Sale of a Leasehold Residential Property (Price £250,000)
The following prices are exclusive of VAT which will be charged in addition, at the prevailing rate, where applicable:-
| Rowberry Morris Legal Fees | £1,095.00 plus VAT |
| HM Land Registry Official Copies Fee | £12.00 (no VAT) |
| Rowberry Morris Bank Transfer Fee | £40.00 plus VAT |
| Online ID check (per name) | £10.00 plus VAT |
| Management pack from Landlord/managing agent | See below |
| Estimated total | £1,157.00 plus £229.00 VAT |
Management pack from Landlord/managing agent
We would normally need to obtain a management pack(s) from the Landlord/managing agent which should include ground rent and service charge details, buildings insurance details, the last 3 years accounts from the managing agents and other leasehold information which would be required by a Buyer. Typically, the Landlord/managing agent charges around £250.00 plus VAT, but this can vary very considerably.
How long will my flat/house sale take?
The period of time between your offer being accepted on the property you are looking to sell and the point at which legal completion takes place will depend on a number of factors. The average process can take between 6 to 10 weeks.
It can be significantly quicker or slower depending on the parties in the chain. For example, if you are selling a leasehold property to a first-time buyer, with a mortgage in principle, it could take between 8 to 10 weeks. However if you are selling to a buyer involved in a chain of transactions, it might take 10-12 weeks or longer. The estate agent should advise you of the exact position of your buyer before you accept an offer.
Stages of the Process
The precise stages involved in the selling of residential property vary according to the circumstances of the individual transaction. We have listed below some of the key stages which will appear in most transactions :-
- Take your initial instructions and deal with regulatory requirements.
- Provide you with various property forms for completion.
- Prepare and issue contract pack to the Buyers Solicitors.
- Obtain the relevant information packs from the freeholder and/or Management Company/
- Managing Agents – they will usually levy an administration charge for supplying these packs which, as a Seller, you are responsible for.
- Deal with any enquiries raised by the Buyers Solicitors on aspects of the property and refer enquiries on to you for your input, where necessary.
- Send the final Contract to you (or see you in person) for signature.
- Agree a completion date (the date on which you hand over ownership) and deposit to be paid.
- Exchange Contracts (the point at which the transaction becomes legally binding).
- Deal with the property transfer documents, buyers final “requisitions” and obtain mortgage repayment figure (if any) and prepare final statement.
- Complete the sale.
- From the proceeds of sale repay any mortgage/loans secured against the property.
- From the proceeds of sale settle the estate agents commission account.
- Send you any surplus funds from the transaction.