Leasehold Sale
We are members of the Law Society Conveyancing Quality Scheme (CQS) and carry out the legal work in accordance with the Law Society Conveyancing Protocol. Our fees cover all of the work required to complete the purchase of your property.
Conveyancing Fees
| Legal Service | Lowest Fee | Highest fee |
|---|---|---|
| Dealing with redemption of your mortgage | £600.00 | £1,000.00 |
| Acting on behalf of the mortgage lender | £150.00 | £300.00 |
| Electronic money transfer fee | £50.00 | £100.00 |
| ID and AML check fee | £25.00 | £50.00 |
| Postage Fee | £25.00 | £25.00 |
| Estimates Totals (inc VAT) | £1,020.00 | £1,770.00 |
| Total VAT payable | £170.00 | £295.00 |
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry and fees freeholders/ managing agents administration fees for providing leasehold information. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Other Anticipated Disbursements*
- It is necessary to obtain from your freeholder and/or managing agents information about the leasehold. This is usually called a re-sale pack and the cost can range from £500.00 – £1,000.00.
- Licence to Assign fee – Confirmed upon receipt of the lease, ranges between £250.00 – £500.00.
Land Registry
We have to provide the buyer’s solicitor with up to date official copies of the registers of title, title plan,, lease and any other title documents. You can see the Land Registry fee for these by visiting their site. Estimated total Land Registry Fee £15.00
Points To Note Regarding Extra Fees
*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.
Be aware that ground rent and service charge are likely to apply beyond your ownership of the property. We will confirm any ground rent and service charge arrears as soon as we receive this information. It may be necessary to pay ground rent and service for a period beyond the completion date.
We will ensure that the buyer reimburses you for the ground rent and service charge that you has paid in advance for a period that is after the completion date. This reimbursement is done on a pro rata basis and is called an apportionment of ground rent/service charge.
If service charges are based on estimated accounts, the buyer may want you to agree to us holding a retention to cover any excess service charge payable for the time that you owned the property. If we have to hold and maintain a retention, there will be an additional fee of between £150.00 – £300.00 plus VAT.
Grand total £3,585.00 – £4,085.00
How Long Will It Take?
From your offer being accepted until you can move in will depend on a number of factors, however, the average is between 10-12 weeks.
The speed depends on the number of parties in the chain. For example, if you are a first time buyer with a mortgage in principle, purchasing a chain-free freehold property, it could take 4-6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months. In such a situation additional charges would apply.
Process Stages
Fee Assumptions
The fee quoted above assumes that:
- Your matter is a standard transaction, that no unforeseen complications arise, for example: a defect in title which requires remedying prior to exchange, or the preparation of additional documents
- Your matter is the assignment of an existing lease, not the grant of a new lease
- All parties to the transaction are co-operative, there is no unreasonable delay from third parties providing documentation
- No indemnity policies are required
- Additional fees and disbursements may apply if indemnity policies are required.
Our fee for arranging an indemnity policy is between £75.00 – £150.00 +VAT. This is in addition to the premium payable to the insurance company for the policy.
We are a large firm with many offices in many locations. Our specialist residential conveyancing have over 40 years combined experience.
Ours is a personal service whereby in most cases you will be dealing with a single partner, solicitor, or conveyancer, throughout. The fees quoted can vary depending on which office location you are using and the level of experience of the person acting for you. View our offices and members here.
Our Specialists In This Field Of Law
