Acting for you in respect of your freehold residential sale:
As part of this service we will:
- Provide you with a dedicated and experienced team to work on your matter
- Take your initial instructions and give you initial advice
- Obtain title documents from the Land Registry and prepare contact pack once you have completed the initial property information forms for the particular freehold residential sale.
- Draft your contract for sale and issue to the buyer’s solicitors
- Take your instructions on any enquiries raised by your Buyer’s solicitors.
- Send you the final contract and arrange for you to sign in readiness for exchange
- Agree completion date (date from when you will no longer own the property and will have had to vacated the premises)
- Exchange Contracts and notify you that this has happened.
- Approve Transfer from the Buyer’s solicitors and send to you for signature and witnessing.
- Request your Estate Agents Commission Account for settlement on completion.
- Complete your transaction and send you the proceeds of sale once all fees and balances due have been paid.
- Send executed transfer to the Buyer’s solicitors.
- Please note this fee is based on all documents, communications being sent to you electronically.
In relation to leasehold property sale we will also:
- Obtain a copy of your Lease from the Land Registry/ you.
- Contact the Landlord/ Managing Agent for replies to Standard Leasehold Enquiries and raise any specific enquiries raised by your Buyer’s solicitors to the Landlord or their agents.
- Advise you of any additional costs required pursuant to the Lease in respect of landlord/ managing agents/ management company involved, as appropriate.
- Advise on service charge and ground rent pursuant to the lease.
How long it will take from you accepting the buyer(s) offer to completing sale will depend on a number of factors. The average process takes between 6 to 8 weeks to exchange, and a further one or two weeks before completion, dependent on all parties involved being agreeable to the completion date.
It can be quicker or slower, depending on the parties in the chain. For example, if you are selling to a buyer involved in a chain, or a first time buyer it could take 10 to 12 weeks. However, if you have a leasehold property sale that requires an extension of the lease, this can take significantly longer, between 3 to 4 months.
In such, a situation additional charges would apply.
Leasehold matters often take longer due to the additional parties involved in the transaction, including landlords/ managing agents/ companies.
What is the Estimated Fee
Our fee for dealing with a normal conveyancing property sale is:
|Sale Price||Our Legal Fees (Freehold)||Our Legal Fees (Leasehold)|
|£0 – £699,999||£895||£995|
|£700,000 – £999,999||£995||£995|
|£1,000,000 – £1,499,999||0.125%||0.15%|
|£1,500,000+||Please call us for quote||Please call us for quote|
If there are charges/ mortgage over the property you are selling we charge and additional fee of £95 plus VAT per mortgaeg, assuming the mortgage is with a high street lender. This includes:
- Obtaining a redemption statement
- Transferring the redemption amount to the Lender on completion
- Obtaining discharge documents and sending to the Buyer’s solicitors following completion
Additional fees may apply in instances that fall outside of the normal conveyancing transaction. Please see Potential Additional Fee section below.
You should note that for all new clients of the firm, we will conduct an electronic ID search for Anti Money Laundering compliance. The administrative fee for arranging these checks is £15 plus VAT.
If we are arranging the transfer of funds electronically, we will charge a fee for our time involved in arranging each transfer, for example sending the proceeds of sale to you on completion, the cost of this and the amount we pay to the bank for the transfer is £25 plus VAT per transfer.
Information on Estimated Fees
Your fee will reflect work involved in your transaction.
There may be additional documents and, requirements of your specific sale, be it based on the documentation required to transfer the title into the buyer’s name, or to deal with specific parties involved in your transaction. We have set out in the Potential Additional Fees section situations that may arise which would require us to charge you additional fees. We will of course notify you of any additional costs and disbursements before they are incurred.
Please note that if for any reason we are unable to proceed or you choose to close your matter after you have instructed us, you will still be charged for any work (including additional work) that we have carried out.
Likely disbursements and recharges/ expenses (these are costs related to your matter that are payable to third parties. We handle the payment of the disbursement on your behalf to ensure a smoother process)
- Land Registry Title Documents (Freehold) £6 each (no VAT)
- Land Registry Title Documents (Leasehold) £6 (no VAT)
- Copy Lease £3.00 if it is available electronically or £12 if the land registry need to manually process this.
Potential Additional Disbursements
In Leasehold matters we may also need to pay a fee to the Landlords Solicitors or Agents in respect of providing replies to Standard Leasehold Enquiries of the Landlord. This cost varies from one property to the next, depending on the fees confirmed in the Lease/ agreed with the landlord. We will advise you of this cost, however this usually ranges between £100 – £250 plus VAT.
You should note that these disbursements can vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate indication of costs once we have had sight of the specific documents for your purchase.
Other disbursements may apply depending on the terms of your Lease. We will update you on the specific fees upon receipt and review of the lease from the Seller’s solicitors.
Potential Additional Fees
Pindoria Solicitors always provide clients with a fee estimate at the start of each new matter, therefore if you would like a bespoke estimate for your particular matter/ case please contact us to discuss.
If your case involves unexpected complications, we will always inform you, including any additional fees that may apply, so that you can make an informed decision as to how to proceed. You should be aware that additional fees will apply in the following situations:
|Administering Service Charge Retentions in leasehold matters|
|Administration Fees if you require your documents by post.|
|Approval of a tenancy Agreement|
|Administration fees for unpaid cheques|
|Administration costs for cheques stopped at client request|
|Bank transfer costs (per transfer)|
|Completion required within 7 days of exchange of contracts|
|Dealing with Lease Extension|
|Dealing with Management Agent/Company (freehold property)|
|Dealing with sitting tenants or occupiers|
|Dealing with share of freehold for a leasehold property|
|Dealing with third party lawyers, e.g. in a matrimonial dispute|
|Dealing with trust property|
|Dealing with solar panel leases and unusual leases|
|Dealing with private charge holders|
|Dealing with Ground Rent or Service Charge (if you are not up to date)|
|Drafting Certificate of Consent/ compliance|
|Drafting RX3/4 form to remove a restriction on the title|
|Drafting and dealing with Deed of Covenant|
|Drafting and dealing with Deed of Easement (to grant or reserve rights)|
|Drafting additional contract packages for sale contract race.|
|Drafting Statutory Declaration or Statement of Truth|
|File Retrieval after completion from storage|
|General Power of Attorney|
|Liaising with third party solicitor (including the conveyancers/ solicitors acting on your related purchase)|
|Matrimonial disputed sale|
|Mutual Deed of Covenant for flying freehold|
|Obtaining Indemnity Insurance (each)|
|Redeeming a lender’s charge (per redemption)|
|Removal of Registered Restriction from the Land Registry Records|
|Removal of the registered caution from the Land Registry records|
|Repaying a legal charge/ mortgage over another property|
|Returning original documents|
|Sale at an undervalue|
|Share Equity/ Help to Buy|
|Simultaneous exchange and completion requested|
|Updating your name and address on the Land Registry records|
|Voluntary First Registration for a sale|
VAT will be chargeable in addition on all fees quoted.
This list is not exhaustive, and if there are additional fees that you may incur we will inform you in advance. In addition to our legal fees for some items above you may incur an associated disbursement, such as additional Land Registry Fees, or Landlord Fees (if appropriate). We will inform you accordingly.
For a better understanding of the residential sale freehold and leasehold options, get in touch with us.