Residential Freehold and Leasehold Purchases - Salusbury Harding & Barlow - Solicitors and Notaries

Residential Freehold and Leasehold Sales

Note: In our below figures “VAT” refers to Value Added Tax, a government tax which we are required to charge on our fees, currently at the rate of 20%

Please contact one of our conveyancing solicitors, whose details appear in the Our People section of our website - Shani Swift, Ian Hilton-Tapp, Colin Gooch and Sarah Pears.

Freehold House sale:

Our fees cover all of the work required to complete the sale of your home, including dealing with the repayment of your mortgage and paying the estate agent. Our fees vary depending on the value of the property being sold - the following figures provide guide prices at the stated property price points. In some cases we may identify circumstances which involve additional costs and we will discuss this with you.

Examples of Conveyancer's fees and disbursements:

For transactions at a higher value than the examples shown above, our Legal fee and Transfer fee will typically be calculated on an increasing scale following the above examples. This means that on a sale at £1 million our fees would be £2,500 and £30 + VAT of £506 and our fees for a sale at a price higher than £1 million would be calculated as 0.25% of the selling price of the property (plus VAT charged at 20% on that fee, plus the Transfer fee of £36 including VAT).

Disbursements are costs related to your matter that are payable to third parties, such as searches or Land Registry fees. We handle the payment of the disbursements on your behalf.

Additional fees:

In addition to our fees and disbursements as indicated above, additional fees may be payable in some cases. Some examples where this may be necessary:

(i) if you have more than one mortgage to pay off.

(ii) if you have got a government Help To Buy Equity Loan to pay off.

(iii) if you are selling a property that is not registered at the Land Registry, which can involve more work than a registered property.

How long will my house sale take?

How long it will take from you accepting your buyer’s offer until you can completed your sale will depend on a number of factors. The average process takes between 6-9 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if your buyer is a first time buyer, and you are not buying another property so there is no chain, it could take 6 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such a situation additional charges would apply based on the additional work involved. Your sale’s timing will also be guided by the timing of any linked transactions on the part of you or your buyer.

Stages of 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 key stages that will usually be relevant:

Take your instructions and give you initial advice
Prepare and send out contract documents
Obtain further documentation if required
Deal with any enquiries raised by the buyer’s solicitor
Meet you or send sale papers to you for signature
Agree a completion date
Apply for mortgage settlement figure(s) (if required)
Exchange contracts to make the deal binding and notify you that this has happened
Complete your purchase
Deal with repayment of your mortgage
Deal with payment of the estate agent
Account to you with the net proceeds of your sale

Please note that the examples of our fees assume that:

a. 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

b. this is the assignment of an existing lease and is not the grant of a new lease

c. the transaction is concluded in a timely manner and no unforeseen complications arise

d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Leasehold House/apartment sale:

Examples of Conveyancer's fees and disbursements:

For transactions at a higher value than the examples shown above, our Legal fee and Transfer fee will typically be calculated on an increasing scale following the above examples. This means that on a sale at £1 million our fees would be £2,700 and £30 + VAT of £546 and our fees for a sale at a price higher than £1 million would be calculated as 0.27% of the selling price of the property (plus VAT charged at 20% on that fee, plus the Transfer fee of £36 including VAT).

Disbursements are costs related to your matter that are payable to third parties, such as searches or Land Registry fees. We handle the payment of the disbursements on your behalf.

There are likely to be some disbursements the cost of which we cannot predict at this stage. For example, the buyer’s solicitor will require a Sale Information Pack from your landlord or their managing agent – we will obtain this for you but these often involve a fee payable to the landlord or their agent which can vary between £100 and £300 (including VAT), sometimes even more.

Additional fees:

In addition to our fees and disbursements as indicated above, additional fees may be payable in some cases. Some examples where this may be necessary:

(i) if you have more than one mortgage to pay off.

(ii) if you have got a government Help To Buy Equity Loan to pay off.

(iii) if you are selling a property that is not registered at the Land Registry, which can involve more work than a registered property.

How long will my sale take?

How long it will take from you accepting your buyer’s offer until you can completed your sale will depend on a number of factors. The average process takes between 8 to 10 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if your buyer is a first time buyer, and you are not buying another property so there is no chain, it could take 6 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such a situation additional charges would apply based on the additional work involved. Your sale’s timing will also be guided by the timing of any linked transactions on the part of you or your buyer.

Stages of 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 key stages that will usually be relevant:

Take your instructions and give you initial advice
Prepare and send out contract documents
Obtain further documentation if required
Deal with your landlord or their agent to obtain a Sale Information Pack
Deal with any enquiries raised by the buyer’s solicitor
Meet you or send sale papers to you for signature
Agree a completion date
Apply for mortgage settlement figure(s) (if required)
Exchange contracts to make the deal binding and notify you that this has happened
Complete your purchase
Deal with repayment of your mortgage
Deal with payment of the estate agent
Account to you with the net proceeds of your sale

Please note that the examples of our fees assume that:

b. this is the assignment of an existing lease and is not the grant of a new lease

c. the transaction is concluded in a timely manner and no unforeseen complications arise

d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.