Legal Fee Information for Sale of a Freehold or Leasehold Residential Property
Introduction
Our fees cover all of the work required to complete the sale of your home, including, where appropriate, dealing with your mortgage lender and paying off your mortgage (this assumes that you only have one mortgage)
Legal Fees
Legal Fees are the amount you will be required to pay for all of the work performed by us in actioning your instructions, from commencement of your case to conclusion.
Property Sale Rates and Fees
| Sale Price | Fees |
| £0- £300,000 | £895+VAT (a total of £1,074 Inc. VAT ) |
| £300,001 – £400,000 | £995+VAT (a total of £1,194 Inc. VAT ) |
| £400,001 – £500,000 | £1,150+VAT (a total of £1,380 Inc. VAT ) |
| £500,001 – £600,000 | £1,250+VAT (a total of £1,500 Inc. VAT ) |
| £600,001 – £800,000 | £1,500+VAT (a total of £1,800 Inc. VAT ) |
| £800,001 – £1,000,000 | £1,750+VAT (a total of £2,100 Inc. VAT) |
| £1 million+ | 0.25% plus VAT of the purchase price |
Other Rates and Fees
| Requirement | Fees |
| Personal Verification Check (per person) | £12.50+VAT (a total of £15 Inc. VAT) |
| Company Verification Checks | £16.67+VAT (a total of £20 Inc. VAT) |
| CHAPS Transfer fee (per transfer) | £35+VAT (a total of £42 Inc. VAT) |
| FASTER Payment Fee | FREE |
Addition Fees
| Requirement | Fees |
| Leasehold properties | £250+VAT (a total of £300 Inc. VAT) |
| Redeeming a Help To Buy mortgage | £175+VAT (a total of £210 Inc. VAT) |
| Arranging Indemnity Insurance | £75+VAT (a total of £90 Inc. VAT) |
| Bankruptcy search | £2+VAT (a total of £2.20 Inc. VAT) |
Disbursements
| Requirement | Fees |
| Land Registry Official Copies | £3+VAT (a total of £3.60 Inc. VAT) per copy |
| Management Pack for leasehold property | £200-£500+VAT (a total of £240-£600 Inc. VAT) Approx. |
For Re-mortgage and equity release services, please click on the link below to view our fees:
Re-mortgage and equity release fees
- The value of the property and any complexities of the sale will dictate the final fee charged within this range.
- We will charge the sum of £35 + VAT (£42 Inc. VAT) for Electronic money transfers.
- Below, we detail what services are covered in our standard fee.
- VAT will be payable on our fees and some disbursements and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them.
- If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.
Our average fees assume that:
- 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.
- For Leasehold matters this is the assignment of an existing lease.
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Disbursements and Other Costs
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.
You will be provided with a full list of disbursements in our formal quotation. If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount.
These fees shown above will vary from property to property and can on occasions be significantly more than the ranges given above. We will give you an accurate figure once we have sight of the relevant documentation.
How long will my property sale take?
How long it will take from your acceptance of an offer to the final sale of your property will depend on a number of factors.
The time that it will take from you accepting an offer until you can move out will depend on a number of factors. The average process takes between 10-14 weeks.
It can be quicker or slower, depending on a number of factors and we will notify you if we believe your transaction may take longer than average or if something occurs in your case to extend the transaction time.
For example, if you are selling to a first time buyer and have nothing to buy, it could take 10-14 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 4-6 months. In such, a situation additional charges would apply and we will notify you of the additional charges and time estimate when we, or the buyers, solicitors have engaged the landlord to discuss the extension.
Stages of the Process
The precise stages involved in the sale of a residential property vary according to the circumstances.
We have set out the key stages of a standard transaction: –
- Taking your instructions and giving you initial advice.
- Undertaking regulatory checks.
- Drafting the contract and sending it with any related titled documents to the purchasers solicitors
- Responding to enquiries of purchaser’s solicitor.
- Giving you advice on all documents and information received.
- Advising you on joint or shared ownership.
- Advising on any mortgage redemption, if appropriate.
- Sending final contract to you for signature.
- Agreeing completion date (date from which you no longer own the property).
- Exchanging contracts and notifying you that this has happened.
- Approving transfer fee and obtaining your signature to it.
- Completing the transaction and discharging any mortgage.
- Arranging for all monies needed to be received from your buyer and distributing those monies.
Other Factors
Other Factors to consider which may affect your Legal Fees: –
- Value of the property.
- In Sale cases, whether primary residence, buy to let or second/holiday home.
- Multiple owners.
- Shared ownership scheme.
- Using a help to buy scheme, and whether it is an equity loan or ISA.
- Sale under right to buy.
- Sale at auction.
- Property has been repossessed.
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.
The following fee earners handle Residential Property matters:
Christopher Chandler is a Director and Senior Qualified Solicitor with over 40 years PQE. Christopher qualified as a Solicitor in the 1970s and has expertise all areas of residential and commercial conveyancing matters.
Diana Davis is a Director at Chandler Ray Solicitors and Senior Qualified Solicitor with over 30 years PQE. She qualified as a solicitor in 1984 and joined Chandler Ray in 1998. She has substantial experience of the full range of property and land transactions, both in price range and complexity.
Rosie Bamford is a senior qualified solicitor with almost 10 years PQE. Rosie qualified in 2011 and has expertise all areas of residential and commercial property conveyancing matters.
Rachel Bates is an experienced paralegal working in the property department at Chandler Ray Solicitors, and she is supervised by Diana Davis. She has worked for many years assisting in property transactions.
Questions
If you have any questions relating to our services and our fees, please call us on 01280 814040 or email reception@chandlerray.co.uk
