Our fees and disbursements
We do not operate a standard fixed price for all residential property transactions and instead we quote for individual matters on a transaction by transaction basis. This is because each property and the circumstances of sale are different which means that there is no such thing as a “standard” transaction.
We are able to give an indication of our fees for certain sales. The level of fees that we would charge will depend on the facts of each particular transaction. It will also depend on the hourly rate of the fee earner(s) involved. We will assign fee earners to the transaction based on the availability of different members of our team, the appropriate level of qualification of the fee earner for the transaction and your requests or wishes.
In calculating our fees we will have regard to the time spent on the transaction and the hourly rates of the member of the team who will deal with it. We will provide you with an estimate of the likely overall costs at the start of the transaction.
Our fees to cover the work required to complete the sale of your property are as follows:-
| Value of the Property | Lower Range | Upper Range |
|---|---|---|
| £0 – £1,500,000 | £2,500 + VAT (£3,000) | £3,500 + VAT (£4,200) |
| £1,500,000 – £3,000,000 | £3,500 + VAT (£4,200) | £5,000 + VAT (£6,000) |
| £3,000,000 – £10,000,000+ | £5,000 + VAT (£6,000) | £9,000+ + VAT (£10,800+) |
Additional fees for photocopying and scanning will vary and are often between £20 and £60
- All fees are exclusive of VAT which will be charged, where appropriate, at the prevailing rate (currently 20%)
Our estimated fixed fees are based on certain assumptions including:
- the parties are all individuals based in the UK
- no unforeseen matters arise including for example a defect in title which requires perfecting prior to completion or the preparation of additional documents ancillary to the main transaction
- the transaction is concluded in a timely manner (and without short deadlines) and no unforeseen complication arise
- the transaction is not being purchased with the assistance of Help to Buy scheme
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- (where there is an existing lender) the bank is a member of the UK Finance Mortgage Lenders and its instructions to us and requirements are standard
- the parties complete on the due date and no notice to complete is served
- the contract is not conditional
- the property has a single Land Registry registered title which is not unusually complex
- the transaction does not involve any unregistered land
- the transaction involves the sale of the whole of a legal title
- no third party consent is required to the sale other than for (leasehold property) landlord’s standard licence
- the property will be vacant at completion
- the property is not a listed building
- the property does not involve any agricultural land
Where any of the assumptions above do not apply the fees set out in the table could be affected and may be increased in which case we shall inform you as soon as possible. Any involvement from other service sectors/teams (such as construction, corporate) will be charged on an hourly rate basis unless otherwise agreed with you at the outset of the instruction.
Services not covered by the fixed fee
The pricing information above does not apply to transactions involving a shared ownership scheme, a help to buy scheme, equity release, or a sale at auction.
Anti-money laundering
We may charge for carrying out the CDD and other anti-money laundering measures in respect to a matter. In case of aspects arising under paragraph 5.1 of our standard Terms of Engagement we expect such charges to be as follows:
1. £75 per UK individual;
2. £100 per UK company or trust;
3. £150 per non-UK individual;
4. £150 per non-UK company or trust.
Further charges may become necessary should matters arise under paragraphs 5.2 of our Terms of Engagement and/or need to be updated/repeated through the duration of our business relationship.
Abortive work
If the sale transaction does not proceed, we will charge a proportion of our fee commensurate with the work carried out.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements which we anticipate will apply are set out separately. This list is not exhaustive and other disbursements may apply depending on the nature of the transaction:
- Electronic money transfer fee: £25 for each transfer
- Land Registry fees: this will be dependent of the number on documents downloaded from the Land Registry
- Estate agents fees: their fees are usually between 1 – 3% of the sale price plus VAT
All disbursements are exclusive of VAT which will be charged, where appropriate, at the prevailing rate (currently 20%)
Additional anticipated third party disbursements for leasehold properties*
There are certain additional disbursements which may apply where the property is leasehold including:
- Landlords fee for licence to assign: the fee is usually between £850 and £1,200 plus VAT
- Landlords fee for a management pack: the fee is usually between £200 and £500 plus VAT
- Certificate of Compliance fee – the fee is usually between £100 and £350 plus VAT
*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.
Transaction Stages
The precise stages involved in the purchase of a residential property vary according to the circumstances. Some of the stages include:
- Initial: take your instructions and give you initial advice; satisfy Law Society and statutory requirements and regulations for client identification;
- Pre-exchange: prepare sale contract and send contract and title documents to the buyer’s solicitors; prepare for you to complete the Law Society Property Information forms; provide replies to any additional enquiries raised by the buyer’s solicitors; where the property is leasehold, obtain management pre-assignment pack and apply to the landlord for consent to transfer the lease; obtain an indicative redemption statement from the bank (if applicable); send the final contract to you for signature; agree the completion date (being the date when you hand over the keys of the property);
- On your authority exchange contracts and notify you that this has happened;
- Pre-completion: approve the draft transfer and send to you for signature; for leasehold properties approve and complete landlords licence to transfer; reply to any pre-completion requisitions; send you a cash statement;
- Complete sale and notify you that this has happened;
- Post-completion: pay redemption monies to the bank; settle the estate agents’ account; release keys; transfer net proceeds of sale to you; send transaction documents to the buyer’s solicitors.
How long will the sale take?
The average process from accepting the buyer’s offer until you complete the sale takes between 4 to 8 weeks with an exchange of contracts usually within the first 3 to 4 weeks.
It can be quicker or slower, depending on a range of factors such as dealing with the landlord consent (if applicable), whether the transaction is part of a chain, the financial arrangements of the buyer being in order and individual the requirements of the parties in the transaction.
