In accordance with SRA Transparency Guidance 2018, please find below our approach to fees and service in relation to a Freehold Residential Sale.
What is this going to cost me?
Fees incurred by you for a Freehold Sale are calculated on a fixed fee basis based on the value of the property.
What does this include?
Our fees cover all the work required to complete the sale of your freehold property. This includes:
- Acting for you in the sale;
- Acting for any lender in the discharge of any charge
The legal fees are calculated on a fixed fee basis using an hourly rate. 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 which are required for 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 or information;
- No indemnity policies are required. Additional costs may be incurred if these are required.
Should any of these become apparent during the course of the transaction, your contact will advise you as soon as possible, and advise you of any cost implications.
Disbursements are expenses that are payable to third parties, such as Land Registry fees. We handle the payment of disbursements on your behalf to ensure a smoother process.
The disbursements we usually anticipate for a freehold sale are detailed below. This is not an exhaustive list and other disbursements may apply depending on the property:
- Land Registry document Fee £6 – £12
What else will I need to consider?
Please find below all payments you will need to consider, which are likely to need to be paid in addition to the fees and disbursements detailed above.
Other Tax payments on the Freehold Sale:
- Any payment of tax relating to the sale is in addition to the legal costs and disbursements, and the amount and timing of that payment is dependent on your personal tax position. Please ensure that you consider any potential additional payment required.
What happens if I change my mind and don’t want to go through with the transaction anymore?
Should you wish to terminate the transaction at any time, you will be liable for any costs and disbursements incurred to date, and will be billed for them.
Additional services and searches
The following additional services may be required and will be charged in addition to the disbursements quoted to you, based on the cost of the service.
- Copies of planning permissions or other installation certificates
How long is my transaction likely to take?
How long the sale of a freehold can take depends on a number of factors, for example the number of parties in a chain.
The average timescale for a freehold sale from acceptance of an offer to completion is six to eight weeks.
What can I expect from this process?
The key stages in an average freehold sale are:
- Taking your instructions and giving you initial advise
- Giving advice on all documents and information you receive
- Preparing and submitting draft contract papers to the buyer’s lawyer
- Replying to enquiries raised by a buyer’s lawyer
- Sending final contract to you for signature
- Agreeing a completion date
- Exchanging contracts and notifying you that this has happened
- Effecting legal completion
- Discharging any charge(s) / mortgages
- Arranging monies to be transferred to you
We are dependent on information received from the counterparty’s lawyers, and can only work as fast as the information is given to us. We will keep you informed if we are experiencing any delays which are likely to impact on the desired completion date of the transaction.
Who is going to do this work for me and what is their experience?
The work will be carried out by one or more of our lawyers in the Residential Conveyancing Team.