Sale of Freehold Residential Property

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The precise stages involved in the sale of a freehold residential property vary according to the circumstances. However, the details below will give you an idea of the key stages:

Key Stages

The key stages involved in selling a freehold residential property are as follows:

  • Take your instructions and give you initial advice
  • Check title to the property and contact any mortgagee with regard to obtaining deeds and a redemption statement if needed
  • Prepare a contract pack and submit this to the buyer’s solicitors
  • Obtain any relevant planning documentation if required
  • Respond to any necessary enquiries raised by the buyer’s solicitor
  • Give you advice on any enquiries raised by the buyer’s solicitors
  • Send agreed form to you for signature
  • Approve transfer prepared by buyer’s solicitors
  • Deal with any pre-completion search enquiries raised by buyer’s solicitors
  • Agree completion date
  • Exchange contracts and notify you that this has happened
  • Arrange for you to sign the relevant documentation required for completion
  • Complete sale
  • Deal with discharge of any existing mortgage and remit net proceeds of sale to you

How long will my house sale take?

How long it will take from you accepting an offer to you vacating the property and completing the sale will depend on a number of factors. The average process takes between 6 – 8 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are selling a house to a buyer who is buying with the aid of a mortgage, it could take 8 weeks or longer.

Guide to our fees

Our fee covers all of the work required to complete the sale of your home. The fee referred to below assumes that:

  • 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.
  • The transaction is concluded in a timely manner and no unforeseen complication arise.
  • All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
  • No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

(Please note: VAT is payable on our fees at a rate of 20%)

Legal Fee

£900.00 if sale price is between £0 – £250,000
£1,000.00 if sale price is between £250,001 – £500,000
£1,200.00 if sale price is between £500,001 – £800,000
£1,350.00 if sale price is between £800,001 – £1,000,000
£1,600.00 if sale price is between £1,000,001 – £1,500,000

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.

Electronic money transfer fee

Electronic money transfer fee: £50.40

Disbursements

Disbursements are costs related to your matter that are payable to third parties. 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 below. This list is not exhaustive and there may be other disbursements which may apply in certain circumstances.

Anticipated Disbursements

Copies of Land Registry documents obtained from HM Land Registry. Depending on the documents required the Land Registry fee is likely to be £8 – £40.

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.

If you need any advice on the sale of freehold residential property then please email us and we will respond as soon as possible, or call us.


Penman Sedgwick Solicitors Watford