Residential Property – Selling a Property

We are required by the Solicitors Regulatory Authority to publish the pricing information below. This information is applicable only to the stated circumstances and it is an indicative guide. Please contact us or use our on-line quoting tool on our website for more accurate information based on your circumstances.

Freehold	Leasehold
Property value: up to £500,000 Fee estimate: £895 to £995 + VAT*	Property value: up to £500,000 Fee estimate: £1,190 to £1,290 + VAT*
Property value: £500,000 to £1,000,000 Fee estimate: £1095 to £1,195 + VAT*	Property value: £500,000 to £1,000,000 Fee estimate: £1,390 to £1,490 + VAT*
Property Value: £1,000,001 – £2,000,000 Fee estimate: 0.15% of price + VAT* For example, sale price of £1.5million @0.15% = £2,250 + VAT*	Property Value: £1,000,001 – £2,000,000 Fee estimate: 0.15% of sale price + VAT* PLUS Leasehold Fee** of £295 + VAT* For example, sale price of £1.5million @0.15% = (£2,250.00 + £295) + VAT
Property Value: £2,000,001+ Fee Estimate: 0.25% of price + VAT* For example, sale price of £2,500,000 @ 0.25% = £6,250 + VAT*	Property Value: 2,000,001+ Fee Estimate: 0.25% of price + VAT* PLUS Leasehold Fee** of £295 + VAT For example, a sale price of £2,500,000 @ 0.25% = (£6,250 + £295) + VAT*

*VAT is chargeable at 20%

** A Leasehold Fee is charged for the additional work involved in dealing with other parties involved such as the landlord or management company.

For a more accurate indication of the cost relevant to your circumstances, (and without any obligation), please use the on-line quoting tool:

The figures provided are an estimate and could be more than the amount shown, as they are based upon the following assumptions:

This is a standard sale without any legal complexity such as a defect in title which requires remedying prior to completion or the completion or preparation of additional documentation relating to the sale;
Where the property is leasehold, that this is an assignment of an existing lease and not the grant of a new lease;
The sale is concluded in a timely manner and no unforeseen complication arises;
All parties in the chain are co-operative and there is no unreasonable delay from third parties in providing documentation; and
The land is registered;

What Might Increase The Cost?

Common issues that could increase the cost of our services include: –

If the legal title is defective, or part of the property is unregistered;
If title rectification is required;
If planning permission or Building Regulations have not been obtained;
If essential documents are not provided;
If a lease extension is required.

This is not an exhaustive list.

Disbursements and other charges

Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry. We handle the payment of the disbursements on your behalf to ensure a smoother process. Please note that further disbursements may be payable and we will be able to advise fully when taking your full instructions.

Disbursement	Cost
Land Registry Search fee:	£3.00 + VAT *
Electronic Transfer fee:	£35.00 + VAT (these fees may increase if you have a lender who requires funds to be sent via Electronic Transfer)

*VAT is chargeable at 20%

Key Stages of the Process

The work involved in the sale of a residential property can vary according to the situation. The guide below is for general information.

Identifying you
Taking your instructions and giving you initial advice
Obtaining evidence of your title from HM Land Registry
Arranging for you to complete Law Society Protocol Forms
Preparing draft Contract and supporting documentation
Negotiating the terms of the Contract with Buyer’s Solicitor
Sending final Contract to you for signature • Agreeing completion date (date from which you sell the property)
Exchanging Contracts and notifying you that this has happened
Approving Transfer Deed and arranging for your signature
Obtaining settlement figure in respect of your mortgage
Completing the sale
Paying Estate Agent’s fees
Repaying your mortgage
Sending you the balance proceeds of sale

Timescales

The average process takes between 8 and 12 weeks. It can be quicker or slower, depending on the parties in the chain and the speed of response received from those acting for the purchaser or from their lender.

If you are in a chain of transactions then everybody in the chain must be ready to proceed before the sale can go through.

If you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months. Additional charges would also apply.