Charges for Sale of a Leasehold Residential Property
Our fees generally cover all work required to complete the sale of your home, including discharge of your mortgage.
- Conveyancer’s fees (our charges)
Up to £300,000 from £900 plus VAT
£300,000 from £950 plus VAT
If your transaction should not proceed to completion for any reason a charge will be made based on how much work has been carried out. We do not work on a no completion no fee basis.
Disbursements are costs related to your matter that are payable to third parties such as the Land Registry fees. We handle the payment of disbursements on your behalf to ensure a smoother process. There are certain additional 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.
- Office copy entries £7.20 (basic, plus £3.60 for each additional document required)
- Bank transfer fee £2.50 (per transfer)
- Leasehold Management Pack Fees
If available this will be required by the solicitor acting for the buyer and the buyer’s lenders. The cost can vary significantly depending on the management company but you should expect to have to pay between £200 and £500.
- Anti-Money Laundering Check
We are required by the Solicitors Regulation Authority to carry out anti-money laundering (AML) checks on all new and existing clients. This is charged at £7.20 per person.
- Estimated Total
As shown, costs vary depending upon the selling price and other factors, however, as a guide, the costs for someone who is selling a leasehold property for £250,000, which does not fall into any of the exceptions shown here, could be:
- Conveyancing Fees £900.00
- VAT on Fees £180.00
- Bank Transfer Fee £2.50
- Management Pack Fee £500.00
- Office Copy Entries £7.20
- AML Fee £7.20
Total costs £1,596.90
- Stages of the process
The precise stages involved in the sale of a residential leasehold property vary according to the circumstances. However, in general the process will proceed through the following stages:
- Take your instructions, and give you initial advice,
- Verify your ID and carry out Anti-Money Laundering check
- Liaise with the management company
- Send out contract documents
- Take your instructions in order to respond to any necessary enquiries from buyer’s solicitor
- Give you advice on all documents and information received
- Send documents to you for signature (or meet with you to do so)
- Agree completion date (date from which you will vacate and the buyer will own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from purchaser
- Complete sale
- Discharge mortgage
- Distribute funds as required.
- How long will my leasehold sale take?
How long it will take from your acceptance of the offer until the sale is completed will depend on a number of factors. It can be quicker or slower, depending on the parties in the chain. With leasehold property there is also management information to be obtained and supplied to the purchaser and this can add to the time taken. The average process takes between 12-16 weeks. If an extension of the lease is required, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
The information contained in this document is provided to give you an idea of what your costs will be. If you are thinking of instructing us please contact us and we will give you an individual quote. If you instruct us to act on your behalf the information contained in our client care and attached quote at the outset, together with any updates that may become necessary in light of additional/changed information, will supersede any information contained in this document.