Sales

Sale of a freehold or leasehold residential property

We have been awarded Best Regional Conveyancing Firm of the Year North East & Yorkshire at the 2019 LFS Conveyancing national Awards, acknowledging our high quality conveyancing service for clients.

Update as of 3 March 2021 - It is of the utmost importance to us to deliver the best service to our clients and to be open and honest about what we can deliver. This is set out in our Service Pledge. However, due to the reasons below, we unfortunately cannot guarantee that your sale or purchase will be completed before 30th June 2021.
 
The government decision to provide a stamp duty land tax holiday up to £500,000 until 30th June 2021 (originally 31st March 2021) means that the property industry as a whole is facing unprecedented demand. We have seen the average time of a transaction increase significantly due to matters outside of our control. The impact of coronavirus nationwide restrictions and the requirement for all to work from home as much as possible means that we are seeing both solicitors and their clients experiencing delays with obtaining things such as:
• surveys
• mortgage offers
• local authority searches
 
Whilst some of these matters may or may not impact you directly, please remember that other people involved in your transaction chain may be impacted by such matters. 
 
With this in mind, we are now warning all of our clients that there is a real risk that completion of their sale or purchase before 30 June 2021 cannot be guaranteed, despite our best efforts. The SDLT holiday is being phased out after 30th June 2021, and for those purchasers who are buying a property for £250,000 or under, the holiday will be extended to 30th September 2021.
 
If you have any questions about this, please contact a member of our Residential Conveyancing team.

 

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 : £875 - £1875 (plus VAT at 20%) with an additional £500 (plus VAT at 20%) for a leasehold property.
  • Electronic money transfer fee** £30 (which includes our handling charge of £21) + £6 VAT 
  • VAT payable : £175 - £375
  • Subtotal :    £1086 - £2286  inclusive of VAT with an additional £500 legal fee and £100 (VAT at 20%) for a leasehold property

*These fees vary from property to property and on occasion can be significantly more than the ranges given above. For this type of work we charge an overall fixed fee. If our fixed fee work needs to be discussed with you dependent on your circumstances we will do this with you.

**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 £125 (plus VAT at 20%).  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 : £1086 - £2286  inclusive of VAT at 20% with an additional £500 legal fee and £100 (VAT at 20%) for a leasehold property

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 applicable)

    Subtotal : £1092 - £2304  inclusive of VAT at 20% with an additional £500 legal fee and £100 (VAT at 20%) for a leasehold property

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 : £1092 - £2304 inclusive of VAT at 20% with an additional £500 legal fee and £100 (VAT at 20%) for a leasehold property

Worked Example:

Mrs and Mrs Smith are selling their registered freehold property for a price of £320,000.  There is a mortgage to repay.

Legal fees

£1,350.00

VAT applicable

£270.00

Bank transfer fee (which includes our handling charge of £21)

£30.00

VAT applicable

£6.00

Disbursements

Official copies

VAT applicable

£6.00

£1.20

Total inclusive of VAT

£1,663.20

 

Stages of the process

Update as of 12 November 2020 - We aim to complete your matter in accordance with your instructions and circumstances. As a guide, we find that the average conveyancing transaction is currently taking approximately 12 – 14 weeks to complete from the day we receive your instructions although this will depend on a number of factors, we cannot guarantee these timescales and refer you to our comments above regarding the Stamp Duty Land Tax holiday. The timeframes given below are likely to change given that we are seeing the average times of a transaction increase significantly due to matters outside of our control because of the impact of coronavirus nationwide. We will keep our clients updated as their transaction progresses to include providing them with any completion dates suggested by other parties involved in the transaction. If you have any questions about this, please contact a member of our Residential Conveyancing team.

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 the 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 and legal fees may apply if indemnity policies are required.
  • In relation to leasehold – these fees relate to the assignment of an existing lease and 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.

We want to give you the best possible service. However, if at any point you become unhappy or concerned about the service we have provided, please inform us immediately so that we can do our best to resolve the problem.