Sale of a Freehold/Leasehold Residential Property

Solicitors in Essex & London


Fees and Disbursements

Our fees cover all of the work* required to complete the sale of your property. 

Our fees are calculated based on the value of the property you are purchasing and range from £995 to £3,000. VAT on our fees is charged in addition 20%. In addition to our fees, you will also have to pay disbursements, the costs of which can vary, relating to:

  • Office Copy Entries (assuming property is registered) £6 plus VAT
  • Electronic money transfer fee - £30 plus VAT

Please telephone us and we can give you a specific fee and disbursement quote for your transaction.

In relation to leasehold property, there are certain disbursements which will be set out in the individual lease relating to the property. The Managing Agents/Freeholder is likely to charge a fee for providing what are known as LPE1 replies or a Leasehold Information Pack, essential information that a Buyer’s Solicitor will insist on seeing prior to exchange of contracts. The cost of these are up to the individual Managing Agents/Freeholder and can be between £100 - £400.

If you are taking out a mortgage, our fee for acting on behalf of the mortgage lender will be £100 plus VAT assuming the Lender is a “high street” lender and the mortgage is on standard terms.

You should also be aware that with leasehold property ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

Apportionments of the Ground rent and service charge already paid by the Seller are usually requested upon completion and please factor this into your budgeting.

Timescales

The length of time it will take from your offer being accepted until you can complete your sale will depend on a number of factors. The average process takes between 8-10 weeks from the issue of the contract pack from the seller’s solicitor. You can expect longer where there is a Leasehold involved.

It can be quicker or slower, depending on the parties in the chain. For example, if you have a first time buyer, purchasing a new build property with a mortgage in principle, it could take 6 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer. In such a situation additional charges could apply.

If you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between three and four months. In such a situation additional charges would apply.

Key Stages

The precise stages involved in the purchase of a residential property vary according to the circumstances but typically the key stages are:

  • Take your instructions and give you initial advice
  • Produce contract documents and send to purchaser’s solicitors
  • Reply to any enquiries from the buyer’s solicitor
  • Give you advice on all documents and information received
  • Send final contract to you for signature
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be paid out to lender, Estate Agents etc
  • Complete sale
  • Deal with redemption of mortgage/s, Estate Agents’ commission, account to you for the balance of funds
  • Deal with any requisitions raised during for registration at Land Registry

* These fees 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 sight of your specific documents. Our fee assumes that:

  1. 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
  2. where leasehold, this is the assignment of an existing lease and is not the grant of a new lease
  3. the transaction is concluded in a timely manner and no unforeseen complications arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Find out more about our Residential Property services

If you’re looking to sell or purchase a property, please feel free to contact any of our residential property solicitors directly to discuss your plans in more detail. We are more than happy to provide you with a fixed fee quote, no strings attached.

Our Residential Property accreditations include:

Conveyancing Quality

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