Sale of a residential property

SALE OF A RESIDENTIAL PROPERTY

STEPS INVOLVED:

  • Obtaining Title to the property from the Land Registry, and other supporting papers
  • and reviewing these documents, once received.
  • Sending you standard Property Information and Fittings & Contents Forms for completion and return.
  • Preparing a draft Contract and issuing it to the Buyer’s Conveyancer
  • Liaising with the Landlord/managing agents with regard to enquiries and their requirements on sale
  • Taking your instructions upon and replying to any Additional Enquiries
  • Attending to all related correspondence, telephone calls, faxes and emails.
  • Providing you with the contract for signing
  • Confirming your instructions for exchange of Contracts and completion.
  • Agreeing the form of the Transfer Deed
  • Preparing a Completion Statement
  • Completing the sale of the property
  • Paying off any mortgage loan and estate agents’ commission

ESTIMATED FEES AND DISBURSEMENTS

  • Legal fees – Our fees for a typical house sale range from around £750.00 plus VAT for a simple transaction to around £5,000.00 plus VAT for a substantial historic building on unregistered land. There is an extra charge for dealing with a leasehold title ranging from £250.00 plus VAT to £350.00 plus VAT in addition to the standard fee. These figures may however vary in cases with special complications. This is why we will always give you an individual cost estimate at the start of the transaction, taking into account the actual features of your sale.
  • Land Registry fee for title documentation £6.00-£20.00
  • Electronic money transfer fee £42.00 (including VAT)

 

On a limited number of transactions, we pay a fee to a third party (normally an estate agent) for referral of that business. – You will be informed of this, if applicable, in our initial correspondence at the outset of the transaction.

ADDITIONAL ANTICIPATED DISBURSEMENTS FOR LEASEHOLD SALE *

  • Landlord’s sale pack fee – This fee if chargeable is set out in the lease. Often the fee is between £100.00 plus VAT-£350.00 plus VAT.
  • Landlord’s fee for dealing with information form/enquiries Often the fee is between £100.00 plus VAT-£350.00 plus VAT
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100.00 plus VAT- £350.00 plus VAT

 

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge apportionment after exchange of contracts.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

  • For example, for a sale of a registered freehold residential property at £250,000 with no complications and no mortgage :-
  • Our legal fee, £750.00
  • VAT on our legal fee £150.00
  • Land Registry charges for official copies of your title documentation £6.00
  • Electronic bank transfer of funds to your account inc VAT £42.00
  • Estimate total £948.00

 

Our estimates do not include any advice about the following aspects: –

  • Taxation issues
  • Matters relating to survey or the state and condition of the property
  • Division of sale proceeds between joint owners
  • Application of proceeds of sale for the purchase of another property which you may be buying with another person.

 

We reserve the ability to charge extra if the transaction becomes out of the ordinary and demands additional time to resolve any problems, these could include:-

  • Defective title
  • Lengthy chain
  • Lack of planning documentation in your possession
  • Very short interval between exchange and completion or simultaneous exchange and completion
  • Dealing with unregistered title
  • Dealing with more than one registered title
  • Tenanted buy to let property
  • Dealing with third party lawyers
  • Corresponding with joint sellers individually
  • Drafting of each additional contract pack for a contract race
  • Arranging conveyancing indemnity policy
  • Drafting statutory declaration
  • Drafting declaration of trust
  • Advising adult occupier required to sign consent form for lender
  • Acting on behalf of the mortgage lender
  • Shared ownership lease
  • Help to buy aspects
  • Leasehold Properties only
  • Dealing with deed of variation of Lease
  • Sale/Transfer of freehold
  • Dealing with Deed of Covenant/Licence to Assign
  • Dealing with service charge retention

 

We will always advise you immediately about any complication, and discuss the potential impact on price before any additional charges are incurred.

HOW LONG WILL MY HOUSE SALE TAKE?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8-12 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a selling to a first-time buyer, it could take 8 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such, a situation additional charges would apply.

Contact us today without obligation. Call 01803 213251 or complete the enquiry form.

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