the search result provides a snapshot of the register on the date of the search.
Local land charges registered after the date of the search will still bind a property.

The local authority and local land charges search dated 1 November 2017 from London Borough of
Hammersmith & Fulham does not reveal any adverse entries that would affect your purchasing of the
apartment so far as the local authority is concerned.

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Please note the following entries: -

- Imperial Roads is a publicly adopted highway;

- the accessways within the development will remain private and will be maintained as part of estate
service charge.
- The Development is not situated within 200 metres of the proposed road;
- The Development is not situated within 200 metres of the centre line of a proposed railway, tramway,
light railway or monorail;
- There are no current outstanding statutory notices or orders issued by the council relating to building
works, environmental matters, health and safety affecting the Development;
- The Development is not in a conservation area.
- The Development is not with a Radon affected area.

The Seller Solicitor also confirmed the followings:

- The reference to road widening and keeping an area suitably landscaped is historic as the road
widening has been carried out;

- There are a number of tree preservation orders which will not directly affect dwellings;

- The enforcement notice referred to has ceased;

Drainage and water enquiries

The replies to drainage and water enquiries show whether a property is connected to the mains water
supply and mains drainage. The replies may also show the location of public sewers within the boundary
of a property and other such matters that may restrict development. The Seller Solicitor did not provide
any searches

The replies dated 10 August 2016 revealed the following information:

- The Property is not recorded as being at risk of internal flooding due to overloaded public sewers;
- The Property is not recorded on a register as being at risk of receiving low water pressure or flow;
- Water quality analysis revealed that all tests meet the standard prescribed by the 2000 Regulations;
- Thames Water Utilities Limited is the sewerage and water undertaker for the area;
- The Seller’s solicitors confirm that the existing foul sewer within the development will be diverted and
connection will be made to the sewer in its new position. The sewer will be the subject of a new
easement and licence. Surface Water will connect into an existing surface water sewer within
development and discharge into the dock.

- The seller’s solicitors confirmed that all drainage from Block H (both foul water and surface water) pass
vertically through the building down to connect to the below ground drainage network under the lower
basement slab for discharge into local sewers. The surface water is pumped from the lower basement
up to the canal/marina. Non-return valves are fitted to the rising mains and tidal flap valves are fitted
at the outfalls to the canal so that water cannot back up the system. It is therefore not possible for
water from the canal/marina to back up the surface water drainage system. The surface water drainage
system is also designed not to flood during the worst case 1 in 100 year + 30% for climate change. The
foul water discharges by gravity to the Eel Brook sewer which is a Thames Water adopted sewer. A
non-return valve is to be fitted to the Eel Brook sewer connection to prevent any backup into the foul
water drainage system should the Eel Brook sewer ever surcharge, although this is extremely unlikely.
- There is no section 104 agreement for the drainage within the site. The drainage wil remain private
until the Act 2010 is brought into force. However, all drainage within basements will always remain
private.
11
All services will be available save for gas. Any other relevant information which buyers feel they need can be
sought through the seller. There is a gas main running under the Development. It is intended that the gas
main will be diverted but this is still to be agreed with National Grid.

Environmental search

An environmental data search can be used to establish the risk of land being contaminated, by collating
information from regulatory bodies, floodplain data and a review of current and historic land uses. An
environmental data search does not include a site visit or testing of soil or groundwater samples.

The search results dated 11 August 2016 revealed the following information:

- There are landfill and waste sites within 500 meters of the Property;
- There are potentially contaminative activities within 500 meters of the Property. Historically the
Property is located within 25 meters of gas manufacture & distribution;
- The Property is in the area within 250 metres of the centre of search potentially affected by surface
water flooding and river flooding;
- There is a potential for groundwater flooding of Property situated below ground;
- There Development is within 250m of an area likely to be impacted by Environmental Constraints.

- The letter dated 20 July 2004 by the Environment Agency that:

- The Property is within the indicative floodplain of Tidal Thames without taking into consideration the
existing flood defences or Thames barrier. The tidal defences nearest to this site are up to the required
statutory level of 5.41 meters working in conjunction with the operation of Thames barriers to a level
of 1 in 1000 year return period.
- There may be a risk of flooding from the mains water or sewer network.
- There are no historical records regarding flood sites.

The Seller’s solicitors have provided us with a summary of the contamination assessment and
remediation scheme which includes the redevelopment works. Also, as part of the conditions for the
grant of planning permission from the local authority to the Seller, the Seller is obliged to carry out all
necessary environmental protection measures to ensure that the development is suitable for human
habituation. The new home warranty also covers contamination, and the seller solicitor confirmed
that the remedial works for this building have been completed

The part of the Development are within a zone around the British Gas holders. The requirements of
the HSE had to be met in order for planning permission to be granted.

Chanel Searches

A chancel search reveals whether the Site is located within the historical boundary of a tithe district
within a parish that may continue to have a potential chancel repair liability. There is no Chanel
Searches available from the Seller Solicitor, we would advise you to take a Chancel Repair indemnity
insurance policy for a small fee on the completion of the purchase.

GENERAL

1. You should note that the contract is legally binding on you once contracts are exchanged. You
cannot later change your mind without subject to any financial consequences.

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2 Completion is on 10 working days’ written notice. You will be required to sign the lease, the
lease plan prior to completion. We will provide you with a completion statement at that time showing
the amount required to complete the purchase including any other associated costs.

3 Funds required for completion should be transferred to our client’s account through your
personal account (account in your name only) well in advance of the completion date to ensure
completion takes place. Please note that we CANNOT accept funds from any other third party. Any
funds received from a third party will neither be used nor be returned to you. We will hold on to it
until we are satisfied that all laws have been complied with.

4. Our firm’s costs and disbursements are payable in two stages as set out in our terms of
engagement. 75% when contracts are exchanged, with the balance to be paid on completion.

COSTS AND EXPENSES

In addition to the purchase price, you will be incurring the following costs and expenses in
purchasing a property in the United Kingdom:

1. Stamp Duty Land Tax (SDLT)

This is a government tax which will be payable within 14 days of the completion of the purchase.
The amount to be paid is linked to the purchase price.
Purchase price of property Rate paid on part of price within each band
st
(1 Residential Property in the world) additional
properties
Up to £250,000 (0%) 3%
Over £250,000 and up to £925,000 (5%) 8%
Over £925,000 and up to £1,500,000 (10%) 13%
Over £1,500,000 (12%) 15%
*N.B. There will be an additional 2% for overseas buyers who complete after 31 March 2021
2. Our costs and disbursements: please refer to our engagement letter and fee note for details
of such costs and disbursements.

3. Land Registry registration fee depends on the purchase price.

Value/Purchase Price Fee

£200,001 to £500,000 £330
£500,001 to £1,000,000 £655
£1,000,001 and over £1,105
4. Lease engrossment fee charged by the Seller’s Solicitors is £200.00 plus VAT. In addition,
the apportionment of rent and service charge will be payable on completion.

5. Mortgage arrangement fee (if applicable).

6. Surveyor’s costs (if applicable).

Throughout the transaction, please be advised that we CANNOT and will not accept any monies sent
to us from a third party except monies received from your personal bank account.

RISK FACTORS

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Buying a property off-plan can be very profitable but it also carries significant risks such as the
developer/seller may go bust, the property not being built to specifications or the property fails to
complete on time etc; A summary of these risks are set out below:-

Variations in Specifications: The Seller reserves the right to vary the specifications if necessary. The
Seller may vary the material, layout and size of the flat provided that the variations do not materially
affect your enjoyment, use and value of the flat. This could mean that the completed flat may not
completely to your liking.

Late Completion: The completion date is uncertain although the estimate completion date is May 2025
according to the reservation form. The Seller may have right to complete beyond the date to the extent that
it is allowed under the Agreement. Of course the better the reputation the Seller the less is the risk. We have
no reason to doubt that the Seller is a good reputable developer.

Early Completion: Conversely the development could be completed ahead of time. Under the Agreement
you must complete the purchase 10 working days after you receive notice in writing from the Seller that the
development is completed and that completion of the purchase must take place. You must therefore factor
this risk in your financial planning regarding the purchase and ensure that in the event of this happening you
have funds ready to proceed to completion.

Property Market Downturn: The property market can go up as well go down. If your intention is to
sale the property at a profit before completion, this relies on property prices rising. If prices fall and
you cannot sell, you could end up with a property worth less than you paid for. In addition you may
not able to let the property and even if you do, you may not be able to charge the rent that you
need to cover your mortgage.

Finance: Completion of the property is not conditional upon your secure a mortgage offer. Many
mortgage lenders will only consider an application for a mortgage 6 months before completion.
You will need to assess the possibility of obtaining mortgage finance to enable you to complete
should you need to do so.

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