Buying a leasehold property on the open market
If you bought your flat or are thinking of buying a flat on the open market, the seller will transfer the rights and responsibilities to you under the lease for the rest of its term.
This is called an assignment of the lease and is the legal transfer of the ownership of the property from one person to another.
It is highly recommended that you fully understand the terms of the lease of the property you are looking to buy.
Legal and administration costs
There are some costs involved in the buying and selling of your home. These include:
- Assignment pack
When you are selling your home you solicitor will need to ask us a lot of questions about your property. We charge £100 including VAT to prepare all the information your solicitor will need.
- General solicitors enquiry
If a solicitor has just one or two questions to ask on your behalf we charge £25 including VAT to answer these.
- Assignment of lease
When you add or remove someone’s name from your lease it costs us to approve, sign and seal the paperwork so to cover this we charge £40 including VAT.
- Notice of transfer
When a leasehold property is assigned to you a notice of transfer should be receipted by us. To cover the admin costs of this we charge £20 including VAT.
- Non-notice of transfer
If you are assigned a leasehold property and your acting solicitor does not register the Notice of Transfer with us we have to apply to the Land Registry for details. To cover the cost of this £50 including VAT will be charged.
- Deed of covenant template
When selling on your lease, if there are any additional clauses which need adding, we can give you a deed template at the cost of £30 including VAT.
- Deed of covenant draft
We are able to draft your deed of covenant for you at a cost of £80 including VAT.
Copy of lease
If a copy of the lease is required, we will charge £20.00 for the associated work and resources involved.