Costs Information - Residential Leasehold Sale

 

Our fees cover all the work required to complete the sale of your home, including paying off your mortgage (if any) on completion of the sale. An idea of the costs involved is set below but please contact us for a detailed quotation specific to the property you are selling.

Conveyancer's fees and disbursements

  • Legal fees based on the hourly rate of the fee earner acting (hourly rates)
  • Copy deeds from HM Land Registry £12.00 with a further £3.00 for every additional document which has to be ordered. No VAT is payable on these charges.
  • Electronic money transfer fee £36.00

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as the fee payable to the Land Registry for ordering up to date copies of your deeds. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which apply to leasehold properties and which vary from property to property. Below is an idea of some of the additional disbursements.

Anticipated Disbursements

  • Management Pack from the freeholder owner (landlord)/management company– This fee is payable to the landlord/management company to provide all the standard information which needs to be provided to the buyer’s solicitor. This includes copies of the service charge accounts, the building insurance etc. Often the fee is between £250.00 - £400.00 plus VAT.
  • Consent to Sale/Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Sometimes it is payable by the buyer but sometimes the lease will require the seller to pay the fee. Often it is between £100.00 -£250.00 plus VAT.
  • Certificate of Compliance fee - To be confirmed upon receipt of the management pack from the landlord/management company. Often this can range between £50.00 - £150.00 plus VAT.

These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have made contact with the landlord/management company.

You should also be aware that ground rent and service charge will need to be paid up the date of completion of your sale. If these have been paid in advance then the buyer will reimburse you for any payment made which cover a period after completion of the sale.

Stage of the Process

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

  • Take your instructions and give you initial advice
  • Request an initial redemption statement for your mortgage (if any)
  • Prepare the contract documents
  • Apply for the management pack
  • Obtain further planning documentation if required
  • Deal with enquiries raised by the buyer’s solicitor
  • Send final contract to you for signature
  • Agree completion date (date from which you no longer own the property)
  • Exchange contracts and notify you that this has happened
  • Obtain a final redemption figure for your mortgage (if any)
  • Draft the financial completion statement
  • Complete sale
  • Deal with payment of the mortgage (if any), the agents’ fees and send the balance of the funds to you.
  • Deal with removal of the mortgage at HM Land Registry

How long will my house sale take?

How long it will take between you accepting an offer for your property and your sale completing will depend on a number of factors. The average process takes between 12 - 20 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you agree to sell to a first time buyer, or a buyer with no related sale, with a mortgage in principle, it could take 12 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 8 months. In such a situation additional charges would apply.

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CONTACT

 

NatWest Bank Chambers

The Homend

Ledbury

Herefordshire

HR8 1AB

 

T: 01531 632226

F: 01531 632481

E: enquiries@ormeandslade.co.uk

 

Company Number: 627 1967

VAT Number: 243 3527 50

 

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