Residential Leasehold Sale
At Corfield Solicitors we operate a fixed fee in respect of the legal fees for a sale transaction of £1,500 + VAT (in total £1,800) for a straight forward transaction.
There may be unforeseen issues in respect of the property which may require additional work that could make the matter more complex and may increase costs in you matter such as (but not limited to):
• Title Defects
• Variations to the Lease
• Issues with planning legislation or building regulations compliance
In such an event we would be entitled to charge for our extra time incurred (at our hourly rate of £245 + VAT) and please be assured that should this happen, the problem and subsequent addition to the fixed fee would be fully discussed and approved by you before commencement of the additional work.
As a guide, the following additional costs/fees would be anticipated in respect of a straightforward sale transaction:-
• Land Registry fees to be paid to obtain copies of both the Freehold and the Leasehold Titles and any relevant documents referred to in the Titles -approx. £12 - £18 (no VAT)
• Estate Agency fees to be paid - as agreed with your agent
• Freehold information pack from the managing agents (costs vary between £250-600 incl. VAT payable to the freeholder/managing agents);
• If you have a mortgage then this will need to be ‘redeemed’ upon completion and we can ascertain this figure from your mortgage company upon exchange of contracts. Our fixed fee includes the time spent in redeeming any mortgage that you have on the property.
• Indemnity insurance policy premium(s) (if required, cost varies depending on the nature of the policy)
• Finally, bank charges required in transmitting the net sale proceeds to your account and to transfer funds to redeem any mortgage you have on the property following completion of the sale - £15 per transfer (no VAT)
A straightforward sale transaction usually takes between 8 and 12 weeks from initial instructions to completion and can be done inline with a concurrent purchase. The exact timescale will depend on matters such as the complexity of the transaction and the practical timescale requirements of other parties in the chain.