Sale of a leasehold residential property
Our fees cover all the work required to complete the sale of your home.
- Legal fee between £1,000.00 and £1,400.00
- Leasehold transaction fee £350.00
- Electronic money transfer fee £40.00
- VAT payable £ 278.00 and £ 358.00
- Subtotal between (or just this figure) £ 1,668.00 and £ 2,148.00
If there is a mortgage to redeem on the property we charge a fee of £150.00 plus VAT of £30.00 for dealing with the lenders legal paperwork
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. 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 from the seller's solicitors.
- Office Copy Entries fee £15.00 plus VAT of £3.00. Subtotal £18.00
£ 1,866.00 and £ 2,346.00 plus the extra £150.00 plus VAT relating to any mortgage on the property.
- Landlord/Management Company fee for providing replies to Leasehold Property Enquiries between £150.00 and £350.00.
*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.
The precise stages involved in the sale of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- Take your instructions and give you initial advice
- Obtain title deeds and other appropriate documentation
- Obtain replies to Leasehold Property Enquiries
- Prepare and issue draft contract documentation
- Obtain further planning and other documentation if required
- Reply to any necessary enquiries of buyer's solicitor
- Send final contract to you for signature
- Agree completion date (date from which you hand over ownership of the property)
- Exchange contracts and notify you that this has happened
- Obtain a final redemption statement from the mortgage lender
- Calculate apportionments of ground rent and service charges
- Prepare completion statement and submit to the buyer’s solicitors
- Complete sale
- Redeem mortgage
- Distribute net proceed of sale
How long will my house purchase take?
How long it will take from you accepting the offer until you must move out of the property will depend on a number of factors. The average process takes between 6 -10 weeks.
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.