On all of our residential sale files and purchase we provide a fixed fee from the very start when any clients telephone our offices and we try our utmost to give a quotation which is as accurate as possible. Our fees are fixed and furthermore our Client Care Letter clearly lists our legal costs with the VAT and any disbursements which are payable.
This ensures from the very outset what our client is expected to pay and we do not have any hidden or further costs. If for some reason further costs are anticipated during the course of the transaction then we will first inform you before any additional work is undertaken and obtain your agreement to this.
RESIDENTIAL SALE PROPERTY FEES
The usual cost for conveyancing sales range from £595 to £1,250 plus VAT (charged at 20%). The fee is based on the property value and location and we operate a scale system and depending on the location and value of the property.
When we provide a quote at the very start of the transaction our costs are fixed.
There are usually additional costs involved which as explained above will be provided to you in writing and an explanation given and these are usually the following:-
- Defective Title Insurance.
- Legal costs if there is more than one Charge which needs to be redeemed.
- Statutory Declaration or any Change of Name Deeds.
- If we need to obtain Certificates from third parties such as the local authority or from individuals in which we require their consent.
- Any Planning Permission or Building Regulations documents which we may need from the local authority as well as for example, File Certificates such as windows, boiler installation and Tree Preservation Orders.
DISBURSEMENTS
The following disbursements apply in relation to sale files:-
- A Telegraphic Transfer Fee of £25 plus VAT (charged at 20%).
- A digital ID check of £20 inclusive of VAT (charged at 20%).
- Official Copies or Register estimated between £6 and £12 including VAT.
The above are disbursements and are usually paid to third parties.
STAGES OF SALE TRANSACTION
- Provide a quotation to you over the phone and if agreed a file opened and the relevant Client Care Letters are submitted to you. Upon receipt of your identification and signed Client Care Letters with payment on account we will proceed to obtain the relevant documents from the Land Registry as well as obtaining an initial Mortgage Redemption Statement.
- Prepare draft Contract documentation which complies with CQS (the Conveyancing Quality Scheme) and submit this to the buyer’s Solicitors.
- When we receive enquiries from the buyer’s Solicitors we will obtain your instructions and issue the replies to the buyer’s Solicitors.
- Once the purchaser’s Solicitors are satisfied that they have received replies to enquiries we shall obtain a mutually convenient appointment for you to attend our offices to sign the Contract documentation and the Transfer Deed.
- We will then communicate with the buyer’s Solicitors to agree an exchange and completion date and take your instructions to confirm if you are in agreement to the date.
- We will prepare a Completion Statement showing the full balance due to you on completion which will detail the total costs associated in the transaction which typically consist of the sale price, the amount of monies which you have paid on account less any redemption to the mortgage company, estate agents, our legal costs and any disbursements which we will clearly detail on the Completion Statement to you.
- Upon your authority, which we will obtain on the day of exchange, we will exchange Contracts with the purchaser’s Solicitors.
- On the day of completion we will upon receiving the completion funds we shall inform the purchaser’s Solicitors and inform you of the same for keys to be released to the Estate Agents as well informing the Estate Agents that completion has taken place.
- We will pay the mortgage company the amount due on completion as well as any Estate Agents fees and take our Bill for our costs and remit the balance to you via telegraphic transfer.
- We shall submit to the purchaser’s Solicitors on the day of completion signed documentation which usually includes the Transfer Deed and any Indemnity Policies which we have activated on your behalf as well as any original Guarantees and other Certificates that may be required.
We must inform you that we do not get involved in relation to the delivery or collection of keys and this is between you and the buyer, or between you and the Estate Agents. Nor can we advise you in relation to any Tax implications upon the sale of your property or the valuation of your property.
TIMESCALES
There are many factors which affect the timescales of a person selling a property however we estimate that if there are no delays by the buyer or the buyer’s Solicitors then on average the transaction can take between 6 to 8 weeks. However you need to appreciate that the conveyancing transaction is heavily dependent on parties being able to communicate with each other easily, returning signed documents whether it be by you, your buyer or by the buyer’s Solicitors and for all parties to move as efficiently as possible.
LEASEHOLD SALES
The sale of a Leasehold property is similar to the above however the only slight difference is that we have to get in touch with the Management Company and obtain the Management Re-Sale Pack. There is a cost which we cannot quote at the start of the transaction as Management Companies charge very different fees and some can be as little as £100 and we have had instances in which we have had to pay on behalf of our clients as much as a £1,000 plus VAT (charged at 20%) for the Management Pack to be provided to us so we can send this to your buyer’s Solicitors.
We will write to the Management Company and obtain their costs for the Re-Sale Pack and as soon as we have this we shall inform you for you to put us in receipt or alternatively, you can make arrangements and pay the fee directly to the Management Company.
With a Leasehold property the other important issue is that upon completion Ground Rent and Service Charge apportionments will need to be done as you may have paid Service Charge or Ground Rent for the whole of the year but completion could take place in the middle of the year and therefore the relevant calculations will be done between the vendor and the purchaser’s Solicitors which will be shown to you and for you to agree so that you are credited any monies due to you. Likewise, if there is a balance due on the Service Charge and the Ground Rent account then this is something which you will have to pay upon completion and it will be taken out from your sale proceeds for the buyer to pay upon completion.
With a Leasehold property it is common for the buyer’s Solicitors to request a retention depending on the Service Charge amount which protects the buyer if following completion there is a shortfall in the 12 months Service Charge accounts on when you owned the property and that the buyer’s Solicitors can therefore use some of the retention monies towards any deficit. These Terms and Conditions are usually agreed by Rider which is inserted into the Contract and is usually held by the buyer’s Solicitors for a period of between one to two years before the Service Charge accounts are drawn up.
Following completion you would under a duty to inform us when the Service Charge accounts have been made ready or when you think they have been made ready so we can communicate with the buyer’s Solicitors and see if the retention can be apportioned and for any credit is reimbursed due to you.
Subject to the complexity of the case and your instruction your matter will be dealt with either by a partner (8+ years qualification/experience) with the assistance of an available solicitor (2 years qualification/experience) or by a qualified solicitor assisted by a trainee solicitor.
