Residential conveyancing

Sale of a leasehold residential property

"Person making notes on document

Our fees cover all the work required to complete the sale of the property.

Fees vary depending on the value of the property involved. As a general rule our fees are 0.35% to 0.5% of the property price with a minimum price of £2,500.

For illustrative purposes only we have provided an approximate cost based on a property value of £1m.

Fees and disbursements

  • Legal fee £3,500 - £5,000 plus VAT at 20%.
  • Electronic money transfer fee £25 per item plus VAT at 20%.

Approximate total: £3,525 - £5,025 plus VAT where indicated above.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees in respect of up to date title information or in respect of obtaining other information needed to provide to the buyer.

We handle the payment of the disbursements on your behalf to ensure a smoother process but may require money to be paid to us in advance from you in order to do so.

There are certain disbursements which will be set out in the individual lease relating to the property and these are usually payable by the purchaser.

These fees vary from property to property and can, on occasion, be significantly more than the ranges given above. We can give you a more accurate figure once we have sight of your transaction documents.

Stages of the process

The stages involved in the sale of a residential leasehold property vary according to the circumstances. However, below are some key stages to your sale that may take place:

  • Take your instructions and give you initial advice.
  • Respond to enquiries from your buyer's solicitor.
  • Draft, negotiate and advise on the sale contract.
  • Send agreed contract to you for signature.
  • Agree completion date (date from which ownership of the property is transferred).
  • Exchange contracts and notify you that this has happened.
  • Arrange for mortgages to be redeemed (paid).
  • Complete sale.
  • Redeem mortgages and send any surplus monies to you.

How long will my sale take?

How long it will take from you accepting and offer until the sale is completed will depend on a number of factors. The average process takes between 8-12 weeks. It can be quicker or slower, depending on the parties in the chain and the complexity of your sale.

Please see below the persons who may act on your matter.