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Property Sale Cost

Property Sale Cost

Our Legal Fees cover all of the work required to complete (i) the purchase of your new property, including dealing with registration at the Land Registry and the payment of Stamp Duty Land Tax (Stamp Duty), and (ii) the sale of your property.

Legal Fees

Legal Fees is 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.

 

Price range Freehold sale Leasehold sale
Up to £400,000 £1,375 plus VAT (£1,650 inc. VAT) £1,595 plus VAT (£1,914 inc. VAT)
£400,001 to £700,000 0.3% of the price plus VAT with a minimum of £1,650 plus VAT (£1,980 inc. VAT) 0.3% of the price plus VAT with a minimum of £1,650 plus VAT (£1,980 inc. VAT)
£700,001 to £1M 0.3% of the price plus VAT 0.3% of the price plus VAT
£1M +

 

price quoted on application price quoted on application

 

Note 1:  The fees listed above are intended as a guide only. Please contact us and we can discuss your specific transaction as well as provide you with a fully detailed quotation.

Note 2:  Our fees include acting for any lender (we are approved panel solicitors for a number of lenders), unless the lender instructs a separate firm of solicitors. In such circumstances, we will provide an estimate in having to deal with the requirements of the lender’s solicitors.

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:

1. This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
2. For leasehold matters this is the transfer of an existing lease and is not the grant of a new lease.
3. The transaction is concluded in a timely manner and no unforeseen complications arise.
4. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
5. There will be only one mortgage on the property to redeem and that we are instructed to act for the lender.
6. No indemnity policies are required to protect against defects. Additional disbursements may apply if indemnity policies are required.
7. No consents are required for the sale.
8. Completion takes place on the date agreed in the contract.

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.

The cost of each disbursement will differ on each transaction, but fees will be payable to third parties for Conveyancing Searches, Land Registry documents, Land Registry registration fees, and Stamp Duty Land Tax. These will include:

1. Land Registry fee (per document or Search): £3 plus VAT (£3.60 inc. VAT)
2. Bankruptcy search fees (per person): £2 plus VAT (£2.40 inc. VAT)
3. Conveyancing Searches (purchase – estimated): £350 plus VAT (£420 inc. VAT)
4. Land Registry registration (purchase): Please see the following link for further information: – http://landregistry.data.gov.uk/fees-calculator.html.
5. Stamp Duty Land Tax (purchase)

Please see the following link for further information: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro.

These fees 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 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 on a number of factors.

• The average process for a residential freehold property is between 4 – 8 weeks.
• The average process for a residential leasehold property is between 4 – 10 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.

If you are selling a leasehold property that requires an extension of the lease, this can take longer. 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.
• Liaising with you as to completing enquiry and contents forms.
• Reviewing title documents (including the lease where a leasehold) to check for any issues or potential obstacles.
• If leasehold, applying for service charge and insurance Management Pack from building managing agents.
• Drafting contract and preparing documents sale pack.
• 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.
• Sending final contract and Transfer of title 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.
• Preparing a completion statement of account for you setting out the net sale proceeds.
• Arranging for all monies needed to be received from your buyer and distributing those monies.
• Redeeming any mortgage and settling selling agents’ fees.

Other Factors

Other Factors to consider which may affect your Legal Fees: –

• Completion within a short time frame (7 days).
• If the lender instructs separate solicitors.
• In leasehold cases, the sale involves a share of the freehold.
• The sale involves a new build or a recently built property.
• If the property is leasehold, any variation or extension of the lease or any consent to the transfer of the lease or preparing/reviewing any deed of covenant.
• If you are using Help to Buy or right to buy or shared ownership schemes.
• Multiple owners.
• Sale at auction.
• Property has been repossessed.

Our fees vary from property to property and can on occasion be significantly more than our estimate of ranges. We can give you an accurate figure once we have sight of your specific documents.

Our fees do NOT include

To help avoid any misunderstanding, we bring to your attention the fact that our charges do not include dealing with any of the following: –

• Advice on SDLT planning, IHT, CGT, ATED or other tax issues.
• Valuation or property agency advice.
• Advice on the condition of the property or problems arising from a buyer’s survey.
• Advice on environmental issues.
• If the property is leasehold, any variation or extension of the lease or any consent to the assignment of the lease or preparing/reviewing any deed of covenant.
• Negotiating or re-negotiating heads of term or the deal generally.
Disputes arising on or after completion.
• The suitability of any financial arrangements.

Fee Earners

The following fee earners handle Residential Property matters:

• Marios Pittalis is a Qualified Solicitor. Marios qualified in 1988 and specialises in all areas of residential and commercial property. Marios is Head of Conveyancing at Pittalis.

• Rebecca Sweetman is a Qualified Solicitor. Rebecca qualified in 2016 and specialises in residential and commercial conveyancing. Rebecca reports to Marios Pittalis.

• Nina Roga is a paralegal working in both conveyancing and wills and probate. Nina reports to Marios Pittalis.

Questions

If you have any questions relating to our services and our fees, please contact us on 020 8446 9555 or email us at info@pittalis.co.uk.