Sale of Freehold Property
|Purchase price range||Legal fee||Total legal fees + VAT|
|0 – £125,000.00||£425.00||£510.00|
|£125,001.00 – £250,000.00||£450.00||£540.00|
|£250,001.00 – £350,000.00||£495.00||£594.00|
|£350,001.00 – £500,000.00||£550.00||£660.00|
|£500,001.00 – £750,000.00||£695.00||£834.00|
|£750,001.00 – £1,000,000.00||£850.00||£1,020.00|
It may be necessary to agree an hourly rate with you, if it is not possible to give you an accurate estimate of the likely costs involved with your sale.
Hourly rates are based on the qualification and experience of your legal representative. These rates are currently:
Partner – £230 per hour plus VAT
Paralegal – £150 per hour plus VAT
All professional costs, whether fixed fee or hourly rate, are subject to VAT.
In what circumstances could the costs change?
We want to ensure you only pay for the service you receive, so, as an example, a simple house sale with one standard mortgage to redeem will cost less than a complex legal title involving more than one lender or a management company that we need to engage with.
Some factors which could typically increase the cost of the service you require are:
- if the legal title is defective;
- if the title is unregistered;
- if there is a management company that we need to engage with to obtain a deed of covenant or a consent to the sale;
- if we need to comply with a restriction on the title;
- if we discover that the correct consents have not been obtained for alteration works;
- if you have more than one mortgage secured against the property;
- if you are selling through an auction or have tight deadlines to meet;
- if documents or information are requested from you or any other party, which requires our work to be duplicated.
What are expenses?
Expenses are costs related to your matter that are payable to third parties and which you will pay through us. We handle the payment of the expenses on your behalf to ensure a smoother process. These expenses are fixed by the third-party suppliers and we cannot influence them.
Expenses which may apply to your transaction
We can give you an accurate figure once we have sight of your specific documents. These are
Electronic Money Transfer fee
The charge levied by the practice to transfer the monies and is subject to VAT.
HM Land Registry fees
We will need to obtain official copies of each title document relating to your property, from HM Land Registry. These documents generally cost £3 each.
What we will do for you
We will let you have a breakdown of what our fees include, when we provide you with a quote. It may include some or all of the following matters:
- obtaining a redemption figure from your lender and checking with you that the figure is correct;
- obtaining office copy entries and any supporting documents from HM Land Registry which will enable us to prepare the contract to prove that you have the right to sell the property;
- preparing a bundle of contract documents to be sent to the buyer’s solicitor;
- answering any enquiries raised by the buyer’s solicitor and agreeing any amendments to the contract;
- approving the transfer deed;
- exchanging contracts;
- preparing a completion statement for your approval;
- on completion, receiving the sale proceeds from the buyer’s solicitors, repaying your mortgage, paying the estate agents and our fees and then accounting to you for the net sale proceeds.
Assumptions made in coming to the example fees
- this is a standard transaction and that 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.
- 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 documentation.
- no indemnity policies are required. Additional expenses may apply if indemnity policies are required.
- Is subject to our terms of business and formal letter of retainer.
- We already have a relationship with any lender proposed.
- The proposed lender does not use an independent lawyer to secure their charge.
How long will it take?
Generally speaking your sale should take between four and six weeks to complete but this depends on many factors, including the speed of the buyer’s searches, mortgage funding and the co-operation of all parties.
If you are in a ‘chain’, any dates will need to be agreed with all parties. Please remember that a chain can only proceed once the chain is complete and may depend on when the last person joins it.
In what circumstances will the above matters not apply to me?
It is important to note that the information above relates to residential conveyancing for individuals who are selling their own property. If any of the circumstances below apply, it is likely to involve additional work or you may require advice from another department within the practice:
- if you are selling a tenanted property;
- if you are acting in your capacity as director of a company and/or require the discharge of any company mortgages at Companies House;
- if the property you are selling is to be transferred out of an existing title and documents need to be drafted or negotiated;
- If it is shared ownership
- if you are selling the property as an executor or acting as an attorney under a lasting power of attorney.
Overview of the conveyancing process
The steps involved in the sale of your property will include the following:
- If the title to your property is unregistered, we will ask you to supply your title deeds. It is likely however that your property will be registered, and if it is, we can obtain title documents from HM Land Registry electronically.
- Once you have instructed us to proceed, we will send to you a short questionnaire and the relevant protocol forms (property information form, and a fittings and contents form) for completion;
- Once we have received your completed paperwork, along with the memorandum of sale from the selling agents (or details of the buyer’s solicitors from you if it is private sale) we will prepare the contract pack for the buyer’s solicitors.
- As soon as your buyer is in a position to proceed (that is once they have concluded their financial arrangements and completed survey and enquiries, and all relevant searches), we shall discuss with you and agree with your buyer’s solicitor a suitable completion date for your sale. If you have a related purchase, we will also need to agree this date with your seller’s solicitor.
- Once contracts have been exchanged there is a legally binding agreement between you and your buyer for the sale and purchase of your property and you have to complete on the date agreed in the contract.
- On the completion date we will notify you once the sale proceeds are received and advise your estate agent if the sale was negotiated by them and pay their account. We will also pay off any mortgage which you have secured on your property, and either return the net proceeds to you or apply those funds to your related purchase.