Sale of a leasehold residential property - price guideline
Our fees for a typical flat sale range from around £1,500 plus VAT for a simple transaction (such as a small flat in a converted house) to around £3,000 to £5,000 plus VAT for a purpose built flat or retirement flat with communal facilities and detailed management structure. These figures may however vary in cases with special complications. That's why we will always give you an individual cost estimate at the start of the transaction, taking into account the actual features of your sale.
If the work you have asked us to do proves to be more difficult or time consuming than we first envisaged because of factors of which we are currently unaware, or should your instructions change, or if you require additional work and advice, we will need to revise our estimate. In such circumstances we will inform you of the estimated cost of the extra work and any additional expenditure before incurring extra costs.
We charge on a time basis and the hourly rates of the conveyancers that may be involved in your sale are set out at the bottom of this page.
Our fees cover all of the work* required to complete the sale of your flat.
Disbursements and other costs
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We will handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements and other costs we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply.
- Land Registry copy title documents £20 plus VAT (approx.)
- Electronic money transfer fee (per transfer) £35 plus VAT
- Landlord/management company standard information pack – this fee will vary according to the landlord/management company and is often between £200 - £350 (plus VAT where applicable).
Stages of work
- The precise stages involved in the sale of a residential leasehold property vary according to the circumstances, but below are the usual key stages:
- Take your instructions and give you initial advice
- Arrange for you to complete standard property information forms
- Obtain and review title documents (including lease)
- Request standard management information pack from landlord/management company
- Prepare draft contract and issue to buyer's solicitor
- Obtain redemption statement from your lender (if applicable)
- Take your instructions on and respond to any additional enquiries raised
- Send final contract documents to you for signature
- Agree completion date (date from which you move out of the property)
- Exchange contracts and notify you that this has happened
- Calculate any necessary service charge/ground rent apportionments
- Complete sale
- Arrange for existing mortgage to be repaid (if applicable)
- Liaise with estate agent throughout and arrange settlement of their commission account on your behalf.
* Our fee assumes that:
- 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 transaction is concluded in a timely manner and no unforeseen complication 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.
How long will my flat sale take?
How long it will take from accepting your buyer's offer to completing the sale will depend on a number of factors. The average process takes between 6 – 12 weeks. It can be quicker or slower, depending on the parties in the chain.
Please see the links to the profiles of the team members who may be involved in your matter and their hourly rates below.