Sale
Selling a property
Selling a property can be an exciting but also daunting process. There are different legal aspects that should be considered. A named solicitor will be allocated to your sale from start to finish and they will assist you with expert legal advice for all questions and tasks around selling a residential property.
How much does this service cost?
The below is for example purposes, a full individual quote will be given as part of the instruction
For example, if you are selling a freehold property with a value £250,000 the fee will be £1,250.00 plus VAT (20%) and Disbursements.
Our example of conveyancer’s fees and disbursements based on a selling price of £250,000 are:
Sale of a property Example Charges
| Item | Cost | VAT Amount (20%) | Total |
|---|---|---|---|
| Legal Fee | £1,250.00 + VAT | £250.00 | £1,500.00 |
| Electronic money transfer fee (per transaction) | £40.00 + VAT | £8.00 | £48.00 |
| Land registry office copy | £6.00 (No VAT) | N/A | £6.00 |
| HSBC Bank Transfer fee (per transaction) | £8.00 + VAT | £1.60 | £9.60 |
Stages of the Sale Process
The precise stages involved in the sale of a residential property vary according to the circumstances. Here are some of the key stages that often apply:
- Take your instructions
- Liaise with your estate agent
- Prepare and issue contract documents
- Review seller’s property information forms and supply to buyer’s solicitors
- Reply to any enquiries raised by buyer’s solicitors
- Give you advice on all documentation and information received
- Obtain a mortgage settlement statement from your mortgage lender
- Approve draft transfer deed
- Send final contract to you for signature
- Agree completion date (date you will need to move out of the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies to be received from buyer’s solicitors and pay funds to clear mortgage
- Complete sale
- Account to you with the sale proceeds and settle any estate agent account
How long will this take?
It is often difficult to give a precise indication of the likely timescale, as it depends on such things as whether you, or your buyer in the case of a sale, are obtaining a mortgage, whether there is a chain of properties involved, or whether there are any other unusual circumstances involved. The average process can take between 10-16 weeks but please remember that this is very much an average figure. We will update you as the work progresses and as and when it becomes necessary to amend any indication we have given or becomes possible to improve on the indications we have given you.
Abortive Sale Transaction
If you change your mind before exchange of Contracts, you will not have to pay anything to your seller/buyer. However, dependent upon the stage that the transaction reached you may lose your survey fees, search fees and other fees paid out. We may have to charge you to cover the work we have carried out on your behalf and the charge will depend upon the stage the transaction has reached and is entirely at our discretion.
If you have already exchanged Contracts and you change your mind you are likely to incur heavy financial penalties for breach of Contract. You should contact us immediately to enable us to fully advise you of your options.
