Your Sale of a Leasehold Property

About PWJ Solicitors

We have served generations of individuals and local businesses, providing comprehensive legal advice.

The Law Society - Conveyancing

The following is an indication of our expected fees and disbursements in a typical case of a sale of a leasehold property with a value of no more than £500,000.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees, Estate Agent and Managing Agent fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.  Below is listed our expected fees and the basic costs for some example transactions:

TOTAL£1,656.00
Legal fees£1,265.00
VAT thereon @20%£253.00
Anti-money laundering searches£6 per name
Office copy entries and plan£6 each
Bank charge for bank transfer£12.00 each
Administration charge for bank transfer£35.00
VAT thereon @20%£7.00
Administration charge for general disbursements£60.00
VAT thereon @20%£12.00

Landlord/Managing Agent Fees

It is common for the Landlord or Managing Agent of a leasehold property to charge an administration fee in order to provide a Leasehold Pre-assignment pack. The average cost of this varies between £100-350, but may be more or less depending on the individual Landlord or Agent requirements.

What is included in the estimate of fees above?

  • Checking your Identity to comply with Anti Money Laundering Legislation
  • Taking your instructions and advising you throughout
  • Obtaining the whereabouts of the title deeds and applying for the title deeds
  • Perusing your Title Deeds and documents;
  • Obtaining replies to standard pre-contract enquires and arranging for the completion of the fixtures fittings and contents form
  • Checking the registered proprietors of the property and that instructions are received from all the registered proprietors
  • Writing to the Landlord or managing agent to obtain replies to standard pre assignment enquires
  • Drafting the sale contract and sending this to your Buyer’s solicitor with supporting documentation
  • Transferring share in Management Company/Freehold Company
  • Advising you and subsequently approving amendments to the contract and preparing this for signatures by both parties.
  • Answering pre-contract enquiries raised by the Buyer’s solicitor
  • Effecting exchange of contracts
  • Following exchange, notifying the client, selling agents and the Lender
  • Deducing Title and answering Requisitions on Title
  • Obtaining a redemption statement and ensuring there are sufficient proceeds of sale to discharge all mortgages registered on the property
  • Approving the draft Transfer and obtaining your execution thereto
  • Preparing a completion statement and redeeming your mortgage
  • Completing the sale, authorizing the release of the keys and accounting to you.
  • Settling the estate agents fees

NB: If this firm does not complete the work we will charge you for the work done and expenses incurred.

What is not included in the estimate of fees above?

The cost of our service may increase if the transaction is more complicated. The list below is not exhaustive but they give examples of when our fees may rise, for example:

  • Protracted checks to ensure proof of your Identity is compliant with anti-money laundering legislation
  • If the legal title is defective or part of the property is unregistered
  • Responding to calls from estate agents and mortgage brokers
  • If there are excessive Additional Enquires due to defects in title or other missing documentation
  • If crucial documents pertaining to the legal title are missing
  • If crucial documents pertaining to the planning history of the property are missing
  • If there are second charges registered against the title
  • If there are any restrictions registered against the title
  • If we are required to arrange Indemnity Insurance
  • Drafting a Licence to Assign and Deed of Covenant if required by the Lease
  • If there are delays in the progression of the transaction
  • Advice in in relation to your proposed agency agreement.

If the costs of fees increase, how will these be calculated?
See: How We Charge

How long will my house sale take?

How long it will take from you accepted an offer until you can move out will depend on a number of factors. The average process takes between 12-14 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are selling to a first time buyer who has a mortgage in principle and all the information pertaining to the Lease is readily available, it could take 12 weeks. However, if you are in a long chain and your buyer does not have a mortgage offer ready or if there is missing information pertaining to the Lease and the payment of ground rent and service charges , this can take significantly longer.  These are average times, and transactions can be completed much faster in certain circumstances.  We also offer an expedited service for an additional fee if required.  Please contact us directly for details of this.

We are here to help make the process as easy and stress-free as possible. All of the work will be carried out by fully qualified experienced solicitors who have also been accredited by the Conveyancing Quality Scheme. Our aim is to provide a bespoke and quality level of service designed to make your house moving experience as stress free as possible.

Further information about the process can be found here: https://www.gov.uk/buy-sell-your-home

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Cockfosters Head Office

Tel. 020 8441 1556

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East Barnet Office

Tel. 020 8441 1556

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Recent News

November 28, 2018 Update to new Probate Court Costs

November 15, 2018 Vacancy at Parkes Wilshire Johnson

November 15, 2018 Covenants in Leases

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