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Fees for the sale of a leasehold property

Our team. which operates from Lincoln, has many years of collective experience in providing high quality conveyancing* services. In this section, we set out details of the services that we provide, and the costs involved, relating to the sale of a leasehold* residential property.  By clicking on the relevant links below, you will find details of the other services that we provide, and their corresponding costs:

(Where any word(s) or term(s) are [underlined OR have an * next to them] they are defined in a glossary at the end of this page.)

Overview

This section includes the following:

(i) the key stages that are, or might be, involved in the sale of a leasehold residential property and which we can assist you with;
(ii) an indication of who will undertake the work and our legal fees;
(iii) an indication of the cost of any disbursements*; and  
(iv) an indication of the likely timescale to complete your sale.  

Key stages

Our fees cover all of the work required to complete the sale of your property, including:

  • Taking your instructions and making contact with the estate agents and buyer’s solicitors; dealing with enquiries and communicating with all parties throughout the transaction
  • Drafting a contract*,  providing lease, Leasehold Management Pack and title* documents to the buyer’s solicitors
  • Approving a transfer* transferring the property from you to the buyer
  • Providing you with a Contract Report* (and contract documentation in readiness for exchange) 
  • Providing advice to you on all documents and information received
  • Obtaining a repayment figure for any charges registered against the property 
  • Preparing the file for exchange of contracts*
  • Agreeing completion* date 
  • Exchanging contracts* (and notifying you that this has happened)
  • Obtaining information about Ground Rent and Service Charges and preparing a completion statement setting out the financial information relating to your transaction and any balance due to you
  • Preparing the file for completion
  • Completing the sale
  • Dealing with post completion requirements, e.g. repaying all charges, sending the signed transfer and deeds to the buyers solicitors, paying the estate agent

Who will undertake the work?

Most sales will be carried out by one of our conveyancing executives. Whoever carries out the work, they will always be supervised by one of our managers. Further details about our team can be found here. We also employ a number of conveyancing administrators who support our conveyancing executives by opening files and helping with initial enquiries etc. Again, they will always be supervised by one of our managers.

Our Fees

Generally, our legal fees are based on the valuation of the property that you are selling. We set out in the table below, indications of our legal fees (not including VAT) based on ranges of property values.

Purchase price (£) Up 20 200,000 200,001 - 300,000 300,001 - 400,000 400,001 - 500,000
Legal costs (£) 949 1049 1149 1249

For properties being sold over £500,000, our fees will increase by approximately £50 per £100,000.

Our legal fees include any referral fee that is payable to your estate agent which has referred your sale to us. The referral fees that we pay range from £350 to £550. If we act for you, we will tell you the amount of the referral fee that we have paid and confirm who the recipient of that, is.

In addition to the above legal fees, we charge a fee for transferring money, electronically. Although the fee varies, it will not be more than £40.

There are many factors when selling a house (in addition to those detailed above) which we may need to help you with. If it is necessary for us to help you with any of those, additional fees will be incurred. By way of examples, those factors include where the following might apply:

  • There are defects with the title requiring insurance, statutory declarations* or amendments to the title*
  • You are repaying a “Help to buy” mortgage*
  • There is a leasehold management company* involved
  • Repayment of charges registered against the property

If your matter requires additional work that is not covered by the legal fees in the table above, you will be informed of this and what the additional cost will be at the earliest opportunity. Once we know the sale price and full details of your proposed transaction, we will provide you with a full written illustration of the legal fees and anticipated third party costs. We will also confirm our fees for additional legal services related to your sale in case they arise on your transaction. The total costs of conveyancing will be made up of our legal fees, disbursements* and VAT.

Disbursements*

There will always be costs payable to third parties as part of your sale. The following disbursements* are difficult to confirm until we know more about your transaction:

  • Official Copies of your title: copies of your title confirming your ownership, a plan of the property and any other title documents referred to

How long will my house sale take?

Each transaction is unique. You and others in any chain will have different circumstances and requirements. It is, therefore, difficult to estimate how long your sale will take. However, as an indication, and based on our experience, we find the average time is 12 to 14 weeks.

It can be quicker or slower, depending on whether you are part of a chain of sellers and buyers. For example, if you are selling to a first time buyer and purchasing a vacant property, it will be quicker than a situation where there are six people in a chain. Such a chain could experience delays if, for example, one person in the chain discovers a defect in the title of the property they are buying and another is struggling to secure a mortgage.

Glossary

Completion

moving day or the day upon which your transaction completes with the balance of purchase/sale monies being paid and title to property transferred; if there is a chain involved, everybody completes and moves on the same day

Contract

the form of legal agreement prepared in duplicate for signature by the seller and buyer setting out all the legal rights and obligations agreed between them; this is the legally binding document between a seller and a buyer that contains all the terms of the agreement for the sale of a property

Conveyancing

the legal work needed to buy and sell properties

Disbursements

out of pocket expenses paid by us on the client’s behalf to third parties, such as official copies of the deeds

Exchanging contracts

the point that both parties are committed to the transaction; from the minute that contracts are exchanged, the sale becomes binding; until contracts are exchanged, either party can walk away from the transaction with no legal or financial penalties; at the same time as contracts are exchanged, a deposit is handed over from the buyer’s solicitors to the seller’s solicitors; the balance of the money will be handed over on the completion date, which is agreed at this time as well  

Leasehold

one of the two current tenures of land recognised by English law; freehold means that you own the property outright, as opposed to leasehold, where you own the property for a specified period of time

Leasehold management

management company formed to look after the building and communal areas

Help to buy mortgage

an equity loan where the government lends you up to 20% of the cost of your newly built property, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest

Contract report

we will report to you on the terms of the contract. We will also provide documents to sign and return if you are happy to proceed

Remortgaging

changing a mortgage from one mortgagee to anothe

Statutory declaration

a declaration made before a justice of the peace, notary public or other person authorised to administer an oath

Title

the owner’s right to a property

Transfer

a document which transfers ownership of a property from one person to another

Enquiry Form

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