Residential freehold sale
Our fees and the disbursements payable for a residential freehold sale depend on a number of factors, therefore we always provide our clients with a bespoke quote before accepting instructions to act in a purchase.
Our fees cover all of the work required to complete the sale of your freehold home, including dealing with the redemption (repayment) of mortgages of the property.
- Legal fee ranging between £895 and £4,995 depending on the following factors:
- Sale price
- Timescales required for transaction
- Mortgage redemption (and repayment of any further secured loans or charges)
- Property has been altered
- Boundary and access issues
- Issues with the legal title
- Electronic money transfer fee £30 per transfer (usually two transfers required per sale for a property with a mortgage)
- Fax, telephone, photocopying and incidental expenses £25
- VAT payable on all of the above at 20%
Disbursements are costs related to your freehold sale 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 you.
- HM Land Registry fee for office title copy entries and title plan £6
In some cases, additional Land Registry fees and other disbursements may be required, for example, because copies of registered title documents, building regulations consents or planning permission have to be obtained, due to the originals having been lost. Normally no VAT is payable on these disbursements.
The exact stages involved in the sale of a residential property vary according to the circumstances. However, a typical transaction involves the following stages, all of which would be covered by our fee set out above:
- Take your instructions and give you initial advice
- Verify that your purchaser’s Solicitors are instructed and the conditions for the purchaser’s purchase and advise you of these.
- Liaise with you about completion of Property Information and Fixtures & Fittings Forms
- Obtain evidence of your ownership (office copy entries)
- Obtain planning, building regulations consents and guarantee documentation if applicable
- Prepare draft contract and supporting title and other documents and send to the purchaser’s solicitors
- Reply to pre-contract enquiries raised by the purchaser’s solicitors
- Agree final form of the draft contract with the purchaser’s solicitors
- Send final contract to you for signature
- Agree completion date (date from which you no longer own the property)
- Exchange contracts and notify you that this has happened
- Obtain mortgage redemption statement
- Complete sale
- Redeem mortgage on the property
- Pay your estate agents’ commission
- Send net proceeds of sale to you or apply them to a related purchase
How long will my house sale take?
How long it will take from your offer being accepted until you no longer own the property will depend on a number of factors, such as
- Whether there is a chain, and if so, the readiness of the other parties in the chain to progress the transaction
- If the purchaser’s survey reveals that the property is structurally defective
- If the legal title to the property is defective or unregistered, or has other problems
- If there is more than one mortgage or charge of the property, or if the property is in negative equity
- If building regulations or planning consent have not been obtained
- If crucial documents needed to progress the transaction are not available
The average process takes between 6 and 8 weeks.