Sale of a leasehold flat


Our fees cover all of the work required to complete the sale of your leasehold flat or apartment including dealing with repayment of any existing mortgage or charge secured against the registered title to the property at the Land Registry, settlement of any outstanding service charges and/or ground rent due to the Landlord or their Managing Agent and usually settlement of any estate agent’s sales commission by prior agreement.

Legal Fees

These will usually range between £995.00 -£1500.00 excluding VAT and will be dependent on the type and value of property being sold. Our professional charges are made on the basis of an experienced conveyancing solicitor carrying out the work required on your sale with an overall emphasis on providing a personal service. Our focus is on delivering quality rather than a volume driven conveyancing service. Our fees assume that:

 

The price will also be determined by the following factors:

 

NB This list is not intended to be exhaustive.

Legal Fees

VAT is payable on our fees at a current rate of 20%.

HM Land Registry Fees

The following fees shall apply:

 
Resale Management Pack

It is generally necessary to obtain a resale pack from the Landlord’s managing agents for which a fee of between £100.00 – £400.00 is paid to the managing agents.

Referral Fees

We do not pay or receive any referral fees for any agents or third parties.

Payment on account

We will request a payment on account at the outset of the transaction, currently £500.00.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry Fees. We handle payment of the disbursements on your behalf to ensure a smoother process.

Example of a sale


For the sale of an existing leasehold flat with a sale price of £460,000.00 our fees and disbursements would be as follows:

Service Cost Total
Legal Fees £995.00
VAT £199.00
Legal Fees & Vat £1,194.00
Disbursements
Land Registry official copy of the freehold register and plan fee £6.00
Land Registry official copy of the leasehold register and plan fee £6.00
Official copy registered lease (per document) £3.00
Estimated fee payable to the Landlord’s managing agent for a re-sale pack £250.00
Telegraphic Transfer fee to discharge existing mortgage £18.00
Anti-Money Laundering/ID Check fee (per name) £9.00
Final Total £1,486.00

The above does not include any agreed sales commission payable to an Estate Agent which is usually calculated as a percentage of the sale price plus any VAT.

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:

 

How long will my Property sale take?


How long it will take from your acceptance of the buyer’s offer until you can complete your Property sale will depend on a number of factors. The average process takes between 6-12 weeks. It can be quicker or slower, depending on the parties in the chain. For example, it can be longer if your sale requires either an extension or variation or rectification of the lease, that can take significantly longer, between 12 and 16 months or even longer. In such, a situation additional charges may also apply. It can be quicker if your Buyer is not relying on a mortgage and/or the transaction is chain free.

Sale not proceeding

If, for any reason, we are unable to complete the sale of your property, we will make a charge which will be a proportion of the fixed fee quoted relative to the time spent. Sales that fail to complete often involve as much work as those which reach completion. Any charge made will not exceed the amount of the fixed fee we have given.

Please note that we will always provide you with individual costs information and a copy of our terms and conditions of business.