Personal Law > Residential property > Sale of a Residential Leasehold property

Sale of a Residential Leasehold property

Our fees cover all the work* required to complete the sale of your property including the stages of the process listed below.

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Our costs are dependent on the property value and the complexity of the transaction. Please see the table above under ‘sale of a residential freehold property’. However, there are additional costs involved on Leasehold properties. We will add £100 to £250 plus VAT (charged at 20%) to our standard fees listed above depending on the type of transaction. For example, a Leasehold house may be £100 plus VAT (charged at 20%), but a flat could be and extra £250 plus VAT (charged at 20%). We can give you a full quote once we have details of the property and transaction.

Costs

In addition, a management pack may be required from the landlord or freeholder who are entitled to make reasonable charges for producing the same. You should budget a further £300-£400.

Our fees assume that:

This is a standard transaction and no unforeseen matters arise including for example (but not limited to):

a defect in title which requires remedying prior to completion

part of the property being unregistered

building regulations or planning permissions having not been obtained

crucial documents we have requested from you not being provided; or

a requirement for the preparation of additional documents ancillary to the main transaction.

This is the assignment 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 third parties providing documentation.

No indemnity policies are required. Additional disbursements may apply if indemnity policies are required

Additional costs

In addition, a management pack may be required from the landlord or freeholder who are entitled to make reasonable charges for producing the same. You should budget a further £300-£400.

Our fees assume that:

  1. This is a standard transaction and no unforeseen matters arise including for example (but not limited to):

             a.     a defect in title which requires remedying prior to completion

             b.     part of the property being unregistered

             c.     building regulations or planning permissions having not been obtained

             d.     crucial documents we have requested from you not being provided; or

             e.     a requirement for the preparation of additional documents ancillary to the main transaction.

             f.     This is the assignment of an existing lease and is not the grant of a new lease.

        2.   The transaction is concluded in a timely manner and no unforeseen complications arise.
        3.   All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
        4.   No indemnity policies are required. Additional disbursements may apply if indemnity policies are required

Stages of the Process

The precise stages involved in the sale of a residential leasehold property vary according to the circumstances. However below we have listed some key stages.

  • • Take your instructions and give you initial advice

    • Download the Title documents and Lease from the Land Registry

    • Draft the Contract documentation

    • Check whether there is a mortgage to pay off and request any redemption figures from the lender

    • Await enquiries and deal with the same

    • Give you advice on signing the contract documentation

    • Provide a completion statement

    • Agree a completion date (the date from which you no longer own the property)

    • Exchange Contracts and notify you that this has happened

    Complete the sale

    • Pay off any mortgages and transfer the balance monies to you

The Legal Choices Webpage gives further information regarding the house buying and selling process

https://www.legalchoices.org.uk/legal-choices/got-a-legal-issue/houses/im-buying-or-selling-a-house/

How long will my Leasehold Sale take?

This type of transaction usually takes 10-14 weeks to complete. However, the buyers solicitors must be satisfied with the title, any searches, the Leasehold requirements, and any replies to enquiries. If there is a lender, they must also hold a mortgage offer and have satisfied all their requirements before they will proceed to exchange of Contracts.

It can be quicker or slower, depending on the parties in the chain. For example, if you are selling a Leasehold property which requires an extension of the Lease, it can take significantly longer, around 3-5 months at times. In such a situation additional charges would apply.

TESTIMONIAL

"I would highly recommend them. Reasonably priced ,efficient, friendly and on the ball at all times. "

Dennis

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