Leasehold Sale

It can be quicker or slower, depending on the parties in the chain. For example, if your buyers are first time buyers, purchasing with a mortgage in principle. Or if there is a long chain either above or below you. We will keep you informed of progress throughout, explain the reasons for any delays and advise you if any additional unforeseen work becomes necessary.

Stages of the process

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

Take your instructions and give you our initial advice
Supplying information to you and those involved with the transaction
Checking the title of the property you are selling
Dealing with any questions and enquiries raised by your buyer’s Solicitors
Approving the transfer deed to the buyers
Reporting and providing information to you relating to the property you are selling
Give you advice on all documents and information received
Send the final contract to you for signature
Agree a completion date (date from which you sell the property)
Exchange contracts and notify you that this has happened, following any necessary negotiations on the terms
Completing your sale and accounting to you for the proceeds or receiving from you any monies required to complete the sale
Dealing with all post-completion matters, particularly repaying any outstanding mortgages or loans

How much will it cost?

Our fees cover all of the work required to complete the sale of your home.

An example of our fees is given below; based on a direct leasehold sale transaction in Bridlington at a sale price of £125,000 without a mortgage :-

Conveyancer’s fees & Disbursements

Legal fee: £1200.00 (+ VAT of £240.00)
Office Copy Entries: £56.00
Electronic money transfer fee: £40.00 (+ VAT of £8.00)
Identification Fee: £35.00 (+ VAT of 7.00)
Case Management Fee: £30.00 (+ VAT of £6.00)
Archive Fee: £30.00 (+ VAT of £6.00)
Postage and Copying Fee: £30.00 (+ VAT of £6.00)

Subtotal: £1421.00 (before VAT)

Estimated total: £1694.00 (inc VAT)

Disbursements

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 from the seller’s solicitors.

Anticipated Disbursements**

Sale Pack from Management Company – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100.00 and £700.00.

**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.

Our fee assumes that:

1
this 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 completion or the preparation of additional documents ancillary to the main transaction
2
this is the assignment of an existing lease and is not the grant of a new lease
3
the transaction is concluded in a timely manner and no unforeseen complication arise
4
all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
5
no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.