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CONVEYANCING COSTS – LEASEHOLD  PROPERTY SALE

PLEASE NOTE THAT THESE PRICES ARE OUR BASIC STANDARD COSTS WHERE CLIENTS HAVE RETAINED THE FIRM VIA A DIRECT APPROACH. CLIENTS SHOULD BE AWARE THAT THE FIRM HOLDS THIRD PARTY CONTRACT AGREEMENTS IN RESPECT OF INTRODUCTIONS WHICH WILL AFFECT OUR PRICING. THESE COSTS WILL BE MADE AVAILABLE TO YOU VIA THE RESPECTIVE THIRD PARTY.

Sale of a Leasehold Residential Property

In the event that you are selling a leasehold property, additional disbursements will usually be payable. This would often include the cost of a Pre-Sales Enquiry Pack completed by the Freeholder or Management Company containing responses to the usual Freehold enquiries, service charge and ground rent accounts (where applicable), building insurance details etc. It would be usual for this to be requested by the Buyer’s Solicitors on a sale of a leasehold property.
The cost of the Pack varies from Freeholder to Freeholder.
Occasionally, there may be a requirement for two Management Packs in the event that there are separate parties who collect the ground rent and service charge for the property:-
One Management Pack from the Freeholder or their appointed Agent (if the Freeholder or their appointed Agent collects the ground rent and requires notices to be serviced on completion); and
One Management Pack from the Managing Agent who is appointed to collect the service charge for the property.
We can give you an accurate figure once we have made enquiries with your Freeholder/Management Company.
* Our fee assumes that:
a. 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
b. in relation to a leasehold property, it is the assignment of an existing lease and is not the grant of a new lease
c. the transaction is concluded in a timely manner and no unforeseen complication arise
d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
f. any mortgage lender that you use does not have any unusual or onerous requirements (and you are using one mortgage lender only with one mortgage offer).

Anticipated disbursements:-

 Disbursement

Plus VAT at 20% {if

applicable)

HM Land Registry office copies (£7.00 per office copy)

 £14.00 £2.80
CHAPS transfer fee £18.00 £3.60
Pre-Sales Pack – the cost varies from Freeholder to Freeholder, and we can provide an accurate figure once we have made enquiries with the Freeholder/Management Company £150 – £450 £30.00 – £90.00
How long will my house sale take?
How long it will take from your offer being accepted until you can sell will depend on a number of factors. The average process typically takes between 8-14 weeks.
It can be quicker or slower, depending on the parties in the chain. If the transaction is not straight forward, for example if you are selling an unregistered title, a leasehold property, a newly built property, or one with the benefit of solar panels, the transaction could take approximately 16 weeks. The need for lease extensions is becoming more prevalent and on such transactions, this can take significantly longer, between 3 and 6 months. In such a situation additional charges would apply.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. Please see below the typical stages.
• Take your instructions and issue to you our client care pack
• Obtain and consider your title from HM Land Registry to determine what information needs to be disclosed or to establish any issues that might arise or obtain from you your title deeds if the property is unregistered
• Draft and issue the contract for sale with the title documents and other ancillary documents to the Buyer’s
Solicitors
• Consider and approve transfer
• Ask your mortgage lender how much is required to redeem the existing mortgage
• Respond to enquiries raised by the Buyer’s Solicitors after obtaining any relevant information from the title documents/deeds, other documents, third parties and yourself
• Invite you into the office to sign the contract and transfer or email/post them to you for signature in readiness for completion
• Agree a completion date
• Obtain any additional money to complete and pay sale costs, which could include estate agents’ fees and money payable to third parties, if the sale proceeds are not sufficient to repay these
• Exchange contracts and notify you that this has happened
• Complete sale
• Redeem your mortgage and any other charges
• Pay out any fees to third parties, such as estate agents
• Send you the balance of the sale proceeds (if any) and a final completion statement
• Ensure any redundant entries are cleared from the title register
Who will handle the transaction?
The work will be carried out by a member of the Conveyancing team. They will be available throughout the transaction to answer any queries and to keep you updated on the progress of the transaction.
Our Residential Conveyancing Team
Name Role Hourly Rate
Leo Johnston  Partner and Solicitor £250.00
Kirsty Hudson  Cilex – Member and Paralegal £200.00
All rates are excluding VAT at 20%

Timescales – Leasehold Sale

The average process takes between 6-12 weeks however this depends on a number of factors (many of which are outside of our control) such as the length of the property chain and any associated complex issues. The timescales can differ again if you are a first time buyer with a mortgage in principle, buying a New Build property, in which case it can take between 5 – 8 weeks to exchange and then 3 – 6 months until the purchase completes. However if the property is a leasehold property, then this may require a leasehold extension or the purchasing of the Freehold title, in which case it can take significantly longer.
If your transaction is a re mortgage then this can take around 3 – 8 weeks.