CONVEYANCING COSTS FOR SALE

 

CONVEYANCING COSTS FOR SALE

 

Our average standard legal fees for the sale of residential freehold and leasehold property is from £725 – £2000 + VAT (£870 – £2,400 Inc. VAT) for properties up to the value of £2 million. Please see our fee scale below:

 

 

Sale Price Typical Fees
Up to £500,000 £775 + VAT (£930 Inc. VAT)
£500,001-£750,000 £875 + VAT (£1050 Inc. VAT)
£750,001 to £850,000 £975 + VAT (£1170 Inc. VAT)
£850,001 to £950,000 £1075+VAT (£1290) Inc. VAT)
£950,001 to £1 million £1375 + VAT (£1650 Inc. VAT)
£1 million to £1.5 million £1800 + VAT (£2160 Inc. VAT)
£1.5 million to £2 million £2500 + VAT (£3000 Inc. VAT)
£2 million + on application

 

  • The value of the property, location and any complexities of the sale will dictate the final fee charged within this range.
  • We will charge the sum of £50 + VAT (£60 Inc. VAT) for Electronic money transfers.
  • Leasehold properties £175+VAT (£210 Inc. VAT)
  • Below, we detail what services are covered in our standard fee.
  • VAT will be payable on our fees and some disbursements and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them. VAT is charged at a rate of 20%

 

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.

 

Our average fees assume that:

 

  1. 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.
  2. For Leasehold matters this is the assignment of an existing lease and is not the grant of a new lease.
  3. The transaction is concluded in a timely manner and no unforeseen complications arise.
  4. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
  5. 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 smooth 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.

 

  • Office copies of title deeds £6
  • Mortgage legal fees on redemption £195.00+VAT (£234.00 Inc. VAT)
  • Islamic Mortgages redemption – £425.00+VAT (£510 Inc. VAT)
  • AML Search Fee (per search) £35.00+VAT (£42.00 Inc. VAT)
  • Help to Buy, equity mortgage redemption £350.00+VAT (£420 Inc. VAT)
  • Company Search Fee (per search) £50.00 + VAT (£60.00 Inc. VAT)
  • Land Registry Office Copy and Title Plan (per Title) £6.00
  • Bankruptcy Search (per name) £2.00
  • Land Registry fees. Click here for more details of land registry fees payable. We will advise the fees that are relevant to your matter when we have the details of your property.

 

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

 

  • Management pack, these are typically between £300 – £600 + VAT (£360 – £720 Inc. VAT) but we will confirm with you on application and review of your property sale.

 

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

 

Aborted Cases

 

If the transaction should go abortive, then depending on what stage you are at will depend on how much you will be charged. Please note that any disbursements paid we will be unable to claim back.

 

Expedition Charges

 

At the outset of the matter, we will advise you that transaction may take 6-8 weeks. Should you instruct us that you require the completion of the matter prior to 6 weeks from the date of instructions, then we reserve the right to charge additional fixed legal fees of £195.00 + VAT (£234 Inc. VAT) depending upon how soon you require us to complete the matter.

 

Protracted Transaction 

 

If the matter takes longer than the agreed period of completion which is 6-8 weeks, due to any reason whatsoever, then we reserve the right to charge additional fixed legal fees of £195.00 plus VAT (£234 + VAT) depending upon how long the matter is delayed.

 

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 time that it will take from you accepting an offer until you can move out will depend on a number of factors. The average process takes between 8-10 weeks from the date of instruction.
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.

 

For example, if you are selling to a first time buyer and have nothing to buy, it could take 8-10 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 4-6 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.
  • Approving transfer fee and obtaining your signature to it.
  • Completing the transaction and discharging any mortgage.
  • 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
  • Multiple lenders
  • Shared ownership scheme.
  • Using a help to buy scheme, and whether it is an equity loan or ISA.
  • Sale under right to buy or help to buy
  • Sale at auction
  • Islamic mortgages
  • Property has been repossessed
  • Where the seller is in arrears of mortgage
  • Other unusual or complex matters

 

For further information relating to our pricing structure or any other questions you may have relating to our fees and services, please contact our Conveyancing Team on 0208 577 1222.

 

  • Senior Partner, Chaman Lal is the founder of CL Law Solicitors with over 20 years PQE. He is the driving force of the firm and thrives in dealing with complex and high Net cases. He has extensive experience in Residential and Commercial Conveyancing including Grant or Assignment of Leases and is known for going above and beyond to achieve the best results for his clients. Chaman has overall supervision of the property department and the team.

 

  • Head of the Property Department, Hardeep Singh Grewal LLB (Hons) is a Partner at the firm. He joined the firm in December 2014 as a Legal Assistant and progressed to qualify as a Solicitor in September 2019 after gaining experience in four seats. Hardeep handles a range of conveyancing matters consisting of both Residential and Commercial Property. Hardeep is known for his focused attention to detail and prides himself on excellent client care, ensuring all property transactions run smoothly and efficiently.

 

  • Mandeep Kaur Neta LLM is a Trainee Solicitor, she is overall supervised by Chaman Lal and in Conveyancing matters by Hardeep Grewal. Mandeep has gained experience in all aspects of residential Conveyancing including Remortgage, Transfer of Equity, sales and purchases of leasehold and freehold properties. Mandeep is known for her efficiency in bringing all Residential conveyancing transactions to a speedy and satisfactory conclusion.

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