The average cost for a straightforward residential freehold sale is between £425 – £800 plus VAT (currently 20%) for properties up to a value of £1million. Properties over £1million are charged by agreed fee. The costs are quoted on a fixed fee basis dependent on the value of the property and the complexity of the transaction.
We have always adopted the policy of informing our clients of the anticipated fees applicable at the outset of their matter and our quotes are “to the penny” to assist our clients with their budgeting from the very outset.
The costs include all standard aspects of a residential sale such as:-
- Taking your instructions and giving you initial advice before you commit to any unnecessary expenditure
- Review of Sales Particulars
- Obtaining office copies of title and related documents
- Review of title and drafting of contract
- Completion of Seller’s Information and Fixtures and Fittings Forms
- Issue of draft contract papers and accompanying documentation
- Dealing with additional enquiries
- Agreeing form of Contract
- Dealing with all matters leading up to and including exchange of contracts
- Exchange of contracts and notifying you of exchange
- Approving Transfer and replying to Requisitions on Title
- Drafting and agreeing completion statements with both buyer’s solicitor and seller
- Completion of Sale
- Repayment of mortgage by same day electronic bank transfer (CHAPS)
- Settling Agents’ fees
- Accounting to client as to net sale proceeds by electronic bank transfer
There are a number of factors that could make the matter more complex and cause delay and in turn may increase costs. These can include, but are not limited to:-
- Time delay caused by buyers or others in the chain
- Unclear instructions/Sales Particulars
- Defects in the title which require remedying prior to exchange of contracts
- Issues revealed by searches
- Issues revealed by enquiries
- Unreasonable delay from third parties providing documentation
- Client or buyer not being based in the UK
- Use of foreign funds/Anti Money Laundering issues
- Environment issues
- Quality and availability of opponent – if there is a poor quality or inexperienced conveyancer on the other side or we are unable to receive prompt responses this may make any matter more time consuming and cause delay
- Increased risk
- Drafting of additional documents ancillary to the transaction such as, but not limited to, the following:-
-Statutory Declaration/Statements of Truth/Deeds of Grant of Easements - Dealing with Unregistered Title queries
- Dealing with the Reconstitution of Title
- Application for Adverse Possession
Additional Disbursements:-
There are a number of disbursements that may need to be paid in addition to the above costs including:-
- Official copy register entries of title and documents referred to in the title (estimated between £6 – £15)
- Indemnity policies (as necessary, the cost of these will vary dependent on the type of policy)
- Administration charge for same day electronic transfer of funds (CHAPS) (£40 plus VAT for each payment)
- We are charged a Case Management fee per transaction of £20 plus VAT for online access to the Land Registry to secure online savings for you
Timescales
Our Team estimates that a typical transaction will take 8-12 weeks. If your buyer is a cash buyer and there is no chain completion could be expected within 4-8 weeks.
[select-faq faq_id=’1133′]