Estimated Residential Property Sale Fees
To provide you with an indication of our fees, we have provided the following examples of a sale of a freehold residential property, and of a leasehold residential property below.
Sale of a freehold residential property
Our fees cover all of the work* required to complete the sale of your home.
Our conveyancing fees and disbursements based on a sale of a freehold house in Eastbourne, which is not a ‘new build’ property; at a price of £275,000.00 who are selling their main residence:
- Legal fee £950.00 (plus VAT)
- Electronic money transfer fee £45.00 per transfer (plus VAT)
- AML Search fee £15.00 per person (plus VAT)
- Land Registry official copies £15.00 (estimated)
- VAT payable £205.00
Estimated total: £1,245.00
This estimate is based upon a joint sale (i.e. two people) and a single electronic money transfer as part of the transaction.
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.
How long will my house sale take?
How long it will take, from accepting an offer, until completion, will depend on a number of factors. The average process takes between 6 to 8 weeks to reach the point of exchange. The completion date, and the time between exchange and completion, is something which is mutually agreed between all parties in the chain. It is usual to have 2 to 3 weeks between exchange and completion – but this can be a shorter period, or a longer one.
It can be quicker or slower, depending upon the parties in the chain. For example, if you are selling to a first time buyer and they have everything in place it could take 4 weeks. However, if you are selling to someone who is selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. However, some key stages are listed below, and include:
- Take your instructions and give you initial advice
- Provide you with initial Property forms for you to complete and return
- Check the title to your Property and the forms you have returned
- Provide the title and Property forms to the buyer’s conveyancer
- Receive enquiries of the buyer’s conveyancer
- Reply to the enquiries that we are able to and raise any that we cannot with you
- Send final contract to you for signature, this is done when we send you enquiries
- Respond to all enquiries
- Agree completion date (date from which you sell the property)
- Exchange contracts and notify you that this has happened
- Obtain redemption statement if necessary
- Complete purchase and redeem mortgage, if necessary
Sale of a leasehold residential property
Our fees cover all of the work* required to complete the sale of your flat.
Our conveyancing fees and disbursements based on a sale of a leasehold flat in Eastbourne, which is not a ‘new build’ property; at a price of £275,000.00 who are selling their main residence:
- Legal fee £950.00 (plus VAT)
- Lease £500.00 (plus VAT)
- Electronic money transfer fee £45.00 per transfer (plus VAT)
- AML Search fee £15.00 per person (plus VAT)
- Land Registry official copies £20.00 (estimated)
- Landlord re-sale pack £500.00 (estimated)
- VAT payable £305.00
Estimated total: £2,350.00
This estimate is based upon a joint sale (i.e. two people) and a single electronic money transfer as part of the transaction.
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.
How long will my flat sale take?
How long it will take, from accepting an offer, until completion, will depend on a number of factors. The average process takes between 10 to 12 weeks to reach the point of exchange. The completion date, and the time between exchange and completion, is something which is mutually agreed between all parties in the chain. It is usual to have 2 to 3 weeks between exchange and completion – but this can be a shorter period, or a longer one.
It can be quicker or slower, depending upon the parties in the chain. For example, if you are selling to a first time buyer and they have everything in place it could take 6 weeks. However, if you are selling to someone who is selling a leasehold property that requires an extension of the lease, or your lease needs to be extended, this can take significantly longer, between 4 and 6 months.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. However, some key stages are listed below, and include:
- Take your instructions and give you initial advice
- Provide you with initial Property forms for you to complete and return
- Contact the Landlord/Managing Agent to obtain the re-sale pack
- Check the title to your Property and the forms you have returned
- Provide the title, Property forms and resale pack to the buyer’s conveyancer
- Receive enquiries of the buyer’s conveyancer
- Reply to the enquiries that we are able to and raise any that we cannot with you
- Send final contract to you for signature, this is done when we send you enquiries
- Respond to all enquiries
- Agree completion date (date from which you sell the property)
- Exchange contracts and notify you that this has happened
- Obtain redemption statement if necessary
- Complete purchase and redeem mortgage, if necessary
*Our fee assumes that:
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
- This is the assignment of an existing lease and is not the grant of a new lease
- The transaction is concluded in a timely manner and no unforeseen complication arise
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required
There are various factors which affect our fees. These include:
- Value of the property
- Re-mortgage
- Freehold or leasehold
- New build
- First registration of title
- Whether a mortgage or not, or Islamic mortgage
- Multiple owners
- Shared ownership scheme
- Redemption of a Help to Buy Loan
You will appreciate from the information above, that it is difficult to provide you with the information in written form to give you an exact quotation, as there are many factors which will affect the costs.
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For a personalised, no obligation quote please contact us on 01323 727321 or complete the contact form below.
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Our aim is always to provide information to you in a clear, transparent and easy to understand manner. However, should you have any queries or would like to speak to someone in person, please contact us and we will be happy to help.
Please note the above is for information purposes only and is intended to be a short summary. It should not be treated as a comprehensive guide and should not be acted on without qualified legal advice.