Sale of a Freehold or Leasehold Residential Property Costs

Sale of a Freehold or Leasehold Residential Property Costs

Introduction

Our fees cover all of the work required to complete the sale of your home.

Before comparing prices, we would advise you to carefully consider these key issues:

  1. Is the firm regulated by the SRA (Solicitor’s Regulation Authority)?
  2. Is the firm a member of the Conveyancing Quality Scheme, and can they act for my mortgage lender if applicable?
  3. What is the reputation of that firm? What do people say about them online and on their website?
  4. What is their service like? Do they have qualified and experienced people to handle my matter?  Do they have a support team that will help get things done?
  5. Does this firm have insurance if anything goes wrong?
  6. How will I know what is happening throughout my matter – does the firm have a way of reporting the key stages to me?

Once you are certain you have chosen the right firm for you, it is then a good idea to compare the cost of the service you will receive.

Legal Fees

Legal Fees are the amount you will be required to pay for all of the work performed by us in actioning your instructions, from commencement of your case to conclusion.

Our average standard legal fee for a residential freehold property sale will range from £995.00 – £1,995.00 plus VAT. (£1,194.00 – £2,394.00 Inc. VAT) plus disbursements, depending on the purchase/sale price of the property as seen below: 

Sale Fees FreeholdAverage Fees (Cost exclusive of VAT)VATTotal
£0,00 to £400,000£995.00£199.00£1,194.00
£400,001 to £600,000£1,450.00£290.00£1,740.00
£600,001 to £800,000£1,550.00£310.00£1,860.00
£800,001 to £1,000,000£1,650.00£330.00£1,980.00
£1,000,001 to £1,5000,000£1,995.00£399.00£2,394.00
£1,500,000 +£1,995.00£399.00£2,394.00

Our average standard legal fee for a residential leasehold property sale will range from £1,245.00 – £2,245.00 plus VAT. (£1,494.00 – £2,694.00 Inc. VAT) plus disbursements, depending on the purchase/sale price of the property as seen below: 

Sale Fees LeaseholdAverage Fees (Cost exclusive of VAT)VATTotal
£0,00 to £400,000£1,245.00£249.00£1,494.00
£400,001 to £600,000£1,700.00£340.00£2,040.00
£600,001 to £800,000£1,800.00£360.00£2,160.00
£800,001 to £1,000,000£1,900.00£380.00£2,280.00
£1,000,001 to £1,5000,000£2,245.00£449.00£2,694.00
£1,500,000 +£2,245.00£449.00£2,694.00
  • you can see a sample estimate for a property valued at £100,000 by clicking herethat shows you the costs involved, including all legal fees and disbursements related to your matter.
  • The value of the property and any complexities of the sale will dictate the final fee charged within this range.

Other factors will also include other supplemental fees which include:

  • Help to buy mortgage redemption fee £275.00 plus VAT (£330.00)

We are required by our regulator to undertake Client Due Diligence (CDD) which is made of up KYC (Know Your Client) and AML (Anti Money Laundering) details of which are contained within our terms of engagement which will be sent to you when instructing us. 

In addition to our standard charges as referred to above, the firm will apply a CDD charge of: 

  • £10 (£12 inc. VAT) for undertaking KYC 
  • We will charge the sum of £27.50 plus VAT (£33.00 inc. VAT) for electronic money transfers.
  • VAT will be payable on our fees and some disbursements, currently 20%, and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them.

If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.

Below, we detail what services are covered in our standard fee.

Our average fees assume that:

  1. The transaction is concluded in a timely manner and no unforeseen complication arise.
  2. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
  3. For Leasehold matters this is the assignment of an existing lease and is not the grant of a new lease.
  4. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Disbursements and Other Costs

Disbursements are costs related to your matter 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.

You will be provided with a full list of disbursements in our formal quotation.  If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount.

The following disbursements and other costs may apply in your matter.

If your property is leasehold, the following additional costs may arise:

  • Notice of Transfer fee – This fee, if chargeable, is set out in the lease and is often between £0 – £250 + VAT (£0 – £300 Inc. VAT)
  • Notice of Charge fee – If the property is to be mortgaged.  This fee is set out in the lease and is often between £0 – £250+ VAT (£0 – £300 Inc. VAT)
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate but is often between £0 and £250. + VAT (£0 – £300 Inc. VAT)
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease as can range between £0 and £250. + VAT (£0 – £300 Inc. VAT)

These fees will vary from property to property and can on occasions be significantly more than the ranges given above. We will give you an accurate figure once we have sight of your specific documents.

How long will my property sale take?

How long it will take from your acceptance of an offer to the final sale of your property will depend on a number of factors.

  • The average process takes between 12-16 weeks

It can be quicker or slower, depending on a number of factors and we will notify you if we believe your transaction may take longer than average or if something occurs in your case to extend the transaction time.

If you are selling a leasehold property that requires an extension of the lease, this can take longer, between 4 and 8 months. In such a situation, additional charges would apply and we will notify you of the additional charges and time estimate when we, or the buyers, solicitors have engaged the landlord to discuss the extension.

Stages of the Process

The precise stages involved in the sale of a residential property vary according to the circumstances.

We have set out the key stages of a standard transaction: – 

  • Taking your instructions and giving you initial advice.
  • Undertaking regulatory checks.
  • Responding to enquiries of purchaser’s solicitor.
  • Giving you advice on all documents and information received.
  • Advising you on joint or shared ownership.
  • Advising on any mortgage redemption, if appropriate.
  • Sending final contract to you for signature.
  • Agreeing completion date (date from which you no longer own the property).
  • Exchanging contracts and notifying you that this has happened.
  • Arranging for all monies needed to be received from your buyer and distributing those monies.

Other Factors

Other Factors to consider which may affect your Legal Fees: – 

  • Value of the property.
  • In Sale cases, whether primary residence, buy to let or second/holiday home.
  • Multiple owners.
  • Shared ownership scheme.
  • Using a help to buy scheme, and whether it is an equity loan or ISA.
  • Sale under right to buy.
  • Sale at auction.
  • Property has been repossessed.

These fees vary from property to property and can on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

Questions

If you have any questions relating to our services and our fees, please contact us at 01420 558 296 or email: enquiries@bookersandbolton.co.uk

Who Will Carry Out The Work?

All legal work will only be carried out by our experienced lawyers and over-seen by our Head of Property and the Senior Partner.

Our dedicated and experienced support team carry out all administrative tasks so that your lawyer can concentrate on getting the legal work done.

You will receive a full list of who is responsible for your matter upon instruction.  We are happy to discuss this with you and for you to meet the team at any point.