Leasehold sale

Leasehold Price bracket

Standard fee

Partner fee

Up to £125,000

£830 plus VAT

£880 plus VAT

£125,001 to £200,000

£890 plus VAT

£1,005 plus VAT

£200,001 to £250,000

£1000 plus VAT

£1,125 plus VAT

£250,001 to £350,000

£1,115 plus VAT

£1,245 plus VAT

£350,001 to £500,000

£1,225 plus VAT

£1,370 plus VAT

Over £500,001

0.23% plus £170 plus VAT

0.25% plus £170 plus VAT

Additional variable fees and expenses (calculated on the basis of)

The agreed price of the property
The location of the property
Your own personal circumstances and reason for selling
Ownership of the freehold land and whether the freeholder has appointed an agent or agents to manage the freehold its behalf

Additional fees and expenditures – Leasehold Sale

Electronic Transfer Fee (our fee to redeem any mortgage or charge including bank charge)

£35 plus VAT

HMLR fee for obtaining title documents

£3 per document plus VAT

Landlord/freehold management company/managing agent sales pack fee payable to Landlord/freehold management company/management company

*This is likely to be between £120 to £420

Licence to Assign fee payable to Landlord/freehold Management Company

*This is likely to be between £100 to £200

*The actual fees payable will be notified to you following enquiry raised of the freeholder. The level of fees payable may depend on the number of flats in the building and the size of the freehold estate.

Worked Example of fees and expenditures

Using the information above you can estimate the total sum applicable to your transaction. It is also easy to obtain a specific quote by contacting our New Client Co-ordinator team

– by telephone on 01752 292288 or 01752 292221
– by email at PrivateClientNewClientCo-ordinators@wolferstans.com

Example - Sale by an individual of a leasehold property in Plymouth for £150,000 subject to a mortgage

Standard legal fee

£890.00

Electronic money transfer fee to redeem the mortgage

£ 35.00

HM Land Registry official copy title registers and plan (leasehold)

£6.00

HM Land Registry official copy lease

£3.00

HM Land Registry official copy freehold title registers and plan

£6.00

Licence fee payable to Landlord/freehold agent to assign the lease

*£150.00

Payable to Landlord/freehold agent for Leasehold Information Pack

*£300.00

VAT

£168.00

Total fee

£1558.00

*These figures are typical but each Landlord/freehold agent has its own charging scale and so the figures provided are for illustrative purposes only and should not be relied upon.

What is included in our standard fee?

The work involved in dealing with a Leasehold sale includes those items set out above under the heading “Freehold Sale” and, in addition, includes:-

Liaising with your Landlord / your Landlord’s managing agent to make enquiry relating to insurance and ground rent
Liaising with your Landlord / the Management Company / managing agent to make enquiry relating to service charges (these are the costs for maintaining the building and any common areas in a good state of repair and condition)
Dealing with enquiries raised by your buyer’s solicitors in relation to ground rent and service charges
Calculating apportionments of ground rent and service charges
Addressing any compliance matters or restrictions on sale

When do our fees become payable?

Our standard fixed fees are due on completion of the transaction. Payments to third parties, such as Land Registry title documents will be payable in advance. We normally ask you to make an initial advance payment on account of £100. If the initial payments are likely to exceed this, we will request an additional sum to cover those expenditures.

Referral fees

We have a commercial arrangement with a few local Estate Agents, Mortgage Brokers and Financial Advisors to whom we pay a fixed fee for each matter that is referred to us by them. A formal referral agreement is made between Wolferstans and the company or body referring work to us but our duty remains to advise you independently in line with our professional duties. The agreement will not impact on you, as a client, or your rights as a consumer. We will let you know if such an arrangement is in place between Wolferstans and the person or body that has referred you to use our services. We will confirm to you in writing the fee that Wolferstans shall pay to the Referrer on completion of your transaction. Please note, that the fees quoted to you by Wolferstans will not be increased or amended to account for the referral fee.

How long will it take?

The length of time that it takes to complete a sale of a leasehold property depends on various factors, including:-

How quickly the other party to the transaction is able to proceed
How quickly the conveyancer acting for the other party is able to progress the transaction
How quickly you are able to respond to any enquiries or provide us with relevant instructions
Whether any unusual or difficult circumstances should arise or come to light during the course of the transaction

It will also depend on the nature of the transaction, for example, whether:-

the buyer is relying on monies under an advance pay loan agreement such as under the Forces Help to Buy Scheme
there are multiple owners
the property is subject to existing tenancies
the buyer is using a Shared Ownership Scheme
the buyer is using the Help to Buy Scheme
the transaction is a probate sale/purchase awaiting issue of the formal Grant of Probate
the buyer wishes to instruct a Surveyor to prepare a HomeBuyer’s report and the availability of the Surveyor
you are selling only a part of a property that is subject to complex rights and reservations
you have a related transaction
you are selling under a part-exchange arrangement.

On average, standard sale transactions take between 6 to 12 weeks to complete.