Fees & Disbursements
1. What Our Fee Includes
Our fees cover all of the work required to complete the sale of your home, including preparation of your contract bundle, liaising with the Land Registry and dealing with all enquiries received from your buyers.
2. Legal Costs
The following table provides an indicative guide of legal costs (i.e. our fees and disbursements) information in respect of 4 different transaction prices of £200,000, £400,000, £500,000 and £800,000.
We can of course more accurately calculate the total cost for your particular transaction and we should be pleased to provide you with a written quotation upon request.
| Property Price | Our Basic Fee (plus VAT) |
Disbursements (Costs relating to your matter that are payable to third parties.) |
||
| Obtaining Land Registry Official Copies of the Register of Title and Plan (no VAT) |
Online ID Verification Fee Per Person (plus VAT) |
Transaction Management and Progress Tracking Facility (plus VAT) |
||
| Up to £200,000 | £895 | £12 approx. | £4 | £25 |
| £200,001 – £400,000 | £945 | £12 approx. | £4 | £25 |
| £400,001 – £500,000 | £995 | £12 approx. | £4 | £25 |
| £500,001 – £650,000 | £1095 | £12 approx. | £4 | £25 |
| £650,001 – £800,000 | £1195 | £12 approx. | £4 | £25 |
The Total Cost indicated above is based on the assumption of a standard transaction with no unforeseen issues arising. These can include, for example, defects in title which require remedying and first registration of title if the title is unregistered. Supplemental fees may arise in certain circumstances (please see Note 3 below).
3. Supplemental Fees
Supplemental fees may apply (in addition to the above Total Cost) to your transaction in the following circumstances:
| Leasehold Sale [Private Landlord] | £350 + VAT | ||||||
|---|---|---|---|---|---|---|---|
| Leasehold Sale [Local Authority Landlord] | £250 + VAT | ||||||
| Shared Ownership Sale | £395 + VAT | ||||||
| Communal Services Freehold Estate Management | £350 + VAT | ||||||
| Redemption of a Mortgage | £150 + VAT | ||||||
| Redemption involving a Government Help to Buy Scheme | £350 + VAT | ||||||
| Bank Transfer Fee | £35 + VAT |
If you are selling a leasehold property additional disbursements are usually incurred (please see Note 4 below).
4. Leasehold Disbursements
Leasehold disbursements will vary from property to property as they are set by the respective freeholding owners and management companies involved. You can however expect to incur the following additional disbursements in the majority of leasehold purchases:
Leasehold Information Pack from the Landlord/Management Company £150 to 300
These fees can differ from the ranges given above depending on the particular leasehold development. We can give you an accurate figure once we have sight of your specific documents.
5. General Guidance Notes
- How long will my transaction take?
How long takes will depend on a number of factors. The average process takes between 8-12 weeks.
It can be quicker or slower, depending on the length of the chain of the transaction. For example, if you are selling to a first time buyer and the transaction is chain free it could take some 8 weeks. However if you are selling a leasehold or your transaction is part of a long chain it could take 12 weeks or more.
- Stages of the Transaction Process
The stages involved in a typical residential property transaction include: Taking of your instructions and giving you initial advice.
- Taking of your instructions and giving you initial advice.
- Obtaining up to date mortgage redemption figures (if applicable).
- Preparing and advising on contract documents and issuing the same to the buyer’s lawyer.
- Obtaining planning and building regulations documentation if required.
- Replying enquiries of buyer’s lawyer relating to the contract documentation.
- Providing you with the approved contract for signature and agreeing dates for exchange of contracts and completion.
- Exchanging contracts and notifying you that this has happened.
- Providing you with a financial completion statement for the transaction.
- Completing the transaction and discharging any mortgages on the property.
- Accounting to you for the net proceeds of the sale.