Fees for the Sale of a Residential Property

Posted By: on 12th February 2019 | Category:

No two sales are exactly the same and there are many factors that will impact how we handle the transaction and our fees. For example, a flat takes much longer to deal with than a semi-detached house. Other examples are whether or not the title to the property is unregistered, if the building is listed, if the title is defective or if the lease term is short and needs to be extended.

We will give you an estimate that is tailored to you and your sale and this gives you a much better idea of the cost.

As a guide our fees range from £1,000 (plus VAT) for a simple and straight- forward sale of a freehold house or £1,200 (plus VAT) for a leasehold flat. Depending on the nature of the transaction, our fees could be higher, up to £2,000 (plus VAT) if there are complexities. If the property has a very high value or is a large estate, you can expect to pay more.

Expenses

These are the expenses you can expect to have to pay:

Freehold Leasehold
£6 – Land Registry (title and plan) £6 – Land Registry (title and plan)
£3 – Land Registry (each copy document) £3 – Land Registry (each copy document)
£400 – approximately for management information

The list of expenses is not exhaustive and other expenses may be payable depending on factors that arise during the sale.

The stages and what our fee includes

The conveyancing process that our work covers is:

  • we will take instructions from you, open a file and write to you with our letter of engagement and some forms to complete
  • you sign and return the letter of engagement (to confirm your instructions) and complete and return the forms to us
  • we verify your i.d.and you let us have money on account
  • we obtain a copy of the title from the Land Registry and check it
  • if you have an existing mortgage over the property, we obtain a redemption statement
  • we prepare the contract and transfer and send it to the buyer’s solicitors
  • we obtain the management information from the freeholder/managing agents
  • for leasehold properties) and send that to the buyer’s solicitors
  • we review the enquiries raised by the buyer’s solicitors and take instructions from you
  • once approved by the buyer’s solicitors, we send the contract and transfer to you to sign and return to us
  • after all the enquiries have been answered, you have returned the contract and transfer and we have a redemption figure, you agree a completion date with the buyer
  • exchange of contracts takes place
  • between exchange of contracts and completion we obtain a redemption statement (if you have a mortgage to pay off) and provide you with a completion statement
  • completion takes place once we receive the money from the buyer’s solicitors
  • we pay off any existing mortgage and pay the estate agents
  • we send the net sale proceeds to you or use them for your related purchase
What our fee does not include

Our fee is based on certain assumptions and on the basis that:

  • no associated work is required such as dealing with an unregistered title or a lease extension
  • the matter proceeds in a simple and straight-forward manner and with the standard amount of contact with you, your broker (if any) and lender that we would expect
  • there are no unusual complexities. Examples of complexities that may arise include discrepancies in the title, dealing with multiple titles or listed buildings
How long will it take?

Each transaction is unique and it’s hard to say with certainty how long it will take especially where there are a number of sellers and buyers in a chain.

As a guide most freehold sales take between 4 – 6 weeks from us sending the contract pack to the buyer’s solicitors to exchange of contracts. In the case of a leasehold purchase, a guide is 6 – 8 weeks from us sending the contract pack to the buyer’s solicitors to exchange. It could take less time or much longer and we cannot control the time as we are dependent on third parties.

We endeavour to keep you up-dated as the sale progresses.

Most completions dates are one week after exchange of contracts but again, it could be longer but are not often shorter.

Who will do the work for you?

It’s important to know! We have a highly regarded team of solicitors, trainee legal executives and paralegals who collectively have many years of experience. We aim to provide you with clear and practical advice throughout and to work to your timescale wherever possible.

Existing or returning clients

We offer existing and returning clients a 5% discount on our fees and fees for associated work.

If you would like to find out more or would like to instruct us or have any queries, please get in touch conveyancing@coolebevisllp.com or call one of our offices.

OUR OFFICES

Brighton Solicitors

Lanes End House,
15 Prince Albert Street,
Brighton BN1 1HY
t. +44 (0)1273 323231
f. +44 (0)1273 820350
info@coolebevisllp.com

Horsham Solicitors

14 Carfax,
Horsham,
West Sussex RH12 1DZ
t. +44 (0)1403 210200
f. +44 (0)1403 241275
info@coolebevisllp.com

Hove Solicitors

79 Church Road,
Hove,
East Sussex BN3 2BB
t. +44 (0)1273 722532
f. +44 (0)1273 326347
info@coolebevisllp.com

Worthing Solicitors

5 The Steyne,
Worthing,
West Sussex BN11 3DT
t. +44 (0)1903 213511
f. +44 (0)1903 237053
info@coolebevisllp.com