Sale of a Leasehold Residential Property
There are certain categories of residential property work which we do not undertake (see below).
The provision of this outline is for guidance purposes and our ability to act for you will be subject to our requirements as to terms and conditions, identification, source of funds and any related requirements being satisfied.
We have 3 members of the team who may work on your matter and collectively they have over 75 years of experience in delivering high quality work.
The team are:
Rupert Morton-Curtis - Solicitor
Radu Herklots - Solicitor
Lorna Secker – Conveyancing Assistant
Should your matter/transaction not reach its conclusion, we reserve the right to charge for the work done.
Our fees are designed to cover all work required to complete the sale subject to the qualifications mentioned below, since all transactions are not standard.
Our fees* and disbursements:
- Legal fees from £1500.00 plus VAT.(We do not operate a scale fee).
- Fee for bank transfer: £35.00 plus VAT for each transfer required.(one assumed)
- Fee per anti-money laundering search per client involved: £5.00 plus VAT. (two assumed)
- VAT payable: £309.00 estimated assuming two buyers.
Estimated total: £1,854.00 (inc VAT in this example)
There may be circumstances where additional work is required of us which we could not have anticipated at the outset and, if those arise, we will advise of the position, any estimate and if further fees are payable.
- Drafting/settling or approving any required licence to assign/deed of covenant/consent to sell.Fees can be in the range of £100.00 plus VAT per document.
- Statutory declaration (to inform something about a property e.g. access that may be clarified). Fees can be from £100.00 plus VAT.
- Liaising with conveyancers acting for any lender(s) who are not also appointing us to redeem any existing mortgage(s) you have. Fees can be from £100.00 plus VAT.
- Arranging and advising on indemnity insurance.Fees can be from £100.00 plus VAT.
Fees do vary and can be higher or lower depending on the exact circumstances.
- Office Copy Entries from HM Land Registry £3.00 for the title and £3.00 for the plan (If there are other documents on the title these are charged at £3.00 per document per title).
If these costs fall on you:
- Notice of your sale to freeholder or other party as required – can be set out in the lease but otherwise may be what is “reasonable”.The fee can be between £10.00 to £100.00 and, in some cases, plus VAT.
- Deed of Covenant (promise) and/or Licence to Assign (permission to sell) – these can be fees which can be validly requested by the freeholder, Management Company or other authorised party as the case may be and are clearly difficult to estimate.These fees will probably be in the range of £100.00 to £250.00 plus VAT where applicable for each document required.
These fees do vary from property to property and on occasions can be of a lesser amount but on other occasions can be significantly more than the ranges given above.At this stage, it is not possible to give any accurate figures but it is important you are aware that these anticipated fees or disbursements can apply.
Stages of the process
These are the key stages of the process:
- take your instructions and give you initial advice;
- obtain title details and documents;
- prepare and advise on contract documents;
- respond to any permitted enquiries of the buyer’s conveyancers;
- give you advice on all documents and information received;
- send final contract to you for signature;
- approve draft Transfer;
- agree exchange date and deposit amount;
- agree completion date (date from which you cease to own the property);
- exchange contracts and notify you that this has happened;
- complete sale;
- repay any existing mortgage(s);
- pay sale invoices related to your matter;
- transfer any sale proceeds to you/your bank.
How long will my house sale take?
How long it will take from you accepting an offer until the date of completion 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.
*Our fee assumes that:
- 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;
- this is the assignment (transfer) of an existing lease and is not the grant of a new lease;
- the transaction is concluded in a timely manner and no unforeseen complications arise;
- all parties to the transaction are co-operative and there is no unreasonable delay from the parties providing documentation;
- no indemnity policies are required.Additional disbursements may apply if indemnity policies are required.
Work type we do not undertake
We are not able to act on sales involving:
- Shared ownership transactions.
- Statutory lease term extension and enfranchisement matters.
- Back to back/sun-sale transactions.
- Transactions to be structured as a Stamp Duty Land Tax or Transaction Land Tax Scheme.