Average Fee for Residential Property Sales

How our charges are calculated

Our fees are based on the hourly rate of £350 + VAT at 20% per hour and the work will be handled by a qualified solicitor, who is both experienced and especially practised in conveyancing matters. Or by a trainee solicitor under the supervision of a qualified solicitor.

However, our fees assume:

• 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
• in the case of a leasehold interest, 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.

Additional fees:

Conveyancers fees

Legal fee up to 0.5% of the value of the transaction plus VAT (at 20%) and where your matter is a special case there will be an additional charge (see below)

You may incur an additional charge where your matter falls into the following special cases:

• Contract races
• New builds
• Synchronised chains
• Auctions

Please note this list is not exhaustive. Please contact us with your circumstances for more information.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the initial payment of the disbursements on your behalf to ensure a smoother process. Examples of typical disbursements and their estimated costs are:

Land Registry Documents – £3.00 per document (+ VAT (at 20%))

Estate agents fees typically are 1-3% of the value of the transactions

General

Our fees to not include obtaining Licences (for example a Licence to Assign) or obtaining managing agents packs which fees will depend on the landlord/ managing agents. Disbursement fees 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.

The Process:

• Taking your instructions and giving you initial advice
• Prepare the draft contract pack and all associated documents
• Obtain the managing agents pack or landlords replies to leasehold property enquiries
• Apply for licence to assign if the lease requires
• Reply to enquiries raised by the buyers solicitor
• Send final contract to you for signature
• Send the transfer to you for signature
• Agree completion date (date from which you own the property)
• Exchange contracts and notify you that this has happened
• Complete sale
• Redeem any mortgages and account to you with the balance sale proceeds
• Pay any estate agents fees

How long the transaction will take:

The timescales for completing sales vary for every transaction, in some cases the sale could take up to 6 months, depending on a number of factors. For example, it can be quicker or slower, depending on the parties in the chain.

*VAT – The current rate of VAT is 20%. This means that an hourly rate of £350 plus VAT will mean a total fee, inclusive of VAT, of £420. VAT rates vary from time to time. We are required to charge the applicable VAT at the time the work undertaken.