Conveyancing: Sale of a leasehold residential property
Our fees cover all of the work required to complete the sale of your leasehold property.
Fees relating specifically to leasehold property vary from property to property and can on occasion be significantly more than the ranges given. We can give an accurate figure once we receive your specific documents.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Ground rent and service charge
We will make ground rent and service charge apportionments on completion of your sale.
How long will my sale take?
Selling a leasehold property will typically complete within 8 to 10 weeks from the issuing of contract papers by us to the buyer’s solicitors. Whether or not this timescale is achievable will depend on a number of factors, some of which will be outside of our control, such as receipt of searches by the buyer, receipt of a mortgage offer by the buyer (if appropriate), receiving and replying to enquiries made by the buyer’s solicitor, and general co-operation by the buyer, the buyer’s solicitor and other parties in the chain. It will become clear as the matter proceeds whether this timescale will be achievable. If a lease extension is required, your sale could take significantly longer, on average an additional 4 to 8 weeks.
Stages of the process
The precise stages involved in selling a leasehold property vary according to the circumstances, however, some of the key stages are:
- taking your instructions and giving you initial advice
- drafting and sending contract documents
- checking the lease for formalities and requirements
- requesting the landlord/management seller’s pack
- replying to enquiries raised by the buyer’s solicitor
- giving you advice on all documents
- sending the final contract to you for signature
- approving the Transfer and arranging for you to sign the document
- agreeing on the completion date (the date from which you cease to own the property)
- exchanging contracts and notifying you that this has happened
- calculating apportionments of Ground Rent and Service Charge
- completing the sale
Our fee assumes that:
- this is the assignment of an existing lease and not the grant of a new lease
- 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
- 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.
- no lease extension or variation is required
Below is a list of the types of things for which we charge more:
- new builds
- first registration of title
- multiple owners
- shared ownership scheme
- using a help to buy scheme, and whether it is an equity loan or ISA
- property has been repossessed
- listed building
- communal areas involving a management company/service charge/restriction
- leasehold properties
- solar panels
- purchase of part only
- mortgage disclosures
- indemnity insurance
- boundary issues/missing land
NB: This list is not intended to be exhaustive.
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