Sale of a Residential Property
The stages involved in the sale of any residential property will vary according to the circumstances, however, the key stages which we will carry out are set out below:
SCOPE OF WORK
- Take your instructions and complete our identification and money laundering checks.
- Provide you with standard property questionnaires to complete
- Check sale proceeds will be sufficient to discharge any existing mortgages on the Property
- Draft contract documents and prepare sales pack
- With your help, respond to any enquiries by the buyer’s solicitor
- Agree the contract and transfer with the buyer’s solicitor.
- Agree completion date (date on which the property is transferred to the buyer)
- Send final contract to you for signature
- Exchange contracts and notify you that this has happened
- Send transfer to you for signature
- Complete sale
- Send monies to lender to obtain discharge of any mortgage
- Pay selling agent from sale proceeds (if agreed)
- Return remaining funds to you.
- Closing and storing your file for up to 6 years
Costs for Residential Property Sale
To provide you with certainty, we offer a fixed price service which is based upon the price of the property you are selling and ranges from £595 to £1600 for properties of a value of up to £1 Million Pounds.
Property values of more than £1M will be charged based on the individual circumstances and property concerned and we will always discuss the further details with you before confirming our fee quote.
The fees set out below are based on a number of assumptions, which are:
- This is a standard transaction and no unforeseen matters arise including for example (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.
- If the property is leasehold, 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 complication arise.
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documents.
- No indemnity policies are required. Additional disbursements will apply if indemnity policies are required.
- The property/land is Registered
Additional work may need to be carried out on your sale which we are not aware of at the outset but which leads to an increase in our legal fees and/or the third party expenses which you will need to pay. If any such additional costs arise we will tell you about them as soon as possible.
|Up to £150,000||£595|
|£150,001 – £200,000||£625|
|£200,001 – £250,000||£650|
|£250,001 – £300,000||£700|
|£300,001 – £400,000||£725|
|£400,001 – £500,000||£775|
|£500,001 – £600,000||£800|
|£600,001 – £700,000||£900|
|£700,001 – £800,000||£1000|
|£800,001 – £900,000||£1100|
|£900,001 – £1M||£1200|
+ VAT @ 20%
These are costs related to your matter that are payable to third parties, such as Land Registry fees.
To be completed
|Chaps Bank Fee||£15|
|Bank transfer admin fee||£15|
|Electronic ID Search (per person)||£6|
+ VAT @ 20%
How long will the sale of your property take?
This can depend upon a number of factors including things like the length of the chain of transactions and how quickly parties in the chain conduct and complete any of their individual responsibilities. In our experience the average timescale is between 8 to 10 weeks for a freehold property. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply. Please be aware that it can often be the case that a conveyancing chain will only move as quickly as the slowest person in it.
|Re-mortgage||£450 – £650|
|Transfer of Equity||£395 – £495|
|Transfer of Equity & Re-mortgage||£650|
|First Registration & Transfer of Equity||£650|
On some occasions, we may have paid what is known as a referral fee to the person/company who introduced or referred your business to us such as Estate Agents and Mortgage Brokers. This can vary from between £50 and £300.
Some Solicitors and Licensed Conveyancers will add this fee to the amount they charge their clients. We will not do this to our clients.