Residential Property

From buying or selling your home to investing in rental property, remortgaging, buying land for development or building a property portfolio, our specialist team of lawyers can give offer advice and guidance every step of the way.

Selling Property

Selling a Property

From buying or selling your home to investing in rental property, remortgaging, buying land for development or building a property portfolio, our specialist team of lawyers can give advice and guidance every step of the way.

The profiles of the lawyers in our Residential Property Team (along with details of when they qualified and their areas of expertise) can be found here.

Below is a breakdown of our fees and third party fees you will incur when selling a property……

 

Purchase Price

(£)

Our Legal Fees (£)

Excl VAT

Incl VAT

1

200,000

745.00

894.00

200,001

300,000

845.00

1014.00

300,001

400,000

945.00

1134.00

400,001

500,000

1045.00

1254.00

500,001

750,000

1095.00

1314.00

750,001

999,999

1195.00

1434.00

1,000,000+

 

 

0.15% of the price

You will also incur a one off bank transfer fee of £30 + VAT

If your property is any of the following, the following charges will also apply:

Shared Ownership          £200.00 + VAT

Listed Building                  £200.00 + VAT

Leasehold                       £200.00 + VAT

No Sale – No Fee             £50.00 + VAT

You will also incur the following payments to third parties (Disbursements):

Copy Documents from HM Land Registry (approx.) £3 - £20 + VAT

Please be aware that fees and disbursements may be subject to change during the course of the transaction as more information becomes available. This is unlikely, however, we will inform you if any work becomes necessary due to unforeseen complexities or a change in your requirements or circumstances.  We will confirm to you the charges for such extra work before incurring the extra costs. Please note that such extra charges may apply even where a fixed fee has been agreed.

The Key Stages of Selling a Property:

There are various stages to the conveyancing process and as a guide we set each stage out as follows together with details of what we will do throughout each stage:

Stage One: Instructions

Once the property is available for sale we would encourage you to formalise instructions with us as soon as possible in order to reduce delay when an offer has been accepted.

Once you have confirmed your instructions with us, we will proceed to open a file and write to you confirming our instructions, an estimate of fees and disbursements and our terms and conditions of business. We will also send our Client Information Form to you for completion to collate information specific to the transaction such as, details of any finance secured against the property and any deadlines imposed on the transaction either by you due to your circumstances or the chain (once the sale has been agreed).  You will also need to complete a Fittings and Contents Form, Property Information Form and if the property is leasehold, a Seller’s Leasehold Information Form (collectively referred to as the ‘protocol forms’).  The Fittings and Contents Form will be attached to the contract and sets out the items which are included in the sale and those which will be removed on or prior to completion.  The Property Information Form is designed to streamline the conveyancing process by providing to a buyer information/knowledge the seller has of the property using a series of questions which the seller is to provide a full and honest response to in as much as they are able.  It will put the buyer on notice of any disputes, planning applications in the vicinity of the property, alterations carried out to the property during your ownership.  The Leasehold Information Form is used in the same way as the Property Information Form but only applies to leasehold properties as the questions deal with service charge, ground rent, landlord requirements and notice of major works scheduled to take place.

It is at this stage you will be informed of the name and status of the person who will carry out the work together with details of their regulated supervisor. Details of the team can be found via the Bios link which will provide full details of each fee earner, their experience, qualifications and their regulated supervisor.

The law now requires solicitors, as well as banks, building societies and others, to obtain satisfactory evidence of identity of their clients. In order to comply with the law on money laundering, we will need 1 form of photographic ID (driving licence or passport) and 2 utility bills/bank statements no more than 3 months old for proof of address (these must be originals and not printed from the internet).  We will need to see original documents.  If these are sent by post please send them recorded delivery and we will return them using the same method.  Alternatively, you can bring these to our offices and we can arrange for the documents to be copied and handed back to you straight away.  Please do call us first to make an appointment to ensure someone is available to see you.  We can only accept photocopies if they have been certified by a solicitor, chartered accountant, FCA registered individual or at the Post Office. 

We ask for £50 on account and then our fees, agents fees and any mortgages are paid out of the sale monies on completion with any balance being dealt with in accordance with your instructions by either sending it to your account or transferring it to a related transaction.

Stage Two: Pre exchange

Once we you have returned the signed Terms and Conditions and Client Information Form formalising your instructions we will contact the seller’s solicitors to confirm instructions, the name of the conveyancer and their regulated supervisor, provide your full name(s), agreed price and confirm whether there is any related transaction.

Upon hearing from the buyer’s solicitors that they are instructed we will prepare draft contract documentation to include full title details of the property and send these to the buyer’s solicitors. Once the contract documents have been received by the buyer’s solicitors they will submit their application for searches and raise any enquiries on us as are necessary.

At this stage, we will review the costs estimate and revise if necessary providing you with updated information regarding any fees or disbursements in line with any changes we may have to make.

Upon receipt of enquiries from the buyer’s solicitors we will respond to those which we are able and refer the balance to you for your replies. It is at this point, the contract and transfer are usually agreed and upon receiving confirmation that this has been approved we shall send them to you for signature in preparation for exchange of contracts.

We will also obtain a draft redemption statement for any finance secured against the property and let you have a copy for your approval (if applicable).

Stage Three: Exchange of Contracts

Once completion dates have been agreed we will take your authority to exchange contracts and set the date of completion.

We will apply for a final redemption statement from your mortgage lender (if applicable) calculated to the date of completion and prepare a completion statement for you setting out the financial position anticipated at the time of completion for you to check prior to completion.

Stage Four: Completion

On the day of completion, funds will be transferred from your seller’s solicitors into our client account. Once we have received funds we will check with you that you have vacated the property and authorise key release with the agents.  Any funds due to you on completion will either be transferred in accordance with your instructions once the agents have been paid and any other financial commitments we must pay on your behalf in relation to the sale. Under the terms of the contract, you must give vacant possession of the property between 12pm and 12pm.  However, please be prepared to be a little flexible as co-operation between sellers and buyers means everything on completion day!

Please note however that we have only limited control over the precise timing of key availability and the giving of vacant possession. We will do everything we can to achieve a smooth hand-over but for example funds transmission is by no means instant especially on a Friday or at month end.

Stage Five: Post Completion

Once completion has taken place we will date the transfer deed which you will have signed at the outset and send this to your buyer’s solicitors.

Any deeds and original documents relating to the property held on file will be sent to your buyer’s solicitors for them to in turn pass on to your buyers on completion. Your file will then be closed which will be held for 6 years. 

 

We have taken all reasonable steps to ensure the price information set out on our website provides an accurate and realistic indication of the costs of obtaining certain legal advice today, but we may update the information at any time in the future.

Whilst we hope this information is helpful as an initial guide, we will provide you with a specific fee proposal and a copy of our standard terms of business when you instruct us to undertake work.