Sale of Leasehold Pricing
Our fees cover all of the work required to complete the sale of your property.
Our fees (also known as profit costs) are normally calculated as a percentage in a range of between 0.25% and 0.4% of the sale price with a minimum fee of £500 plus VAT. In addition, we make a charge of £30 plus VAT for each electronic money transfer in the transaction.
The eventual charge which we make will depend on a number of factors including the following: -
- Whether or not any unforeseen matters arise in the transaction such as defects in title where we will need to prepare additional documents alongside those of the main transaction.
- Whether or not the matter takes long in time without unforeseen complications arising.
- Whether or not all parties to the transaction are co-operative and there are no unreasonable delays from third parties providing documentation.
- Whether or not any legal indemnity policies are required.
In addition to our fees, we also have to charge you for disbursements (being costs related to your matter that are payable to third parties) such as the costs of the Land Registry searches and the cost of obtaining a re-sale information pack from the landlord or managing agents.
The costs for searches are normally around £15 per transaction although they may sometimes be more.
The costs of obtaining a re-sale information pack are normally between £100 and £200 per transaction although it can sometimes be more.
At the end of this note we will be providing for illustration purposes only an explanation of what you might expect to pay on a £300,000 sale.
If you would like a full case specific estimate, please contact one of our conveyancing lawyers who will be able to provide you with the same.
How long will my property sale take?
How long it will take from your offer being accepted until you can move out of your property will depend on a number of factors. The average process takes between 2-3 months.
It can be quicker or slower, depending on the parties in the chain. For example, if you are selling to a first time buyer who already has a mortgage in principle, it can take 6-8 weeks. However, if you are selling to someone who is also selling their property and therefore relying on other parties in the chain to be ready at the same time, it could take even longer than 3 months for each completion. In such, a situation additional charges would apply.
What are the main stages of the conveyancing process?
The precise stages involved in the sale of a residential leasehold property vary according to the circumstances. However, the key stages will normally be as follows: -
- Take your instructions and give you initial advice
- Arrange for you to complete the Property Information forms
- Carry out Land Registry searches
- Obtain further title documents if required
- Obtain a leasehold re-sale pack from the landlord or managing agents
- Deal with further enquiries of the buyer’s solicitors
- Give you advice on all documents and information received
- Send final contract to you for signature
- Agree completion date (date on which you must move out of the property)
- Exchange contracts and notify you that this has happened
- Obtain redemption figures from your current lender (if applicable
- Complete sale
- Deal with repayment to your current lender (if applicable)
- Deal with payment to your estate agents
- Account to you for the net sale proceeds
We set out below a costs estimate for a standard sale of £300,000 with no significant complications.
|Profit costs (based on 0.25% of purchase price):
|VAT on profit costs:
|Electronic money transfer fees including VAT:
|Land Registry search fees:
|Landlord’s re-sale pack:
Again, if you would like a case specific estimate for your particular circumstances, please contact one of our conveyancing lawyers.
For further information or to speak to one of our experts, please call 020 8800 8866