Selling your leasehold home

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For Sale

 

Can I sell my leasehold property?

Yes. You can sell your leasehold home at any time.

But it is a requirement of your lease that we are told of the sale within one month of completion. Usually your solicitor will inform us of this. If you bought your property from us under the Right to Buy and you want to sell within 3 or 5 years (depending on when you bought your home) then you will have to repay some of the discount you received. The amount will be set out in your lease.

If you sell part way through an accounting year you may be liable for charges not yet demanded relating to the period that you owned the leasehold property, which is the date up until you legally complete on the sale.
 
You will be asked to settle all outstanding debts before the sale is completed or your solicitor will be asked to give an undertaking to pay the debts on completion. Even though you are planning to sell you should pay the service charge as normal. Any apportionment of service charge or ground rent is worked out between the two solicitors on completion.

Does my solicitor need any information?

Yes. When selling your leasehold property it is recommended that your solicitor obtains a Leasehold Information Pack (LIP) from us.
The LIP that we now provide has been developed and approved by the Law Society and RICS (Royal Institute of Chartered Surveyors) and all the major trade bodies in the sector. Therefore, the information contained in this LIP should be sufficient for the property to exchange contracts without the need for additional enquiries to be raised.
 
The LIP will also be accompanied with a fire risk assessment as well as an asbestos report of the common parts (where applicable).
It is advised that your solicitor requests the Leasehold Information Pack (LIP) as soon as possible to avoid undue delays.
The charge for the Leasehold Information Pack (LIP) is £175. Please note that this fee is not subject to VAT at present
If additional enquiries are to be raised to us as the landlord our fees for dealing with each additional enquiry is £25. Please note that this fee is not subject to VAT at present. We will answer these additional enquiries after payment is made and a request for additional enquiries are made in writing (emails accepted to leasehold@stalbans.gov.uk)
 
If you are remortgaging your home your solicitor may request similar information. We provide a Remortgage Leasehold Information Pack (RLIP). The charge for a RLIP is £99. Please note that this fee is not subject to VAT at present.

Date of last review: 25 January 2017