Residential Conveyancing - Sale and Purchase of Leasehold property
Sale of a Leasehold Property
How much does this service cost?
Our fees are tailored to the unique requirements of each sale. Due to potential complexities, the figures provided below may vary. Therefore, we are unable to offer a fully reliable cost estimate until we have all the transaction details. To ensure transparency, we will provide you with an individual cost estimate at the beginning of the transaction, taking into consideration the specific features of your sale. We will promptly inform you of any complications and discuss any potential impact on pricing before incurring additional charges.
The fees we charge will primarily depend on the leasehold property's sale price, however, other factors may be taken into account. This can include the complexity of the lease and issues that can arise from the lease.
Our fees, excluding VAT and disbursements, will range from approximately £1,200 for a property with a sale price under £250,000 to approximately £3,000 for a property with a sale price of or more than £1million. VAT will be charged at 20% on top of all fees, costs and disbursements.
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure the process is as efficient as possible.
Potential Disbursements / Other Costs:
- Bank Transfer Fee (per transfer) – £35.00 +VAT
- Land Registry Office Copies – approx. £15.00 +VAT
- Leasehold management information pack and other fees – usually between £150.00 – £500.00 +VAT (dependent upon landlord/management company/managing agent). We will not be privy to the exact fee until we receive the pack.
- Please note that as there will be a landlord/management company/managing agent involved, there will be apportionments of service charge/ground rent/buildings insurance to calculate to the completion date.
As part of our fee we will:
- Take your instructions and give you initial advice
- Prepare and compile the contract pack
- Respond to enquiries of the purchaser’s solicitors
- Send the final contract to you for signature
- Agree the completion date (date from which you no longer own the property)
- Exchange contracts and notify you that this has happened
- Complete the purchase
- Settle all outstanding payments due and then pay balance of sale to you
How long will my property sale take?
The length of time from you accepting an offer to completing the sale will depend on a number of factors. Typically, the average timeframe for a sale with no chain is 8-12 weeks.
However, if there is a chain involved, the process is likely to take longer. The exact length of time is dependent upon the other parties within the chain, however, we will do our best to address any issues quickly and keep you informed throughout the process.
Purchase of a Leasehold Property
How much does this service cost?
Our fees are tailored to the unique requirements of each leasehold property purchase. Due to potential complexities, the figures provided below may vary. Therefore, we are unable to offer a fully reliable cost estimate until we have all the transaction details. To ensure transparency, we will provide you with an individual cost estimate at the beginning of the transaction, taking into consideration the specific features of your sale. We will promptly inform you of any complications and discuss any potential impact on pricing before incurring additional charges.
The fees we charge will primarily depend on the leasehold property's purchase price, however, other factors may be taken into account. This can include the complexity of the matter and lease.
Our fees, excluding VAT and disbursements, will range from approximately £1400 for a property with a purchase price under £250,000 to approximately £3,500 for a property with a purchase price of or more than £1million. VAT will be charged at 20% on top of all fees, costs and disbursements.
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure the process is as efficient as possible.
Potential Disbursements / Other Costs:
- Preparing Stamp Duty Land Transaction Form – £75.00 +VAT
- Bank Transfer Fee (per transfer) – £35.00 +VAT
- Local / Plan plus / Water & Drainage / Environmental / Chancel Searches – Approximately £200 + VAT (depending upon individual’s or mortgage lender’s requirements)
- Land Registry Search – £3.00 +VAT
- Bankruptcy Search (per search) – £2.00 +VAT
- Stamp Duty Land Tax – Dependent on property purchase price (refer to SDLT Government calculator)
- Land Registry Application Fee – Dependent on property purchase price (refer to Land Registry fee guide)
- You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.
- Please note that as there will be a landlord/management company/managing agent involved, there will be apportionments of service charge/ground rent/buildings insurance to calculate.
- You will also need to account for management company fees for Notice of Transfer/Mortgage, Deed of Covenant, Membership and Certificate of Compliance (if applicable). We will not be privy to these fees until the seller’s solicitor provides a leasehold management information pack to us during the transaction.
As part of our fee we will:
- Take your instructions and give you initial advice
- Check finances are in place to fund the purchase
- Receive and advise you on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of the seller’s solicitors
- Give you advice on all documents and information received
- Go through conditions of the mortgage offer with you
- Send the final contract to you for signature
- Draft Transfer
- Obtain pre-completion searches
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete the purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
How long will my property purchase take?
The length of time from you making an offer to completing the purchase will depend on a number of factors. Typically, the average timeframe for purchasing a property with no chain is 8-12 weeks. However, if there is a chain involved, the process is likely to take longer. The exact length of time is dependent upon the other parties within the chain, however, we will do our best to address any issues quickly and keep you informed throughout the process.
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