Leasehold Sale Fees
Leasehold transactions are more complicated and time consuming which is reflected in our higher fees.
How much will it cost?
Our fees are calculated based upon the value of the property you are selling as shown below:-
|Property value||Our fees|
|Up to £250,000.00||£950.00 plus VAT (total: £1,140.00)|
|£250,001.00 - £350,000.00||£1,250.00 plus VAT (total: £1,500.00)|
|£350,001.00 - £500,000.00||£1,450.00 plus VAT (total: £1,740.00)|
|£500,001.00 - £750,000.00||£1,750.00 plus VAT (total: £2,100.00)|
|£750,001.00 - £999,999.99||£2,150.00 plus VAT (total: £2,580.00)|
|£1,000,000.00+||Please contact us for a quote.|
If your transaction is abortive we will charge the following fees:
|Stage of transaction||Fees charged|
|Preparing of initial information pack to purchaser’s solicitors.||£250.00 plus VAT and disbursements incurred.|
|Prior to exchange of contracts.||Dependent upon the level of work undertaken but not less than 50% of our fee but no more than 75% of our fee.|
|After exchange of contracts but before completion.||We will charge our full fee and any disbursements incurred.|
In addition to the above there may be supplemental legal costs/fees levied by us. These include (but are not limited to):-
- First Registration of property with Land Registry from £500.00 plus VAT (total from: £600.00)
- Bank Transfer fees per transfer £35.00 plus VAT (total: £42.00)
We will also incur disbursements on your behalf. 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.
Disbursements may include:-
- Land Registry searches (for example £3.00 per Office Copy Title or plan)
- Management Agents/Landlord’s fees for dealing with LPE1 replies from £250.00
Please note that VAT is payable on our fees and some disbursements.
To calculate the total costs associated with your sale you will need to add our legal fees (plus the VAT) and any disbursements (plus any VAT on these items). Please contact us to obtain a fee estimate to give you an indication of the total costs you are likely to incur.
Our above fees assume that:
- the property you are selling is registered with the Land Registry and is not a new property;
- 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 exchange of contracts or completion or the preparation of additional documents ancillary to the main transaction;
- all legal owners are in agreement with the sale and do not require separate representation or correspondence;
- vacant possession will be given on completion;
- you only have one mortgage (and the lender is a member of the Council of Mortgage Lenders) who is cooperative in providing redemption statements when required;
- all service charges and ground rent is paid up-to-date and there are no disputes with the freeholder;
- you are in possession of all the necessary documentary evidence of compliance with planning and building regulations where the property has been altered or extended and you have full records and compliance certificates for all services;
- all parties to the transaction are cooperative and there is no unreasonable delay from third parties providing documentation;
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required; and
- the transaction is concluded in a timely manner and no unforeseen complications arise.
If one or more of the above assumptions do not apply, please contact us to discuss potential effect on our work and fees.
What will we do for you?
- Take your instructions and give you initial advice
- Draft pre-contract documentation including Contract and Transfer
- Liaise with you regarding the completion of the Property Information and Fittings and Contents forms (and any other required forms)
- Liaise with your landlord/managing agents to obtain details about your property which will need to be disclosed to the purchaser, such as details of any future planned works and service charge accounts
- Communicate with your lender (if you have a mortgage) to establish the amount required to redeem the mortgage upon completion
- Respond/deal with reasonable enquiries from the purchaser’s solicitors
- Agree deposit arrangements
- Send the Contract to you for signature
- Agree completion date (date from which the purchaser will own the property)
- Exchange contracts and notify you that this has happened
- Prepare and forward to you a Statement of Account showing the amount due to you following redemption of your mortgage (if any), settlement of our fees and any disbursements and any payments to third party payments (such as estate agents) you have authorised us to make
- Complete the sale
- Redeem your mortgage (if any)
- Account to you for the net proceeds of sale
- Send all final documents to the purchaser’s solicitors
How long will my sale take?
How long it will take after you accept the offer on your 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.
There are a variety of other factors outside of our control which can affect the length of the process (such as a long chain of buyers and sellers) which means we cannot tell you exactly how long the process will take but we will keep you updated with progress at regular intervals.
Who will deal with your matter?
Our highly experienced team have over 100 years’ of collective experience in delivering high quality work in all matters relating to residential property. We aim to have just one person dealing with your matter (which we will notify you of at the outset – you can view our team here and Tony Osborn, Senior Partner, will have overall supervision.