Sale of a Leasehold Residential Property - Guide to our Fees
Our fees cover all the work* required to complete the sale of your home.
Conveyancer's fees and disbursements:
- Legal fee:
£870.00 if sale price is between £0 - £250,000
£1,190.00 if sale price is between £250,001 - £500,000
£1,460.00 if sale price is between £500,001 - £800,000
£1,890.00 if sale price is between £800,001 - £1,500,000
- Electronic money transfer fee £42
- VAT payable on our fees mentioned above at a rate of 20%
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease and information received from landlord or managing agent of the property.
- Copies of Land Registry documents obtained from HM Land Registry. Depending on the documents required the Land Registry fee is likely to be £8- £40.
- Licence to Assign fee – This fee is provided to the landlord or the management company/managing agent for their consent to the sale of the property and can be difficult to estimate. Often it is between £150 - £300 but can sometimes be considerably more.
- Leasehold Information Pack fee – This fee is payable to the landlord or managing agent for them to provide a pack of information relating to the lease and the property including service charge information and buildings insurance details. This is likely to be in the region of between £75 – £250.
*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents and have contacted the relevant landlord/managing agent.
The precise stages involved in the sale of a residential leasehold property vary according to the circumstances. However, the below details will give you an idea of the key stages:
How long will my home sale take?
- Take your instructions and give you initial advice
- Check title to the property and contact any mortgagee with regard to obtaining deeds and a redemption statement if needed
- Obtain a leasehold information pack from the relevant landlord/managing agent
- Prepare a contract pack and submit this to the buyer’s solicitors
- Obtain any relevant planning documentation if required
- Respond to any necessary enquiries raised by the buyer’s solicitor
- Give you advice on any enquiries raised by the buyer’s solicitors
- Send final contract to you for signature
- Approve Transfer
- Deal with any pre-completion search enquiries raised by buyer’s solicitors
- Agree completion date
- Exchange contracts and notify you that this has happened
- Arrange for you to sign the relevant documentation required for completion
- Complete sale
- Deal with discharge of any existing mortgage and remit net proceeds of sale to you
How long it will take from you accepting an offer to you vacating the property and completing the sale will depend on a number of factors. The average process takes between 6-8 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are selling a flat to a buyer who is buying with the aid of a mortgage, it could take 8 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 3 months. In such, a situation additional charges would apply.
*Our fee assumes that:
- this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
- this is the assignment of an existing lease and is not the grant of a new lease
- the transaction is concluded in a timely manner and no unforeseen complication arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.