Leasehold Residential Sale Pricing

We are here to take the stress out of selling leasehold property and will guide you through each step of your transaction, tailoring our service to fit your requirements, so you can have complete peace of mind that every detail has been properly handled. Where necessary, we can also recommend other professionals such as Surveyors, IFAs (Independent Financial Advisor) and property valuers, giving you access to all the expertise you need.

At a time where money really matters, we take care to provide a high quality, value-for-money service you can rely on. We will keep you regularly advised of every detail you need to know so you can make informed decisions and conclude your leasehold property transaction promptly and with the minimum possible stress and hassle.

Why Us

Tayntons Residential Property team are accredited members of The Law Society’s Conveyancing Quality Scheme – the mark of excellence for residential property solicitors. Our Residential Property team are highly skilled professionals and have over 130 years’ combined conveyancing experience between them. They pride themselves on making sure the conveyancing process runs as quickly and smoothly, as possible, utilising their legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner.

We understand that communication is key, so will make sure we are always available to answer your questions in plain English and will keep you informed at every stage of the process. You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty. We feel this provides reassurance and gives you an outlet for any concerns that you may have.

Our approach is simple; we provide a first-class service from our expert team who make the difference by removing confusion and uncertainty, dealing with all of the legal details of a property transaction on your behalf.

We are proud to hold the Lexcel Accreditation awarded by The Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.

Pricing

Tayntons has always been transparent regarding our fees and we would encourage you to visit our Instant Conveyancing Quote page where you will be able to generate a quote and breakdown of the legal fees, disbursements and other anticipated costs. There will be no hidden surprises – our costs and anticipated disbursements are fully broken down in our quotes.

We know how important cost is when deciding who to use for leasehold conveyancing, so we review our fees on a regular basis, taking into account clients’ feedback, so we can make sure we always offer great value.

We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. If during the transaction there is a new development, we will discuss the change in fees with you and agree a way forward. This would typically occur if you changed your instructions, or your case involves an unforeseen complexity.

Our fees

Our fees cover all the work required to complete the sale of your leasehold property and any disbursements. These disbursements are payable on top of our own legal fees. We will be able to advise which disbursements are applicable to you if you ask us to provide a quotation based on your specific requirements.

In order to provide you with the most accurate quote for your circumstances, we have a conveyancing quote calculator on our website which will provide you with our costs and any disbursements once you have entered the required information.

VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in our quote generator and formal quotation or as we advise you to incur them. Below is an example of our average fees for a leasehold residential property sale:

• Our average standard legal fee for a residential freehold property sale is from £950.00 – £2,525.00 plus VAT (£1,140.00 – £3,030.00 inc. VAT)
• If the property is Leasehold, we will charge an additional fee of £300.00 plus VAT (£360.00 Inc. VAT)
• The final quote will depend on the value and location of the property and the complexity of the transaction. We would warn you that there are some charges made by others which we will not be able to ascertain until we are instructed and make the necessary enquiries.
• We will charge the sum of £40.00 plus VAT (a total of £48.00 Inc. VAT) for each electronic money transfer payment.
• For residential sales involving a Help to Buy Loan or Help to Buy ISA/Lifetime ISA there will be an additional fee:
  • Help to Buy Loan Additional Fee £300.00 plus VAT (£360.00 Inc. VAT)
  • Help to Buy ISA/ Lifetime ISA additional fee £50 plus VAT (Inc. VAT £60.00)
• For residential property sales using a corporate vehicle (selling a residential property through a Limited company) there is a supplemental fee of £250.00 plus VAT (£300.00 Inc. VAT) plus £22.20 companies house filing fee. This is due to company’s house registration requirements and additional documents required for lending purposes.
• Please note we need to carry out ID checks on all directors/shareholders which is £20.00 plus VAT (£24.00 Inc. VAT) per person.

For all our clients, we are required by our regulator to undertake Client Due Diligence (CDD) which is made of up KYC (Know Your Client) and AML (Anti Money Laundering) details of which are contained within our terms of engagement which will be sent to you when instructing us.

In addition to our standard charges as referred to above, the firm will apply a CDD charge of:

• ID Check £20.00 plus VAT (£24.00) per person

Disbursements

Disbursements are any costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

There are certain disbursements which will be set out in the individual lease relating to the Property.

In order to provide you with the most accurate quote for your circumstances, we have a conveyancing quote calculator on our website which will provide you with our costs and any disbursements once you have entered the required information.

The disbursements which we anticipate will apply are set out in our quote calculator. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on specific fees once we have received and reviewed the lease.

Exclusions

Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where 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.

Factors that may lead to an increase in cost include:

• If a legal title is defective or part of the property is unregistered
• If crucial documents, we have previously requested from you have not been provided to us
• If you require to exchange within 6 weeks of instructing us
• If you require completion within 6 weeks of instructing us
• If you require simultaneous exchange and completion

Please note that we do not undertake tax advice.

Time Scales

For any transaction the timescales are subject to change but the average process takes between 12-16 weeks. It can be quicker or slower depending on the parties in the chain. For example, a transaction involving a first-time buyer, purchasing a new build property with a mortgage in principle, could take 12 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months. In such a situation additional charges would apply.

Our fee assumes that:

• This is a standard transaction and that no unforeseen matters arise, including (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
• This is the assignment of an existing lease and is not the grant of a new lease
• The transaction is concluded in a timely manner and no unforeseen complications arise
• All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
• No indemnity policies are required. Additional disbursements may apply if indemnity policies are required

Key Milestones

With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:

• Taking your instructions and giving you initial advice
• Undertaking regulatory checks.
• Drafting contracts of sale and any other necessary documents and reviewing these for you
• Obtaining information from the leasehold management company
• Sending the contacts of sale to the buyer’s solicitor and dealing with any enquires they have
• Giving you advice on all documents and information received
• Finalising the contract and sending to you for signature
• Agreeing a completion date (the date from which you own the property)
• Exchanging contracts and notifying you that this has happened
• Completing purchase by arranging for all monies needed to be received from your buyer and distributing those monies.
• Redeeming any mortgage

Who will advise you?

We allocate the most appropriate member of our Residential Property team to your transaction once you instruct us, taking into account the type of transaction, complexity and experience required and the workloads within the department.

You can see details on all members of our Residential Property team here. The team is supervised by Andrew Ollerenshaw.