Leasehold Sale – Our Fees
Our fees cover all of the work required to complete the sale of your property.
Conveyancer’s fees and disbursements
The fees we charge and the other fees and charges you will pay are listed below:
• Legal fees
• Land Registry official Copy Fees (if registered)
• Land Charges Search Fees K15 (if unregistered)
• Electronic money transfer fee
• VAT payable
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. 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 term of the lease. We will update you on the specific fees upon receipt and review of the lease and information from the Freeholder/Management Company. See the tables below for the fees and disbursements.
How long will my sale take?
How long it will take from you accepting an offer until you complete the sale of the property 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 you are not buying and are selling to a first time buyer with a mortgage in principle, it could take 6-8 weeks. However, if you are also buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 4 months. In such a situation additional charges would apply.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. They include:
• Take your instructions and give you initial advice
• Contact your mortgage lender if needed
• Prepare contract documents
• Reply to enquiries raised by the Buyer’s solicitors
• Obtain further planning documentation if required
• Give you advice on all documents and information received
• Send final contract to you for signature
• Agree completion date (date from which you sell the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies to be sent to your lender, your agent and you
• Complete purchase
• Deal with payment Agents fees
• Deal with repayment of the Mortgage
Our minimum fees depend upon a number of factors such as the value of the property you are selling, the complexity and the urgency of the transaction. If the matter is straightforward without complications our fees will be a minimum of £995 plus VAT to a maximum of £3700 plus VAT for the sale of a registered leasehold property without a mortgage.
If your transaction is more complex than a simple sale then there will be additional fees payable because of the additional amount of work. Some factors which may typically increase the cost of the service are:
- if legal title is defective or part of the property is unregistered
- if you discover building regulations or planning permission has not been obtained
- if crucial documents you have previously requested from the client have not been provided
To give you some idea of the potential additional fees we have a minimum charge list for different scenarios which we will provide you with at the start of the transaction.
Together with our fees you are required to pay disbursements, the cost of those disbursements is provided below:
• Landlord Enquiries fee – This fee is provided by the Landlord/Management Company for the property and can be difficult to estimate. Often it is between £100 and £300 plus VAT.
• If the rent payable and the service charges are charged by separate parties then there may be a further fee payable of between £75-£250 plus VAT.
*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.
Land Registry Official Copy Fees (if registered)
The cost for each title is £6.00, we will need to produce the freehold and leasehold titles to the solicitors so there will be a minimum fee of £12.00.
Land Charges Search K16 (if unregistered)
These are searches we undertake on your behalf to prove the legal title. The cost of the searches depends upon the number of names we need to search. The cost of a search for each name is £2.00.
Electronic money transfer fee
The bank fee for sending money on the day of completion to you and/or the mortgage lender and for any other large same day transaction is £35.00 plus VAT.
A sale of a registered leasehold property for £250,000.00, without a mortgage, without any additional fees or additional leasehold disbursements is as follows:
Our Professional Fees
VAT on Our Fees
Telegraphic Transfer Fee
VAT on the Above