Fee Information: Sale of a Freehold or Leasehold Residential Property
Our fee for acting on the sale of a residential property will vary depending on the sale price and will be based on the table below.
|£0.00 – £150,000
|150,000 – £200,000
|£200,000 – £250,000
|£250,000 – £300,000
|£300,000 – £350,000
|£350,000 – £400,000
|£400,000 – £450,000
|£450,000 – £500,000
|£500,000 – £550,000
|£600,000 – £650,000
|£650,000 – £700,000
The fee will cover all of the legal work required to complete the sale of your property.
If at any stage we find that the transaction is more complicated than was represented to us at the outset, such that we need to re-address the level of our fee, we will explain to you the reason for the change.
The amount of work involved in relation to a particular transaction can vary widely, and various issues can arise during the transaction which could turn a straightforward sale transaction into a more complex one. Examples of such potential complexities might be:
- A defect in the title which affects the buyer’s ability to use the property as intended and/or obtain a mortgage offer or which might affect the future saleable of the property
- A defect in the terms of the lease which need to be rectified
- If there is a lengthy chain of transactions which needs to co-ordinated
- The case becomes urgent
There is a distinction made between the sale of freehold properties and the sale of leasehold properties as there is additional work involved in relation to the sale of leasehold property. By way of examples there may be a requirement for:
- The Landlord’s consent to the sale. An application will need to be made to the Landlord for a Licence to Assign which will need to be entered into between the landlord, the seller and the buyer, or
- a Rent or Service Charge Deposit to be lodged with the landlord, or a Personal Guarantee given, as security for the buyer’s liability for these items.
Both of these items are quite likely in the case of an overseas buyer, and will incur additional costs with the landlord’s solicitors and possibly also with the managing agents.
Our fee for making same day electronic bank transfers is £35 plus VAT for each transfer required
Disbursements are expenses related to your sale which are payable to third parties, such as the Land Registry or Managing Agents. We will handle the payment of disbursements on your behalf to ensure a smoother process. We will require money to be paid to us in advance in order to be able to do this.
We will provide a list of anticipated disbursements at the outset of the transaction. If additional disbursements arise during the course of your sale we will provide the relevant details as soon as they become known to us.
Typical disbursements and other costs arising on a sale
Type of disbursement or other cost
*These are approximate figures. Some disbursements may be subject to VAT
The cost of obtaining official copies of title documents – for example
£6.00 plus VAT for office copies of the title registers and title plan, per each title
£3.00 plus VAT for other necessary copy documents
||The cost of obtaining a management pack from the Landlord or Managing Agents varies and is usually between £150.00 – £500 plus VAT
If additional disbursements arise during the course of your purchase we will provide you with the relevant details.
We may request a payment on account at the outset to cover the cost of pre-contract disbursements.
Value Added Tax
VAT, currently chargeable at the rate of 20%, will be added to our fees and several of the disbursements. We will confirm at the outset of the transaction the disbursements we believe will be incurred, and which of those will attract VAT.
How long will the sale take?
This depends upon a number of factors including:-
- The length of the chain of transactions.
- The time it takes for the seller to obtain management information from the managing agents
- The time it takes for the buyer to obtain a mortgage offer
- The time it takes for the buyer to obtain the results of his searches.
On average, the process takes around 8-12 weeks from the date of the acceptance of the offer. However it can be quicker or slower depending on the parties in the chain and the complexity of your purchase.
Stages of the process
The key stages of a sale transaction:
- Obtaining your instructions and giving you initial advice.
- Undertaking regulatory checks including checking your identity
- Submitting draft contract with a copies of your land registry title, the Lease (if applicable) and supporting documentation.
- Preparing the Property Information Form, the Leasehold Information Form and the Fittings and Contents Schedule
- Responding to enquiries raised by the buyer’s solicitor.
- Advising on any mortgage redemption (if applicable)
- Sending the final contract for signature
- Agreeing a completion date with the buyer’s solicitors and yourself.
- Exchanging contracts and notifying you that this has happened.
- Submitting a completion statement with apportionments of ground rent and service charges (if applicable) to your buyer’s solicitors.
- Completing the transaction by receiving all monies from the buyer and distributing those monies, including redeeming your existing mortgages (if any), paying your estate agent and accounting to you for the net proceeds or utilising them in connection with a simultaneous purchase.
The following team members handle all residential property matters:-
- Spyridon Leoussis – 020 7644 9931
- Salman Bilgrami – 020 7644 9934
- Jayshree Patel – 020 7644 9930