Selling a Leasehold Property

When selling a leasehold property, or looking to sell, Tinn Criddle can guide you through the process

Sale of a leasehold residential property

Our fees cover the work necessary to complete the sale of a residential leasehold property on your behalf including the redemption of any mortgage(s) secured against the property (if applicable).

Our fees are based on hourly rates and further details are contained within our Client Information Booklet. A detailed fee quote based on your particular transaction can be provided upon request and will be provided at the outset of any transaction on which we are acting. In the event that we need to alter the original quotation provided, we would let you know, straightaway.

For transactions of a purely routine nature:

Sale price	No Mortgage	With Mortgage
£0-£99,999	£1,180.50 (£1,416.60 inc. VAT)	£1,686.50 (£2,023.80 inc. VAT)
£100,000-£124,999	£1,237.00 (£1,484.40 inc. VAT)	£1,742.50 (£2,091 inc. VAT)
£125,000-£149,999	£1,293.00 (£1,551.60 inc. VAT)	£1,799.00 (£2,158.80 inc. VAT)
£150,000-£199,999	£1,405.00 (£1,686 inc. VAT)	£1,855.00 (£2,226 inc. VAT)
£200,000-£249,999	£1,461.50 (£1,753.80 inc. VAT)	£1,911.00 (£2,293.20 inc. VAT)
£250,000-£299,999	£1,574.00 (£1,888.80 inc. VAT)	£2,052.00 (£2,462.40 inc. VAT)
£300,000+	On Enquiry	On Enquiry

All of the above costs are subject to VAT at a rate of 20%.

Anticipated ‘leasehold disbursements’

These will be confirmed to you upon receipt and review of the Lease and any Leasehold Information Pack etc.

By way of example:

Landlords/Managing Agents/Management Company replies to Landlord/Managing Agents property enquiry form: The fee is provided by the Freeholder or Management Company for the property and can be difficult to estimate as Landlord’s and Managing Agent’s charge different fees from property to property. Often it is between £250 – £650 plus VAT but could be more or less;
Licence to Assign or rent deposit deed if required by the lease: The fee is provided by the Freeholder or their solicitor for the property and can be difficult to estimate as Landlord’s and their solicitor’s charge different fees from property to property. Often it is between £250 – £750 plus VAT but, again, could be more or less.

Other fees and disbursements will include:

Official copy Title and Filed Plan fees: £7.00 per document (plus £1.40 VAT);

Obtaining official copy documents: £7.00 per document (plus £1.40 VAT);

Telegraphic transfer fee: £15.00 (plus £3 VAT) per transfer;

Money Laundering search fee: £30 (plus VAT) per person.

(disbursements are costs related to your matter that are payable to third parties, such as search fees which we handle on your behalf to ensure a smoother process)

Stages of the process

The precise stages involved in the sale of a leasehold property vary according to individual circumstances. Below are some of the key stages which a transaction would usually include:

Obtaining details of the transaction and providing you with a detailed fee quotation;
Taking your instructions and giving you initial advice on the transaction;
Carrying out identity and finance checks (as required);
Providing you with the Protocol documents (i.e. Property Information and Fittings and Contents Forms) for completing and returning and obtaining any Title Deeds and documents you may hold;
Contacting your existing Lender to obtain indicative redemption figures;
Obtaining copies of your property Title from H.M. Land Registry (together with any ‘filed’ documents) in order to draft the Contract papers and submitting the same to the buyer’s solicitor;
Replying to enquiries raised by the buyer’s solicitor and agreeing the terms of the Contract;
Having you execute the engrossment Contract and Transfer Deed;
Agreeing the Completion Date;
Exchanging Contracts and notifying you that this has happened. This will create a binding Contract between you and the buyer and the completion date will be formally agreed; and
Completing the sale, redeeming any existing mortgage (if applicable), agreeing the Estate Agents’ fees with you and settling the same (if applicable) and transferring the net proceeds of sale due to you.

How long will the property sale take?

The timescale from once you have accepted an offer until legal completion will depend on a number of factors. On average the process takes between 6 and 12 weeks.

It can be quicker or slower, depending on the position of other parties in the chain and whether, for example, the property is a new build property.