Selling a property
No property is exactly the same, our fees will reflect the particular requirements of transaction. For example a sale of a Listed Building because of its complexities may cost more than dealing with a sale of freehold property of modern construction. Because of this we cannot give you a reliable estimate of the cost of your conveyancing but fees for a typical house sale range from around £1250.00 for a simple transaction to £7500.00 for the sale of a substantial historic building on unregistered land.
These figures will vary according to any special complications, that is why we will always give you an individual cost estimate at the start of the transaction. This will take in to account the actual features of either your purchase.
We will always advise you immediately about any complications and discuss the potential impact of any price before any additional charges are incurred.
In what circumstances could the costs change?
We want to ensure you only pay for the service you receive, so, as an example, a simple house sale with one standard mortgage to redeem will cost less than a complex legal title involving more than one lender or a management company that we need to engage with.
Some factors which could typically increase the cost of the service you require are:
- if the legal title is defective;
- if the title is unregistered;
- if there is a management company that we need to engage with to obtain a deed of covenant or a consent to the sale;
- if we need to comply with a restriction on the title;
- if we discover that the correct consents have not been obtained for alteration works;
- if you have more than one mortgage secured against the property;
- if you are selling through an auction or have tight deadlines to meet;
- if documents or information are requested from you or any other party, which requires our work to be duplicated.
Others costs involved in leasehold properties
When selling a leasehold property, there are often additional charges payable to third parties such as the freeholder or a management company. Examples of these are:
- management/pre-sale pack (Law Society form LPE1);
- certificate of consent;
- deed of covenant;
- application to join a management company;
- transfer of a share certificate in the management company.
The above fees generally range from £100.00 to £400.00 but vary from property to property and vary considerably depending on the freeholders, landlords and managing agents; they could be significantly more than the range given, but we will let you know what these third parties charge when we have engaged with them. These charges may or may not be subject to VAT.
What we will do for you
We will let you have a breakdown of what our fees include, when we provide you with a quote. It may include some or all of the following matters:
- obtaining a redemption figure from your lender and checking with you that the figure is correct;
- obtaining office copy entries and any supporting documents from HM Land Registry which will enable us to prepare the contract to prove that you have the right to sell the property;
- preparing a bundle of contract documents to be sent to the buyer’s solicitor;
- answering any enquiries raised by the buyer’s solicitor and agreeing any amendments to the contract;
- approving the transfer deed;
- exchanging contracts;
- preparing a completion statement for your approval;
- on completion, receiving the sale proceeds from the buyer’s solicitors, repaying your mortgage, paying the estate agents and our fees and then accounting to you for the net sale proceeds.
How long will it take?
Generally speaking your sale should take between six and ten weeks to complete but this depends on many factors, including the speed of the buyer’s searches, mortgage funding and the co-operation of all parties.
If you are in a ‘chain’, any dates will need to be agreed with all parties. Please remember that a chain can only proceed once the chain is complete and may depend on when the last person joins it.
Are there any exclusions?
It is important to note that the information above relates to residential conveyancing for individuals who are selling their own property. If any of the circumstances below apply, it is likely to involve additional work or you may require advice from another department within the practice:
- if you are selling a tenanted property;
- if you are acting in your capacity as director of a company and/or require the discharge of any company mortgages at Companies House;
- if the property you are selling is to be transferred out of an existing title and documents need to be drafted or negotiated;
- if you are selling the property as an executor or acting as an attorney under a lasting power of attorney.
Overview of the conveyancing process
As members of the Law Society’s Conveyancing Quality Scheme we follow the Law Society Conveyancing Protocol which is designed to make the conveyancing process as straightforward and efficient as possible.
The steps involved in the sale of your property will include the following:
- If the title to your property is unregistered, we will ask you to supply your title deeds. It is likely however that your property will be registered, and if it is, we can obtain title documents from HM Land Registry electronically.
- Once you have instructed us to proceed, we will send to you a short questionnaire and the relevant protocol forms (property information form, and a fittings and contents form) for completion;
- Once we have received your completed paperwork, along with the memorandum of sale from the selling agents (or details of the buyer’s solicitors from you if it is private sale) we will prepare the contract pack for the buyer’s solicitors.
- As soon as your buyer is in a position to proceed (that is once they have concluded their financial arrangements and completed survey and enquiries, and all relevant searches), we shall discuss with you and agree with your buyer’s solicitor a suitable completion date for your sale. If you have a related purchase, we will also need to agree this date with your seller’s solicitor.
- Once contracts have been exchanged there is a legally binding agreement between you and your buyer for the sale and purchase of your property and you have to complete on the date agreed in the contract.
- On the completion date we will notify you once the sale proceeds are received and advise your estate agent if the sale was negotiated by them and pay their account. We will also pay off any mortgage which you have secured on your property, and either return the net proceeds to you or apply those funds to your related purchase.
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