Conveyancing: Sale of a leasehold residential property
Our fees cover all of the work required to complete the sale of your leasehold property.
Our fees for a typical flat sale range from around £970 for a simple transaction to around £6,000 for a substantial historic converted building on unregistered land. These figures may, however, vary in cases with special complications. That is why we will always give you an individual cost estimate at the start of the transaction, taking into account the actual features of your purchase. We will always advise you immediately about any complication, and discuss the potential impact on the price before any additional charges are incurred.
Here is an example of a costs estimate for our conveyancing fees and disbursements for a leasehold sale (registered title) at £150,000 and redeeming a mortgage:
|HM Land Registry official copy entries (leasehold and freehold)||£12.00|
|HM Land Registry official copy lease||£3.00|
|Costs in connection with electronic money transfer fee (to redeem existing mortgage)||£40.00|
|Subtotal for this section||£1,227.00|
Fees relating specifically to leasehold property:
|Landlord/management pack – This is the fee charged by the landlord/manager to produce a seller’s pack and LPE1. Often the fee is between £100 and £300 and can be difficult to estimate||£200.00|
|Estimated sub-total for this section||£200.00|
Fees relating specifically to leasehold property vary from property to property and can on occasion be significantly more than the ranges given above. We have used an average approximate fee in our example above. We can give an accurate figure once we receive your specific documents.
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?
The sale of a 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 the sale of a residential property vary according to the circumstances, however, some of the key stages are:
Our fee assumes that:
Below is a list of the types of things for which we charge more:
NB: This list is not intended to be exhaustive.