Residential Sales - The Process and Costs
Timescales: How long will my sale take?
Please note: The Government is yet to provide clarity on how restrictions announced by the Prime Minister will affect moving house during the Coronavirus Crisis. Please speak to us directly if you have any questions or concerns. The current situation is likely to mean that transactions will take longer than usual and the information on timescales here relates to normal circumstances. This page will be updated when clarity is provided by the Government.
While we are able to deal with a residential property transaction quickly, we will always be reliant on third parties including the seller and mortgage lender. Most sales complete within 4 to 12 weeks. It can, however, be difficult to provide a specific time estimate in a property transaction particularly if you are part of a chain. A chain is where the person you are buying from has a property to buy before they sell your new property to you. The same situation is repeated if the new property of the person you are buying from has owners who also need to buy. If you are in a chain, the transaction can only proceed as quickly as the slowest person in the chain.
The Typical Stages of a Residential Property Sale
- We will take your initial instructions including requesting information from you about fixtures and fittings and about the property itself. At the same time we shall contact the Estate Agent to request a Memorandum of Sale which is a document confirming the agreed price of the property, the buyers, the sellers and their respective conveyancers.
- The Buyer of your property will have to instruct their own solicitor or conveyancer if they have not already done so. When we know who the Buyer’s conveyancers are and after receipt of the information from you, we will obtain and verify details of the legal title.
- We will submit a draft contract to the Buyer’s solicitors.
- Advise you on and reply to any enquiries raised by the Buyer’s solicitors
- Finalise contracts and supervise exchange of contracts
- Obtain a settlement figure for your mortgage (if applicable)
- We will agree a date for completion of the sale, exchange contracts and confirm to you when this has taken place. Following this we will issue a Completion Statement setting out all the financial arrangements and arrange for all monies to be paid
- Completion of the sale can then take place at which point legal ownership will transfer to the Buyer.
How much will it cost?
To obtain costs information specific to your transaction, please call us and we can provide this instantly.
We offer fixed fees meaning that you know from the outset what the total cost will be. There are various factors that we will need to discuss with you to enable us to confirm what that fee will be but on average our fees range from £800- £1,500 + VAT. The sales of a Freehold property will nearly always cost less than the sale of a Leasehold property. Our fee will include all the work required to complete the sale of your property as outlined above in the typical stages on the basis that there are no defects with the legal title.
We will charge £30 + VAT for every electronic bank transfer that we make on your behalf but only one transfer is usually required. We will charge £10 + VAT for maintaining an archive of your file.
We will charge £50 + VAT for the legal work in dealing with removing any additional charges/mortgages from the title. The removal of each charge will also usually incur a charge of £30 + VAT to complete an electronic bank transfer.
There are charges, known as disbursements, as part of the sale that are payable by you but that we handle for you.
In a freehold residential sale, there is usually just once charge of £14.40 to obtain copy documents from the Land Registry.
In a leasehold residential sale, you will also need to pay for a Leasehold Information Pack. This varies depending on the Management Company and you are advised to contact your Management Company to establish how much this will cost.
Example Total Sale Costs
Scenario: Selling a Freehold property for £200,000
Legal Costs: £949
Bank transfer charge: £30
Archive Fee: £10
Land Registry Documents: £14.40
Important: Excluded Services
We do not advise on tax matters but we can recommend specialist tax advisers if you wish.
No Sale, No Fee
We offer a ‘no sale, no fee’ service. This means that if the matter does not complete for any reason, you will not have to pay our costs for completing the work. You will, however, have to pay any disbursements paid on your behalf. Any monies paid on account of our costs shall be refunded to you less the value of any disbursements incurred.
On some transactions, we pay a referral fee to an introducer. This may be your Estate Agent or Financial Adviser. That fee which on average is £100 will not be charged to you and will be payable by Waldrons. Any advice we give you in relation to your property transaction will be independent and you are free to voice questions on all aspects of the transaction. Any information disclosed by you to us will not be disclosed to a third party without your permission.