Service and pricing information for leasehold sales

Fees

Our fees for a leasehold residential property sale are set out in the Fee Schedule and cover the essential conveyancing steps that will need to be taken on a typical sale of a leasehold residential property by a natural person.

Our fees as set out in the Fee Schedule include all of the items specified in the Key stages of the transaction. If you proceed to instruct us, this will be the scope of work that will be set out in our letter of engagement.

Our fees assume that:

• This is a standard transaction, concluded in a timely manner and that no unforeseen, unusual or additional matters arise, for example 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 involves only registered land;
• All parties to the transaction are UK based, are co-operative and there is no unreasonable delay from third parties providing documentation.

Additional fees will apply for any unforeseen, unusual or additional elements required in the transaction. We have specified the more common elements which are likely to arise in the Table of Supplemental Fees below and for which we have been able to allocate an additional fixed charge.

Examples fees for a single leasehold sale, price £300,000, no landlord consent/deed of covenant:

Conveyancer's fees  £2,150

Search costs and disbursements (inclusive of VAT) (best estimate) £15

VAT (best estimate)  £430

Total fees and disbursements £2,595

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.

We use a National Land Information Service licensed supplier to obtain our search results from a wide range of sources (local authorities, water authorities and others). A fee is payable (plus VAT) each time we use this service which we will add to the search costs payable by you.

We set out below the estimated search costs (inclusive of VAT) which are likely to arise on a standard sale transaction, as follows:

Land Registry title, plan and lease: £9

Freehold title and plan: £6

Total: £15

There are certain disbursements which may need to be incurred which will be unknown at the outset of a transaction and which cannot be estimated in advance. These include (without limitation) additional title documents that are required, travel and courier charges, amounts which may need to be paid under the lease to facilitate the transaction, such as landlord/managing agents fees for providing a management pack, landlord consents for assignment (if required), or for any retrospective consent which may be needed, and fees payable to a local authority for the provision of planning information and documents.

Other possible sale costs

Deed of Covenant fee – this is a fee charged by a landlord/management company for dealing with a deed of covenant where required under a lease. Often it is between £100 to £200 plus VAT.

Certificate of Compliance fee - this is a fee charged by a third party, often landlord/management company, for providing a certificate of compliance with a title Restriction. Often it is between £100 to £300 plus VAT.

Landlord's consents - these are legal and other professional fees that a landlord/management company/superior landlord may incur and will require to be reimbursed if the lease requires landlord's and/or superior landlord's consent to be obtained as a condition of assignment of the lease, or if any retrospective consents are required. These fees can be in the hundreds of pounds, and sometimes in the thousands of pounds, depending on the landlord, the number of consents required and the location of the property.

These costs vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have seen your specific documents.

Key stages of the transaction

• Receiving your instructions, carrying out a conflict check, preparing and sending to you our standard letter of engagement, opening a file and receiving from you your identification documents to satisfy our anti-money laundering obligations;

   

• Making initial contact with the selling agent and reviewing the sales memorandum and particulars of sale (if there is an agent) and making initial contact with the buyer's solicitors;

   

• Preparing draft contract and legal pack, obtaining your instructions on any particular requirements of the sale, applying to third parties for copy documents if needed, arranging completion by you of and advice on the Property Information Forms and Fixtures and Fittings Form and sending the pack to the buyer's solicitors;

   

• Reviewing the lease and obtaining and reviewing the management and service charge information for the building;

   

• Reviewing any existing tenancy agreements subject to which the Property will be sold;

   

• Replying to additional enquiries raised by the buyer's solicitors;

   

• Reporting to you on any identified defects or issues;

   

• Agreeing the form of contract and the transfer deed;

   

• Arranging for you to sign the contract and transfer;

   

• Agreeing a completion date with all parties and proceeding to exchange of contracts;

   

• Considering the requirements for redemption and discharge of any existing mortgage(s), obtaining the necessary redemption statements and providing the necessary undertakings;

   

• Preparing a completion statement for you and arrangements for the transfer of net sale proceeds to you;

   

• Receiving funds from the buyer's solicitors, formally completing and notifying all parties of completion;
• Dealing with other routine post completion matters, accounting to you for any surplus monies on account and dealing with any service charge retention.

TLT Fee schedule - residential leasehold sale

The fees¹ specified in this table are all exclusive of VAT and disbursements.