Leasehold Residential Sale Pricing

We appreciate that the fees involved in any transaction are important and we review our fees regularly to make sure we always offer excellent value for money.  No property or transaction is exactly the same and because of this we will always give you an individual costs estimate at the start of the transaction taking into account the actual circumstances of the matter. 

Our fees (including VAT at 20%) for selling a leasehold residential property range from £1,150.00 for the most straightforward registered land transaction involving a property with a low purchase price, to over £2,500.00 for a more complex sale of a property with a high value.

By way of example, our fees for the sale of a leasehold property without unforeseen complications at the price of £250,000.00 (roughly the average price of a property in Gloucestershire) will be as follows:-

Our fees cover all the work required to complete the sale of your property.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Disbursements likely to be payable on the sale of a freehold residential property are Land Registry fees to obtain an up-to-date copy of the title. Typically the fees will range between £7.20 and £21.60. There will also be an Electronic anti-money laundering check (per name including VAT) of £4.80.

When selling a leasehold property it is usually necessary to obtain an information pack from the freeholder or managing agent.  A fee is usually charged which depends on the requirements of the freeholder or managing agent in question.  The typical fee is between £200 and £400 including VAT.

The total cost, including legal fees and typical disbursements (other than fees for the information pack), for the sale of a freehold property at the price of £250,000 will be £1,514.00.

Our fees are generally fixed and assume a straightforward transaction with no unforeseen difficulties.  However there may be factors which could increase the cost of the fees estimated.  If there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

Factors that may lead to an increase in cost include:

• If a legal title is defective or part of the property is unregistered
• If it is discovered that building regulations or planning permission has not been obtained
• If crucial documents, we have previously requested from you have not been provided to us
• If you require to exchange or completion to be expedited
• If you require simultaneous exchange and completion

For any transaction, the timescales are subject to the factors involved such as:

• Number of parties in the chain
• The status and progress of the parties in the chain
• Whether the buyer has a mortgage in place
• Whether a lease extension is required

A typical transaction will take between 8-12 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.

With every transaction there are key milestones, which may vary according to individual circumstances. The most usual stages of the process are:

• Taking your instructions and giving initial advice based on the information you have provided
• Carrying out the usual anti-money laundering and client identification checks
• Arranging for you to complete the usual preliminary information forms
• Obtaining a copy of the title to the property
• Obtaining information from the freeholder or managing agent regarding service charges and administration of the building
• Drafting contracts of sale and any other necessary documents and reviewing these with you
• Sending the sale contract to the buyer’s solicitor and dealing with any enquiries they raise
• Finalising contracts and either meeting with you or sending the contract to you for signature
• Agreeing a completion date (the date from which the buyer will legally own the property)
• Exchanging contracts and notifying you that this has happened
• Obtaining redemption figures for any mortgage
• Completing the purchase
• Arranging for redemption of any mortgage
• Accounting to you for the sale proceeds