Sale of a Leasehold Residential Property

No property transaction is exactly the same and because of this we will give you an individual costs estimate at the start of the transaction taking into account the actual circumstances of the matter.

The quality of our service is recognised by accreditation under the Law Society’s prestigious Conveyancing Quality Scheme. We are panel members of all the major mortgage lenders and have good relationships with local estate agents and surveyors.

Our fee estimates are based on a reasonably straightforward transaction with no unforeseen difficulties. However, there may be factors which could increase the estimated costs. If there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided and agreed with you.

Factors that may lead to an increase in costs include:

• If a legal title is defective in some way
• If it is discovered that building regulationconsents or planning permissions for works or change of use have not been obtained
• If crucial documents, we have previously requested have not been provided
• If you require to exchange or completion to be dealt within a timeframe that would not be usual
• If you require simultaneous exchange and completion (if your lender permits)

Disbursements

Disbursements are costs related to your matter that are payable to third parties such as Land Registry fees for title details or for copy consents for which you, as the seller are responsible, although as this is not a purchase, these should be modest. We handle the payment of the disbursements on your behalf to ensure a smooth process.

Stages of the process

The precise stages involved in the sale of a residential leasehold property vary according to the circumstances. However, below are some key stages with which we will be engaged on your behalf:

• Taking your instructions and giving initial advice based on the information you have provided
• Obtaining a copy of the title to the property
• Obtaining information from the freeholder (landlord) or managing agent regarding service charges and administration of the building of which, for example, any flat forms part
• Draft contract of sale and send this to buyer’s solicitor/conveyancer
• Obtain replies to any enquiries raised by the buyer’s solicitor/conveyancer as a result of their receipt of the contract papers
• Advise you on documents and information received
• Report to you with the contract and other relevant documentation for signature
• Agree completion date (date from which the buyer will legally own the property)
• Exchange contracts and advising you when this has happened
• Complete the sale and deal with repayment of any mortgages and payment of estate agent’s fees, if appropriate, from the sale proceeds.

How long will my house sale take?

How long it will take from accepting an offer will depend on a number of factors. The average process takes between 10 to 12 weeks. However, this can be quicker or slower, depending on the number of parties in any chain of transactions, whether the buyer has a mortgage in place and whether any extension of the number of years the lease has to run (the term) is required. We will discuss this with you at the earliest opportunity so you have a clear picture of how the matter proceeds and how long things are likely to take.

For a full estimate of costs and disbursements please contact our conveyancing team on 01622 759051