Freehold/ Leasehold Sale of Property

Most solicitors charge a fee proportionate to the value of the property, so the fee you will pay depends on the price you are paying for your property, together with a number of factors including the complexity of the title and your funding arrangements.

Our fees range from £850.00 plus VAT (£ 1020.00 including VAT) for a freehold property priced at £150,000.00 to £3,000.00 plus VAT (£3,600.00 including VAT) for a freehold property priced at £2,000,000.

We have set out below an example of a quote are based on a freehold sale property price of £200,000

Our fees cover all work required to complete the sale including obtaining a redemption figure from your lender and checking with you that the figure is correct;

Conveyancer’s fees and disbursements

· Legal fee £1,100.00.00

· VAT on legal fee at 20% £220.00

· Electronic money transfer fee £40.00

· VAT on electronic money transfer at 20% £8.00

· Subtotal £1,368.00

Disbursements are costs related to your matter that are payable to third parties, such as HM 

Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process

· Electronic Identity verification £54.00   per person (Inc VAT) at 20%

.Official copies of each title document relating to your property, from HM Land Registry. These documents generally cost from £14.40 (Inc VAT) at 20% 

· Subtotal £ 68.40 

· Estimated Total: £1,436.40

Other transactions and additional fees

The above example quotation is on the basis of general sale transaction at £200,000 our fees vary depending on a number of factors such as complexity and purchase price. Below is a table showing how the fees can vary in this regard.

                Sale Value                                                           Legal Fee for Sale

Up to   –         £150,000                                      From  £850 – £1,100.00 + VAT at 20%

£150,001 –    £400,000                                      From £1,100 .00– £1350 + VAT at 20%

£400,001 –    £650,000                                      From £1350 – £1750 + VAT at 20%

£650,001 –    £750,000                                      From £1750 – £2050 + VAT at 20%

£750,001 –    £950,000                                      From £2050 – £2450 + VAT at 20%

£950,001 –    £1,100,000                                   From £2450 – £2750 + VAT at 20%

£1,100,001 – £2,000,000                                   From £2750 – £3000 + VAT at 20%

Additional Fees

Certain transactions can require additional work, and these can include leasehold properties, unregistered properties as an example. The additional prices for these types of transactions are set out below. We shall advise you beforehand what the additional charge will be. 

• Leasehold              £200.00 + VAT at 20%
• Unregistered Title    £200.00 +VAT at 20%
• Arranging a Defective Title/Search Validation Indemnity Policy £50.00+ VAT at 20%
• If we are asked to hold a retention on completion e.g. because there are unknown service charges at the date of completion. A retainer of £150+VAT at 20% to retain the funds 

We reserve the right to review our fees if a transaction becomes complicated. This will be discussed with you in advance. Wherever possible, our conveyancing work is carried out on the basis of the estimate provided. Within this estimate we will include all conventional work associated with a typical conveyancing transaction. However, sometimes issues arise during the course of a transaction which are not normally part of the conveyancing process and for which we have to make an additional charge. Some items occur more often than others and for these items we have standard fees which are set out above. However please note that this list is not exhaustive

Timeframe for how long the house sale will take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8-12 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such, a situation additional charges would apply. 

The Key Stages of a Sale:

The precise stages involved in the sale of a residential property vary according to the circumstances. However, the key stages we will need to carry out for your sale are:

· Take your instructions and give you initial advice

· Obtain copies of your title and check for any restrictions on the sale

· Draft and prepare contract papers for the buyer’s solicitor

· Receive and reply to any enquiries raised by the buyer’s solicitor (and advise you and take    instructions from you accordingly)

· Obtain a settlement figure for any mortgages on the property

· Send final contract to you for signature

· Agree completion date (date you move out of the property)

· Exchange contracts and notify you that this has happened

· Complete sale

· Redeem any mortgages on the property

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

· The transaction is concluded in a timely manner and no unforeseen complications 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

Your Sale will be dealt with by Ozma Ali who is a qualified solicitor who has specialized in conveyancing for over 20 years and has a wealth of experience. Please do not hesitate to contact her on 0204 513 1296 or by email, to ozma.ali@glamissolicitors.com