Selling a Leasehold Property

The fees* and processes below cover the work that may be required to complete the sale of your leasehold home.

Assumed Purchase Price: £135,000

Conveyancer’s Fees and Disbursements

Legal fee: £900 - £1,650 | Average £950
Fee for acting on behalf of the mortgage lender: £0
HM Land Registry fee: (Office Copy Entries: £6 - £15) | Average £12
Electronic money transfer fee: £0
VAT payable fee: £190

Estimated total: £1,152

These fees are based on the transaction being undertaken by our residential conveyancing team. There are occasions when a transaction, whilst including residential conveyancing services, also involves wider matters and is not therefore a solely residential transaction. In these instances, if we feel it would be in your best interests for your conveyancing instructions to be dealt with by a team who are better placed to also advise on those wider elements (or indeed if you make a specific request for this to be the case) your matter will be placed with the relevant specialist team rather than transfer the instructions to the residential conveyancing team. We will of course discuss this with you and advise of the fees involved. 

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. 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 terms of the lease. We will update you on the specific fees upon receipt and review of the lease.

Anticipated Disbursements

Leasehold Sales/Management Pack fee - to be confirmed but can range between £100 - £500 per pack required.

Estimated Sub Total: £350

*These fees vary from property to property and can on occasion be significantly more than the range given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

How long will my house sale take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 8–12 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if your property is vacant and your purchaser is a cash buyer, it could take 6-8 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3–6 months. In such a situation, additional charges would apply.

Stages of the process

The key stages of the process include:

  • Take your initial instructions and provide initial advice;
  • Send you our letter of engagement and confirmation of instructions with Property Information Forms and Fixtures and Fittings and Contents form;
  • Request sale/management pack
  • Obtain a copy of the title to the property and prepare a Contract.
  • Send the draft Contract, copy title documents, Property Information Forms and Fixtures, Fittings and Contents form to the Buyer's Solicitors.
  • Send the sale/management pack to the Buyer's Solicitors
  • Deal with enquiries the Buyers solicitors raise liaising with you as necessary;
  • Agree the terms of the Contract;
  • Send the Contract to you to sign;
  • Prepare completion statement giving details of payments due to any existing mortgage lender, agent, legal fees etc;
  • Exchange contracts and notify you that this has happened;
  • Complete sale;
  • Deal with redemption of any mortgage;
  • Deal  with payment to estate agent for marketing fees;
  • Account to you with the sale proceeds;
  • Send Transfer Deed and any other documentation necessary to purchasers solicitors;  

 

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