Sale of a leasehold residential property

Our fees cover all of the work* required to complete the sale of your home.

A leasehold transaction involves more work than a freehold transaction as it is often necessary to liaise with the Landlord, Managing Agent and any Management Company to obtain information about ground rents and service charges and to request any consents that may be required before the lease can be sold.

 

Conveyancer’s fees and disbursements

  • Legal fee: Please refer to our table of legal fees below.
  • VAT payable on legal fees: Please refer to our table of legal fees below.
  • Obtaining copy Land Registry title documents: £3 per document (minimum £6. Usually no more than £20) (no VAT).
  • Electronic money transfer fee £36 (inclusive of VAT).
  • Obtaining the Landlord or Managing Agent’s management information pack: Often the fee is between £200 and £500 (inclusive of VAT).

A tailored fee quote will be provided to you on application.
*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 sale of the whole an existing registered property and not a new build property.
  • the transaction is concluded in a timely manner and no unforeseen complications 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.

Please view our What is included information sheet to let you know the services that are included in the above fees.  Please view our What is not included information sheet to let you know some of the issues that may arise and that will attract an additional fee.  Please note that this is not an exhaustive list and prices may vary depending on the complexity of the transaction or the issue that has arisen.

Unless otherwise stated, additional work will be billed in accordance with the Conveyancer’s hourly rates.

 

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. 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.

 

How long will my house sale take?

How long it will take from you accepting your buyer’s offer until the house or flat is sold and you receive the net sale proceeds will depend on a number of factors. The average process takes between 10 and 14 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if a party in the chain is buying a new build property that has not yet been built, it could take many months for your sale to complete. However, if your buyer is a first time buyer and you do not currently live in the property, the transaction may proceed swiftly.

 

Stages of the process

The precise stages involved in the sale of a residential leasehold property vary according to the circumstances. However, the stages listed below occur in a typical leasehold sale transaction:

  • Take your instructions and give you initial advice
  • Obtain your replies to property questionnaires
  • Obtain a redemption statement in connection with any mortgage that you may have
  • Prepare and advise on contract documents
  • Obtain and advise on management information pack, forwarding it to the buyer’s solicitor
  • Reply to any enquiries raised by the buyer’s solicitor
  • Receive and approve the transfer deed
  • Give you advice on all documents and information received
  • Go through your mortgage lender’s redemption statement with you
  • Send final contract and transfer deed to you for signature
  • Agree completion date (the date from which the buyer will own the property)
  • Exchange contracts and notify you that this has happened
  • Calculate apportionment of service charge and ground rent and provide the buyer’s solicitor with a completion statement for approval.
  • Arrange for all monies needed to be received
  • Complete Sale and redeem your mortgage
  • Send the transfer deed and any ancillary documents to your buyer’s solicitor and the net sale proceeds to you.

Table of Fees