Sale of a Freehold or Leasehold Residential Property Costs

Introduction

Our legal fees cover all of the work required to complete the sale of your property.

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 matter to conclusion.

Our average standard legal fee for a residential freehold property sale is between £895 and £2500 plus VAT (£1074 to £3000 incl. VAT)

The value of the property and any complexities of the sale will dictate the final fee charged within this range.

  • For leasehold properties we charge a further £195 plus VAT (£234 incl. VAT)
  • We will charge a sum of £40 plus VAT (£48 incl. VAT) for electronic money transfers.

Below, we detail the services covered in our standard fee.

VAT will be payable on our fees and some disbursements, and we will 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 were to change your instructions or if your matter were to involve unforeseen complexity.

Our average fee assumes that:

  1. your transaction is concluded in a timely manner and no unforeseen complications arise.
  2. all parties to the transaction are co-operative and there is no unreasonable delay by a third party in providing documentation
  3. for leasehold matters this is the assignment of an existing lease and not the grant of a new lease
  4. no indemnity policies are required. Additional fees may apply if indemnity policies are required.

We are required by our regulator to undertake Client Due Diligence (CDD) which is made up of KYC (Know Your Client) and AML (Anti Money Laundering).  Details of which will be contained within our terms of engagement which will be sent to you after you have instructed us.

We will apply a charge of:

  • £10 (£12 incl. VAT) per person for undertaking KYC

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 list of your disbursements in our estimate of costs.  If we need to incur any further disbursements on your behalf during your transaction, you will be notified in advance of the reason and the amount.

The following disbursements and other costs will apply to your matter.

  • Land Registry Office Copy and Title Plan (per title) £6.00
  • Mortgage legal fees on redemption £125.00 plus VAT (£150.00 incl. VAT) per mortgage (if there are second or third charges on the property then the cost will be £125 plus VAT ((£150 incl. VAT) per mortgage to be redeemed)

Anticipated disbursements for a leasehold sale

If your property is leasehold, the following disbursements will arise:

  • Land Registry Office Copy Lease (if the property is leasehold) £3
  • Management pack – These typically start from £300 plus VAT up to £600 plus VAT (£360 to £720 incl. VAT) but may be more and we will confirm to you on application to your landlord/the managing agents

The figure will vary from property to property and may on occasion be significantly more than the range given above. We will give you an accurate figure once we have sight of your specific documents.

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 upon a number of factors.

  • The average time for a residential freehold property sale is between 8 and 12 weeks.
  • The average time for a residential leasehold property sale is between 12 and 16 weeks.

It may be quicker or slower, depending upon a number of factors and we will inform you if we believe your transaction may take longer than average or if something occurs to extend your transaction time.

If you are selling a leasehold property that requires an extension of your lease, this may mean your sale will take longer. In such a situation, additional charges will apply, and we will notify you of the additional charges and time estimate when we, or your buyer’s solicitors have engaged with 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.
  • Responding to enquiries of the purchaser’s solicitor.
  • Giving you advice on all documents and information received.
  • Advising on any mortgage redemption, if appropriate.
  • Sending the final contract to you for signature.
  • Agreeing the completion date (the date from which you will no longer own the property).
  • Exchanging contracts and notifying you that this has happened.
  • Arranging for monies to be received from your buyer’s solicitors and distributing these monies.

Other factors

Other factors to consider which may affect your legal fees are: –

  • The value of the property.
  • The redemption of a second or third mortgage (see above)
  • In sale cases, whether you are selling your primary residence, a buy to let or second/holiday home.
  • Multiple owners.
  • Shared ownership scheme.
  • Sale under right-to-buy.
  • Sale at auction.
  • Your property has been repossessed.

We can give you an accurate figure once we have sight of your specific documents.

Fee Earners

The following fee earners handle residential property matters:

Angela Stanton is a senior partner of Beverley Morris & Co. Solicitors, Head of our Conveyancing department and has overall supervision of the conveyancing team. Angela qualified as a solicitor in 1980 having achieved an LLB Hons degree at London University. She has experience in all areas of residential and commercial conveyancing with particular expertise in lease extensions, collective freehold purchases and the right of first refusal, acting for both landlords and tenants. – you may view her full profile here.

Esther Hudson is a Licensed Conveyancer undertaking all aspects of residential conveyancing work. Having qualified as a Licensed Conveyancer in 2008, Esther has built strong relationships with many local estate agents and believes that good communication at every stage of a transaction produces the best results. Esther’s approach is professional yet friendly and having always worked in the South East London area she has extensive local knowledge. She has experience in all residential conveyancing matters with particular expertise in leasehold and freehold sales and purchases, re-mortgages, transfers of equity, shared ownership, buy to lets and new builds. – you may view her full profile here.

Rahat Munim is a partner and solicitor in our residential conveyancing department. Rahat qualified as a Solicitor in 2015 having studied Law at the University of Buckingham (LLB) where he went on to complete a Masters degree (LLM). He specialises in all aspects of residential conveyancing and his particular areas of expertise include leasehold and freehold sales and purchases including auction sale and purchase, transfers of equity and re-mortgages, new builds, lease extensions and collective freehold purchases. During his career, Rahat has built up an extensive clientele and network, gaining the trust of many estate agents and mortgage brokers locally and nationwide. – you may view his full profile here.

Geraldine Agin is a solicitor in our conveyancing department and assists Esther Hudson in all aspects of residential conveyancing  with an interest in Social Housing. Geraldine graduated from the now named University of Hertfordshire and completed her Law Society finals at the College of Law Guildford, qualifying as a solicitor in 1989. Geraldine has extensive local knowledge and expertise having been based in the South East since 1996.  She enjoys client contact and tries to see a straightforward legal solution to any problem. Geraldine specialises in leasehold and freehold sales and purchases, remortgages, transfers of equity, shared ownership, buy to lets and new build properties. – you may view her full profile here.

Natasha De Canha is a qualified solicitor in our residential conveyancing department. Natasha qualified as a solicitor in 2009 and has many years’ experience in all areas of residential conveyancing. Natasha believes that the key to a happy client is communication.  Her areas of expertise include leasehold and freehold sales and purchases, remortgages, transfers of equity, shared ownership, buy-to-lets, right to buys and deeds of variation. – you may view her full profile here.

Shirley O’Neill is a conveyancer specialising in all areas of residential conveyancing and she is based in our Blackheath office. She trained with Peter Egan for whom she worked from 1994 at Peter Egan & Co.  Clients return to Shirley time after time because of her personal service and professionalism. She is renowned for her efficiency and also for being friendly and approachable. Her areas of expertise include residential conveyancing, auction sales and purchases, remortgages, transfers of equity and lease extensions. – you may view her full profile here.

Questions

If you have any questions relating to our services and our fees, please contact us on 020 8852 4433 or email us at enquiries@beverleymorris.co.uk