After another successful 12 months of fundraising for Crombie Wilkinson Solicitors, this month has seen them handing over cheques totalling £2781.21 to Scarborough Whitby Ryedale MIND, Smiley Riley, Yorkshire Air Ambulance and Young Minds. Duncan...
Sale of a freehold or leasehold residential property
Our fees estimates* cover all of the work required to complete the sale of your property in a normal transaction.
Our legal fees
- Legal fee range is typically : £575-£2000 (plus VAT at 20%)
- Electronic money transfer fee** £30 + £6 VAT
- VAT payable : £115 - £400
- Subtotal : £726 - £2436 inclusive of VAT
*These fees vary from property to property and on occasion can be significantly more than the ranges given above. We charge for this type of work on a fixed fee basis depending on the property value.
**In addition to our legal fees, we charge a fee for transferring money electronically. Our handling fee for this varies but will be no more than £21 (plus VAT at 20%), meaning the total for the money transfer will be no more than £30 + £6 VAT.
Referral fee (if any)
If our firm pays a referral fee, the maximum we pay is £120. If we pay a referral fee, this will be detailed in your Client Care Letter so that you know how much and who we have paid the referral fee to on your matter.
Estimated total : £726 - £2436 inclusive of VAT at 20%
Payments to others in all cases
Payments to others (also known as "disbursements") are costs related to your matter that are payable to third parties, such as fees for obtaining information from the Land Registry. We handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements which we anticipate will apply are set out separately below.
With leasehold properties, there are certain additional disbursements which will be set out in your lease and landlord's leasehold information pack relating to the property. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific fees once we have reviewed the lease when we obtain copies of your title documents.
- HM Land Registry fee re official copies of your title deeds : £6-£18 (no VAT)
- Subtotal : £732 - £2454 inclusive of VAT at 20%
Anticipated disbursements for leasehold properties*:
- Leasehold information pack - there is a certain amount of information which every landlord or management company is required to provide when a leasehold property is sold. They are entitled to charge a fee for this, and we find that the fees charged can range from £150 (plus VAT at 20%) to £500 (plus VAT at 20%). We are unable to confirm the fee payable for a particular property until the landlord’s initial information is received.
- Notice of Transfer fee – this fee, if chargeable, is set out in the lease. Often the fee is between £50-£250 (plus VAT at 20%). This fee is usually paid by the buyer of the property, but sometimes a charge is also made to the seller. This will be set out in the lease.
- Deed of Covenant fee – this fee is charged by the landlord or management company for the property and can be difficult to estimate. Often it is between £100-£500 (plus VAT at 20%). Again, this fee is usually paid by the buyer of the property. The terms of the lease will confirm the position.
*These fees vary from property to property as they are set by individual landlords and management companies. This means that on occasion they can be significantly more than the ranges given above. We can give you an accurate figure once we have sight of both the lease and the leasehold information pack provided by the landlord/management company.
Estimated grand total : £732 - £2454 inclusive of VAT at 20%
Mrs and Mrs Smith are selling their registered freehold property for a price of £320,000. There is a mortgage to repay.
Bank transfer fee
Total inclusive of VAT
Stages of the process
Stage 1 – Instructions & Preparation
- Take your instructions and give you initial advice.
- Obtain an up to date copy of the title to the property from Land Registry.
- Provide you with Property Information forms for you to complete.
- For leasehold properties, contact the landlord or management company to obtain the leasehold information pack. You will be required to pay their administration fee for this before they will issue the pack to us (most landlords/management companies will provide the pack within ten working days of the fee being paid by you, however this could be substantially longer if dealing with an unresponsive landlord/management company)
- Draft contract documents and submit to your buyer's conveyancer, once completed forms are received from you.
- Obtain further planning documents if required.
This stage will usually be complete within 2 to 3 weeks.
Stage 2 – Pre-exchange enquiries & preparation
- Address any necessary enquiries once raised by the buyer's conveyancer.
- Send final contract to you for signature.
- Approve and advise on Transfer.
- Send final Transfer to you for signature.
- Agree completion date.
- Request redemption statement from mortgage lender.
This stage will usually be complete within 3 to 4 weeks, depending on how promptly the buyer's conveyancer deals with our correspondence.
Stage 3 – Pre-completion & completion formalities
- Exchange contracts and notify you that this has happened.
- Complete sale.
- Deal with payment of estate agent's commission.
- Account to you for net sale proceeds.
This stage will usually be complete within 2 weeks.
How long will my property sale take?
How long it will take from your offer being accepted until you need to move out of your property 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 sell to a first-time buyer with a mortgage in principle, it could take 6 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3-6 months. In such a situation, additional charges would apply.
Our fee assumes that:
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
- The transaction is concluded in a timely manner and no unforeseen complications arise.
- All parties to the transaction are co-operative and there is no unreasonable delay from the parties providing documentation.
- No indemnity insurance policies are required. Additional disbursements may apply if indemnity policies are required.
- In relation to leasehold – this is the assignment of an existing lease and is not the grant of a new lease.
You can get an instant conveyancing fee estimate online using our Online Conveyancing Tool here.
You can see the legal advisers who work in our Property Team here.