The information below has been written to provide guidance in relation to our fees and services in dealing with the sale of a leasehold property.
What does our estimate include?
Our fees cover all of the work required to complete the sale of a leasehold property, including:
- Communicating with you, your buyers’ conveyancer, your estate agent, your landlord/management company and your mortgage provider, as necessary, to facilitate a smooth transaction.
- Obtaining the title registers from the Land Registry and establishing your ownership.
- Advising you on the completion of the Law Society Property Information Form.
- Preparing the contract for the sale of the property.
- Obtaining the leasehold resale information pack from the landlord and/or management company.
- Issuing all documentation to the buyers’ conveyancer.
- Liaising with your current mortgage provider to obtain a settlement figure for the redemption of your current mortgage.
- Taking your instructions and replying to any enquiries regarding the property that are raised by the buyers’ conveyancer.
- Exchanging the contracts on your authority to secure the buyer and their deposit monies.
- Calculating apportionment’s for ground rent and service charges, as may be due to you and the buyer on completion.
- Preparing a detailed financial statement for you in relation to the sale in anticipation of completion.
- Facilitating the completion of the sale and making such payments, as are necessary to you, your estate agent, your landlord/management company and your mortgage provider.
- Retain a copy of your file on record for a minimum of seven years for your information purposes.
Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry document fees and estate agents invoices.
We handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements, which we anticipate will apply, are set out in your conveyancing estimate. This list is not exhaustive and other disbursements may apply depending on your specific transaction.
When selling a leasehold property you will also be responsible for obtaining the leasehold resale pack from the landlord and/or management company, and you will need an information pack from each party that collects the ground rent and service charges. You should budget between £150 to £300 for each pack required.
What does our fee estimate assume?
Our fee estimate assumes:
- 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.
- The property you are selling is registered with the Land Registry.
- 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.
- There is only one mortgage secured on the property.
How long will my property sale take?
How long it will take from you accepting an offer until completion will depend on a number of factors. The average process takes between 6 to 10 weeks. It can be quicker or slower, depending on the number of parties in the chain. Generally, the longer the chain, the longer a transaction will take. Remember we can only proceed to complete as quickly as the slowest party in the chain, as everyone’s transaction will be dependant on everyone else’s. It is therefore important that you speak to your estate agent to ascertain the length of the chain.
Generally, we find that the main causes for the delay in a transaction are as follows:
- A party fails to promptly instruct their conveyancer.
- A party fails to promptly apply for their mortgage (buyers only).
- Local Authority delays in providing a Local Authority search (buyers only).
- A party fails to communicate promptly with the chain.
- The landlord/management company delays issuing a resale pack.
What is not included in my fee estimate?
When a matter becomes more complicated or more work is required on our part, it may be necessary to adjust our fee estimate to account for our additional fees. In the spirit of full transparency, we have prepared a list of the most common occurrences that are not included in your fee estimate together with an explanation of the additional work required and our fee for carrying out the additional work. A copy of this list is provided with your fee estimate at the outset and can also be found here.
Our fee estimates, unless expressly stated, apply only to individuals and does not apply to corporate clients.