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Our fees include the work detailed below which is required to complete the sale of your flat.
Our Estimated Fees
| Up to £250,000 | £1,250 + VAT (£1,500) |
| £250,000 – £500,000 | £1,500 + VAT (£1,800) |
| £500,000 – £750,000 | £1,650 + VAT (£1,980) |
| £750,000 – £1,000,000 | £1,850 + VAT (£2,220) |
| £1,000,000 – £1,500,000 | £2,000 + VAT (£2,400) |
| £1,500,000 – £2,000,000 | £2,500 + VAT (£3,000) |
| £2,000,000 + | Please contact us for a quote |
*VAT is currently chargeable at 20% of the fee
Additional Charges
| Administration & Petty Incidentals Fee | £75 plus VAT (£90) |
| Bank Transfer Fee | £35 plus VAT (£42) (per bank transfer) |
| ID Check Fee | £30 plus VAT (£36) (per individual client) |
Estimated Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
The disbursements that we anticipate you will incur in connection with your purchase include:-
| Official copies of Land Registry title & plan | £10 – £20 |
There are certain additional disbursements which may be incurred in connection with the sale of a leasehold property and these will be set out in the individual lease and/or management pack relating to the Property. The disbursements which we anticipate may apply are set out below. This list is not exhaustive and other disbursements may apply depending on the term of the lease.
Anticipated disbursements:
- Licence to Assign fee – This fee is provided by the landlord’s solicitors and can be difficult to estimate. Often it is between £250 – £750.
*These fees may vary from property to property and can on occasion be significantly more than the range given above. We can give you an accurate figure once we have sight of your specific documents and obtained confirmation from the landlord/managing agent.
How long will my house sale take?
How long it will take from accepting an offer until you can move will depend on a number of factors. The average process takes between 6-24 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if your buyer is a first time buyer, with a mortgage in principle, it could take 8 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 12 months. In such, a situation additional charges would apply.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have set out below the key stages in the process:-
- Taking your instructions and giving you initial advice
- Obtaining and investigating the title papers for the property
- Obtaining management and service charge information from your landlord/managing agents
- Preparing the draft contract and title papers for the buyer’s solicitors
- Negotiating the sale contract and Transfer Deed
- Negotiating the lease extension notice of claim, Deed of Assignment and contract clause in respect of the lease extension (if applicable)
- Replying to pre-contract enquiries
- Sending the final contract and Transfer Deed to you for signature
- Agreeing the completion date (date from which you own the property and have to vacate the property)
- Exchanging contracts and notifying you of exchange
- Forwarding a statement of account showing the balance due to you on completion
- Completing the sale
- Discharging any mortgage secured against the property (if applicable)
- Accounting to you for the net sale proceeds.
Disclaimer
Please note that this is an indication of our fees and disbursements only which 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
- this is the assignment of an existing lease and is not the grant of a new lease
- 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.
How LEASE Law can help you
Please contact Jade Thomas (jade@leaselaw.co.uk or 0204 511 9100) or Joanna Botley (joanna@leaselaw.co.uk or 0204 511 9101) for a no obligation discussion about your proposed sale and for a personalised quotation of the fees and disbursements for your proposed sale.
