Selling a House

Sale of a residential property

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages:

  • Take your instructions and give you initial advice
  • Check with the Estate Agents the buyer’s ability to proceed and contact buyer’s solicitors
  • Obtain your authority to deal with your mortgage lender, if any
  • Submit to you for completion the Law Society Conveyancing Protocol Forms (Property Information Form and Fittings & Contents Form)
  • Obtain your Title Deeds, or copies from the Land Registry
  • Review your replies and request any further documentation that may be required
  • Prepare sale contract and submit this, with Protocol Forms and title documentation, to the buyer’s solicitors
  • Deal with any additional enquires raised by the buyer’s solicitors
  • Obtain your signature to the sale contract
  • Approve the draft Transfer Deed prepared by the buyer’s solicitors, and obtain your signature to this
  • Agree completion date (date on or before which you vacate the property)
  • Exchange contracts and notify you that this has happened
  • Obtain redemption statement from your mortgage lender, if any
  • Arrange for sale price to be received from the buyer’s solicitors
  • Complete sale
  • Deal with payment of redemption monies to your mortgage lender, if any

How long will my house sale take?

How long it will take from an offer being accepted until you can move out of your house will depend on a number of factors. The average process takes between 8-12 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you have agreed a sale to a first-time buyer, with a mortgage agreed in principle and have no related sale, it could take 8 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer. In such, a situation additional charges would apply.

Our 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. if you are selling a leasehold property, this involves 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 such policies are required.

How much does it cost?

Our fees cover all of the work required to complete the sale of your home, including dealing with repayment of your mortgage if any.

Conveyancer’s fees and disbursements

  • Our fee 0.4% of the sale  price plus VAT, or 0.5% of the sale price, where we are dealing with the sale of a flat. Subject to a minimum fee of £750 plus VAT
  •  Land Registry fees                                     £12.00
  •  Electronic money transfer fee                £26.00 plus VAT

In certain circumstances it may be beneficial to you for us to charge on an alternative basis.  The fee would be calculated by reference to an hourly charging rate. The range of rates is currently £175 to £275 per hour plus VAT, depending on the sale price. In our experience the average sale takes between 8 and 10 hours’ work.

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 smoother process.

In addition – When selling a leasehold residential property

There are certain disbursements which will be set out in the individual lease relating to the Property. The additional disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

  • Notice fee payable to freeholder re discharge of Charge (if your property is in mortgage) – This fee is set out in the lease. Often the fee is between £50 and £100 plus VAT.
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100 and £200 plus VAT.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease, and we estimate that this will be approx. £100.
  • Fee payable to management company for completion of Leasehold Property Enquiries (usually in form LPE1) where you are selling a flat

These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

 

How can we help you?

Contact us at LFBB Solicitors for more information or submit an inquiry online.