PROPERTY SALES - COSTS INFORMATION FOR RESIDENTIAL PROPERTY SALES
Our Residential Property Team has a first-class reputation for efficiency and excellence, while offering very competitive rates.
We appreciate that property transactions can be stressful, which is why we go beyond other law firms to ensure our clients have easy and direct access to the person handling the transaction. We can make appointments out of office hours if required.
Our proactive ethos helps to facilitate a quick and successful outcome.
We have set out this guide of our pricing for property sales, however the best way to get an accurate estimate of the cost of our assistance is to speak to us on 01823 745777 (for our Taunton office) or 01643 707777 (for our Minehead office) to give us a full appreciation of the details of your intended transaction which will enable us to give you an individual cost estimate at the start of the transaction.
We will always advise you immediately about any complication and discuss the potential impact before and additional charges are incurred. Our fees cover all of the work required to complete the sale, including redeeming any charges (e.g. mortgages) registered against the property.
In the majority of residential property sales we will be able to give to you specific details upfront of legal fees and the disbursements which you will incur. In a few limited instances, where it is particularly difficult to determine what the transaction will involve at the outset, we might deal with the matter based upon the time spent in completing the transaction at an agreed hourly rate. However, for transactions involving residential property, this is rare - we can usually provide you with accurate details of the legal fees upfront.
Range of Maitland Walker LLP’s legal costs
For a freehold sale
Our typical legal fees involving a residential property sale of a freehold property range from £725 + VAT for a simple transaction to £3,500 + VAT for a generally larger property with associated complexities.
For a leasehold sale
Our typical legal fees involving a residential property sale of a leasehold property range from £875 + VAT for a simple transaction to £3,500 + VAT for a generally larger and higher value leasehold property with associated complexities.
Please note that any reference to VAT is at the rate applicable at the time of the transaction, currently 20%, unless otherwise stated.
We will also charge the following fixed fee:
- Electronic money transfer fee - £35 + VAT (£42) – this fee is charged for the same day bank transfer that is required when redeeming any registered charges (e.g. mortgages) on completion or if you want us to send you the proceeds of sale on a same day basis.
- Client and Lawyer verification fee - £35 + VAT (£42) – This fee covers the cost of an identification search against all clients to comply with our anti-money laundering requirements and the cost of a search to verify the solicitors or licensed conveyancers acting for the seller to ensure they are a legitimate firm.
There is a difference between freehold and leasehold properties which will affect your costs. The costs for selling a leasehold property may be higher because of the additional work involved in obtaining replies to standard enquiries from Managing Agents and / or the Management Company and because there are often additional fees involved for obtaining an information pack from the management company (see below for details of the additional disbursements often involved).
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of such costs on your behalf as part of the service we offer. These disbursements are payable in addition to our costs. The likely disbursements that will be incurred in a residential property sale are:
- Land Registry fee - £7.50 - £15. This is the expected cost of obtaining an up to date copy of your title and any relevant ancillary documents from the Land Registry at the outset of your matter.
- Additional fees for the purchase of leasehold property – Generally where you are selling a leasehold property your Landlord or Management Company are likely to charge a fee for obtaining an information pack from them. This includes up to date insurance documents, service charge accounts and details of any disputes, etc. The usual cost is between £100 and £300 plus VAT. This fee varies from property to property and can on occasion be significantly more than the range given above. We can give you an accurate figure once we have confirmation from the Landlord or Managing Agents.
- Indemnity insurance - to be confirmed if required. These fees vary from property to property, depending on the issue being indemnified against. We can give you an accurate figure and will seek your instructions on payment of the cost ahead of exchange and completion.
The above figures are marked as exclusive of VAT, inclusive of VAT or no VAT is payable. When we provide you with detailed costings we confirm the VAT payable.
Factors that will determine Maitland Walker LLP’s legal costs within the range above
- The complexity of the title to the property
- The price
- The time which it is anticipated will need to be devoted to the matter
- The number of titles included within the property
- Whether it is freehold or leasehold
- The urgency
- The qualification level and specialist knowledge of the adviser who needs to be allocated to the matter (see below for our hourly rates)
The assumptions upon which the range of costs above is given are: (a) that property is not a farm or agricultural land (b) that the property is not a new build unit (c) the sale is not a sale of part where titles are being split and detailed consideration needs to be given to the grant and reservation of easements (e.g. rights of way and rights for services) and the relevance and effect of covenants (things which a buyer cannot do or is obliged to do); (d) that the property does not have a complicated unregistered title. If any of these assumptions do not apply to your transaction then this could bring our costs outside the given range of costs.
Work excluded from our costs that will involve supplemental fees
Some transactions will involve additional features that will result in us having to carry out additional work. We charge the following additional fees in these scenarios:
- Help to Buy Equity Loan - £175 + VAT – where you are redeeming or porting a Government or Armed Forces Help to Buy equity loan, an additional fee of £200 + VAT will be charged (per equity loan)
- Indemnity policies - £25 + VAT per indemnity policy issued
- Unregistered title - £150 + VAT per title
- Statutory declarations - £75 + VAT per statutory declaration prepared
- Completing a licence to assign or deed of covenant - £75 + VAT
- Serving Notice of Assignment/ Notice of Charge - £25 + VAT (per notice)
- Preparing Stock Transfer forms - £25 + VAT
How long will my sale take?
How long it will take from the offer being accepted until completion will depend on a number of factors. The average transaction takes between 6-12 weeks.
It can be quicker or slower, depending on factors such as: the number of parties in the chain; title problems needing to be resolved; surveys revealing items of disrepair which require rectification; some parties in the chain not wanting to complete quickly.
What are the stages in the process?
The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have set out some common key stages on sales and purchases:
- Solicitors take instructions and give initial advice
- Buyers check that their finances are in place to fund purchase and contact their lender if an offer of finance is needed
- Buyers commission a survey of the property if required
- Contracts, copy title documents and preliminary enquiries are dealt with
- Searches are carried out (these will vary depending upon the nature of the property)
- Buyers solicitors raise any necessary additional enquiries of seller’s solicitor
- Mortgage offer is received (if relevant) and the lender provides instructions to buyer’s solicitor
- Advice on is given by buyers solicitors on all documents and information received, usually in the form of a property report
- Contracts are signed in readiness for exchange
- The completion date is agreed (date on which the ownership of the property changes)
- Contracts are exchanged (the deal is now binding)
- The buyers solicitor obtains all monies needed from lender and buyer
- The sale/purchase completes
- Buyer’s solicitor deals with the payment of Stamp Duty Land Tax
- Buyer’s solicitor deals with application for registration at Land Registry
Who will do the work for me?
Please view the following link to view our legal advisers who deal with residential property transactions. This details the advisor's experience and qualification.
One of these advisers will be allocated to your transaction and will liaise with you directly.
Residential Property Hourly Rates
|Partners and solicitors of 8+ years experience||£200 - £275|
|Solicitors of 4+ years experience||£160 - £200|
|Other solicitors and experienced paralegals||£110 - £160|
|Trainee solicitors and paralegals||£90 - £110|