GROWER FREEMAN FEES GUIDE FOR RESIDENTIAL SALE
This guide is not intended for business clients.
We set out below a guide to the fees and expenses you can expect to incur in a typical residential transaction involving a sale, purchase, mortgage and re-mortgage. At Grower Freeman we recognise that every client has individual needs and each transaction will be different and our fees will be tailored to the transaction in question and discussed with you during our initial consultation. Should any issues arise resulting in an increase in our fees you will be informed accordingly. Please contact us to discuss the specifics of your transaction and your requirements and in order to receive an accurate estimate.
The typical fee assumes no unforeseen matters or complications and that all parties to the transaction co-operate and that there are no defects in title. It also assumes that where there is a loan to purchase the property that we will be acting for the lender and that the lender will not be separately represented.
Please refer to our website for qualifications and experience of the fee earner dealing with your transaction.
RESIDENTIAL CONVEYANCING SALE COSTS (Up to £1,000,000)
|Our Legal Fees (Average)
|£1,950 + VAT||£2,350 + VAT|
|Additional Legal Fee if Licence to Assign is required
|N/A||Up to £750 + VAT|
|Our fees for Lawyer Checker (if applicable)
|£10 + VAT||£10 + VAT|
|Our admin fee for money transfer
|£50 + VAT||£50 + VAT|
|Land Registry Fees for copy of title*||£3 per title and £3 per plan||£3 per title and £3 per plan|
* These expenses are payable to a third party. They vary from property to property and may be significantly more than estimated above. Once we are in full receipt of your documents a more accurate estimate can be provided.
Additional disbursements anticipated on leasehold sale
Possible additional disbursements on a leasehold sale include :
- Managing agents’ fee for provision of management / service charge information, typically in the region of £250 to £400 plus VAT
- Landlord’s solicitors’ fees for Licence to Assign (where necessary), typically in the region of £700 to £1,250 plus VAT)
These fees vary from landlord to landlord and managing agent to managing agent and can on occasion be significantly different to the ranges given above. Once we are in receipt of your documentation, we can advise accurately on these
How long will the transaction take?
The average time to exchange of contracts from submission of draft contract and related paperwork is approximately 4/6 weeks. The average period for completion of the transaction after exchange of contracts is between 2/4 weeks. However, these times can be varied to suit the requirements of the parties to the transaction and these times may also vary if complication should arise (such as a defect in title) or if there are matters beyond our control. Where the transaction is part of a chain of transactions the timings will be dependent on the timings of other transactions. Where the consent of the Landlord is required under the terms of any Lease this could affect the timings of the transaction. We will keep you informed of any matters arising which could delay the transaction.
The precise speed of the transaction will also depend upon a number of other factors as follows:
- Your speed in providing us with suitable and sufficient ID and proof of address documents, sufficient proof of source of wealth and funds.
- Existence of buyer’s mortgage offer and instructions to act from buyer’s lender.
- Whether purchase/sale is dependent on simultaneous purchase/sale of any other property.
- Availability of full pre-contract package from seller with all relevant title documents and planning documents.
- Both parties’ speed in providing replies / instructions to their conveyancers.
- Speed of obtaining search results from local authorities.
- Existence of title defects.
- Existence of physical defects / breaches of planning permission/listed building or building control.
- Where applicable, the speed of managing agent in providing full management pack and responding to any queries / requests for consent to the sale.
- Where applicable, the speed of obtaining any consent of the Landlord.
Stages of the process
- Take your instructions, complete identity, money laundering and source of funds checks.
- Provide you with initial advice.
- Ask you to complete standard Law Society transaction questionnaire forms and provide relevant documents.
- Draft contract documents and submit them to the buyer’s solicitors.
- Where applicable, obtain information from Management Company and deal with the requirement for any consent.
- Reply to any further enquiries raised by the buyer’s solicitors.
- Send final contract to you for signature.
- Agree completion date (date from which the buyers own the property).
- Exchange contracts, receive deposit from the buyer and notify you that this has happened.
- Request a redemption statement for any mortgage / charge on the property.
- Complete sale and authorise the release of keys to the buyer.
- Redeem any outstanding mortgage / charge on the property.
- Transmit any balance of monies to you.
Matters that could affect the fees
- Unusual timings.
- Tax advice.
- Preparation of a lock out / exclusivity agreement.
- Listed buildings requiring planning review and advice.
- Refurbished properties that may require planning and construction review and advice.
- Company involvement (additional searches a Companies House / company resolutions).
- Government Help to Buy Scheme requirements.
- Lender separately represented by other solicitors.
- Value of the property.
- Non-standard requirements relating to any consent required by any Landlord.
However, we can provide assistance in relation to any or all of these matters if so required. Please contact us and we can provide further information about our fees.
To find the fee earners who can help you, please visit our Commercial & Residential Property page.