Sale of a leasehold residential property
Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (SDLT) if the property is in England, or Land Transaction Tax (LTT) if the property is in Wales. 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. [link to Protocol?]
Conveyancer’s fees and disbursements
- Legal fees for acting on your behalf £600.00 – £1,000.00 + vat
- Legal fees for dealing with redemption of your mortgage £150.00 – £300.00 + vat
- Electronic money transfer fee £50.00 – £100.00
- ID and AML check fee £25.00 – £50.00 + vat per person
- Postage fee £25.00 + vat
- VAT payable £170.00 – £295.00
- Estimated total fees (including VAT): £1,020.00 – £1,770.00
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees and freeholders/managing agents administration fees for providing leasehold information. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Land Registry fees
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 the following website [link]
Estimated total Land Registry fees: £15.00
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 – To be confirmed upon receipt of the lease, as can range between £250.00 – £500.00.
*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.
You should also 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 £1735.00 – £3,585.00
How long will my flat sale take?
How long it will take from you accepting an offer being until you have to move out of your house will depend on a number of factors. The average process takes between 10-12 weeks.
It can be quicker or slower, depending on the number of parties in the chain. For example, if you are selling to a first time buyer with a mortgage in principle and not buying another property, it could take 4-6 weeks. However, if you are selling 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.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have listed some key stages:
- Take your instructions by getting you to complete Protocol forms and give you initial advice
- Check your identity and proof of address
- Obtain a preliminary redemption figure to check that the sale price exceeds the outstanding mortgage
- Obtain office copy entries from the Land Registry
- Draft contract documents and submit these to the buyer’s solicitor
- Take your instructions on any enquiries raised by the buyer’s solicitor
- Reply to enquires raised by the buyer’s solicitor
- Arrange for you to sign the final contract
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Approve the Transfer
- Arrange for you to execute the Transfer
- Obtain your bank details for transmission of proceeds of sale
- Complete sale
- Deal with redemption of your mortgage
- Pay the estate agents commission account
- Transfer net proceeds of sale to your account
The fee quoted above assumes that:
- Your matter 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 exchange or the preparation of additional documents ancillary to the main transaction
- Your matter is the assignment of an existing lease and is not the grant of a new lease
- Your transaction is concluded in a timely manner and that 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 fees and disbursements may apply if indemnity policies are required. Our fee for arranging an indemnity policy is between £75.00 – £150.00 plus 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 different locations. We have been specialising in residential conveyancing for over 40 years. We offer a personal service and in most cases you will be dealing with a single partner, solicitor or conveyancer throughout the transaction. The fees quoted can vary depending on which office location you are using and the level of experience of the person acting for you. For information about the members of our team please go to the About Us section of our website.