Cost of Selling Your Property
The aim of this section is to help clients have an understanding of what the costs may be for a particular transaction and assist them with making an informed choice about which legal services provider to engage.
The prices quoted here are estimates and intended to be used as a guide only and will dependant on the value of the property. If you would like a tailored quote/estimate that is specific to your exact situation then please contact us by phone or email and we will provide you with a detailed quote of the likely costs involved for your matter. Once this personalised quote has been accepted by you it will be formally confirmed in our client are letter and Terms and Conditions if Business.
Any reference to VAT is calculated at the prevailing standard rate for goods and services, currently 20%.
We offer fixed fees depending on the value of the property. Our fees cover all the work* required to complete the sale of your home. You will also have to cover any recharges/disbursements we pay on your behalf. Recharges/disbursements are costs related to your transaction that are payable to third parties during your sale, such as HM Land Registry information service fees or estate agents’ fees. Other typical recharges/disbursements are listed under a separate heading below.
This work includes dealing with the procurement, review and basic reporting of title information, co-ordinating standard pre-contract and reasonable additional enquiries, negotiating and agreeing contract and transfer documents, procurement of Land Registry Official Copy Entries and tile plan, and arranging the redemption of existing mortgages.
Fees (including supplemental fees applicable to some sales)
We have listed in the table below other transactional specific matters that incur a supplemental fee to the main fee. Please note that this is not an exhaustive list, and other fees may be applicable to the sale or purchase of your property, depending on circumstances. The list details the activities and fees most commonly encountered.
| Item | Fee |
|---|---|
| Legal fees, depending on the value of the property | Plus VAT charged at the current rate of 20% |
| Up to £300,000 | £850 - £1650 plus VAT |
| £300,000 – £400,000 | £900.00 - £1750 plus VAT |
| £401,000 – £500,000 | £1050.00 - £1800.00 plus VAT |
| £501,000 – £700,000 | £1295.00 - £2150.00 plus VAT |
| £701,000 – £800,000 | £1795.00 - £2150.00 plus VAT |
| £801,000 – £1M | £2100 - £2250.00 plus VAT |
| £1M - £1.5M | £2545.00 plus VAT - POA |
| £1.5M + | POA |
| Supplemental fees most commonly encountered | Please note that this is not an exhaustive list, and other fees may be levied depending on circumstances. The list below details the activities and fees most commonly encountered on a sale. |
| Leasehold supplemental fee | £550.00 plus VAT |
| Management Enquiries on a Freehold Property Fee (requesting these to meet the Buyer’s Lawyer’s requirements) | £200.00 plus VAT |
| Mortgage discharge fee (first mortgage) | £75 plus VAT |
| Unregistered property supplemental fee | £250 plus VAT |
| Anti-money laundering / ID checking fee, per person | £20 plus VAT |
| Electronic money transfer fee within the UK (including bank charges) | £35 plus VAT |
Non-standard / Additional work – Hourly Rates
There will be occasions when a matter becomes protracted or more complex than originally anticipated. In those circumstances we reserved the right to increase our fee that we charge for the work involved. We will inform you if any unforeseen extra work becomes necessary and let you know in writing the estimated cost of that extra work before incurring extra costs. We will attempt to agree an amended charge with you. If we cannot reach an agreement, we will do extra work and charge you on an hourly basis plus VAT for the work undertaken on your matter to date. Please note our hourly rates set out below.
Depending on the complexity of the transaction or documentation, additional fees may apply at the fee earner’s hourly rate on all types of transaction, at the following indicative rates:
| Partner | £205 - 225 plus VAT at current rate of 20% |
|---|---|
| Solicitor | £190.00 plus VAT at current rate of 20% |
| Trainee Solicitor / Legal Advisor | £125- 190.00 plus VAT at current rate of 20% |
Please refer to individual staff profiles Our People – Redkite Solicitors for details of individual qualifications and experience.
Supervision
In addition to the lawyer handling the sale, conveyancing transactions are further supervised by a senior member of the team or Head of Department, who has ultimate responsibility for the matter. The supervisor for each transaction is named in the engagement letter that is sent out to clients at the start of the process.
Recharges
We handle the payment of the Recharges (i.e. HM Land Registry Information products) on your behalf to ensure a smoother process. Please note that this is not an exhaustive list, and other recharges may be applicable to the sale of your property, depending on circumstances.
| Search | Original fee excl. VAT | Amount including admin fee | VAT | Total amount including admin fee & VAT |
|---|---|---|---|---|
| Search of the Index Map- typically required for unregistered properties. | £8.00 | £9.50 | £1.90 | £11.40 |
| Title Plan | £7.00 | £8.50 | £1.70 | £10.20 |
| Register | £7.00 | £8.50 | £1.70 | £10.20 |
| Document Search | £7.00 | £8.50 | £1.70 | £10.20 |
Typically 3 documents are required from HM Land Registry - £30.60 inclusive of VAT
Disbursements
We handle the payment of the disbursements on your behalf to ensure a smoother process. Pease note that this is not an exhaustive list, and other disbursements may be applicable to the sale of your property, depending on circumstances.
| Item | Fee (including VAT at current rate of 20% |
|---|---|
| Leasehold seller’s pack, depending on the value of your property | Typically £120 – £600 |
| Notice of Transfer fee | If chargeable, this fee is set out in the lease/or management pack. Often the fee is between £60 and £240 |
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.
How long will the sale of my FREEHOLD property take?
How long it will take from you accepting the buyer’s offer to receiving payment will depend on several factors. The average process takes between 10-12 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if your buyer is a first-time buyer it could take 10 weeks, but if the buyer is also selling an existing property as part of a chain, it could take around 12 weeks.
Stages involved in the PROCESS (freehold property)
The precise stages involved in the sale of a residential property vary according to the property and the circumstances. However, the main stages are summarised below:
- Take your instructions and give you initial advice and estimate for our fees.
- Verify your identification and address, onboarding you as a client and completing mandatory regulatory client and matter risk assessments.
- Contact buyer’s solicitors
- Prepare and issue contract documents
- Obtain provisional redemption statement from your mortgage lender (if relevant)
- Respond to any enquiries from buyer’s solicitor
- Send final contract and Transfer Deed to you for signature
- Agree completion date (date on which funds change hands)
- Exchange contracts and notify you that this has happened
- Obtain final redemption statement from your mortgage lender (if relevant)
- Arrange for all monies needed to be received from buyer
- Complete sale
- Deal with payment of estate agent fees, settlement of outstanding mortgage if there is one, and any other fees or recharges/disbursements
- Send net proceeds to you
How long will the sale of my leasehold property take?
How long it will take from you accepting the buyer’s offer to receiving payment will depend on several factors. The average process takes between 10-15 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if your buyer is a first-time buyer it could take 10 weeks, but if the buyer is also selling an existing property as part of a chain, it could take around 15 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months. In such circumstances, additional charges would apply.
Stages involved in the PROCESS (leasehold property)
The precise stages involved in the sale of a residential leasehold property vary according to the property and the circumstances. However, the main stages are summarised below:
- Take your instructions and give you initial advice and an estimate of our fees.
- Verify your identification and address onboarding you as a client and completing mandatory regulatory client and matter risk assessments.
- Contact buyer’s solicitors
- Prepare and issue contract documents
- Obtain provisional redemption statement from your mortgage lender (if relevant)
- Obtain freeholder and management company information pack
- Respond to any enquiries from buyer’s solicitor
- Send final contract and Transfer Deed to you for signature
- Agree completion date (date on which funds change hands)
- Exchange contracts and notify you that this has happened
- Obtain final redemption statement from your mortgage lender (if relevant)
- Arrange for all monies needed to be received from buyer
- Complete sale
- Deal with payment of estate agent fees, settlement of outstanding mortgage if there is one, and any other fees or recharges/disbursements relating to the transaction.
- Send net proceeds of sale to you
* Our fee 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.
- In the case of a leasehold property, it involves the assignment of an existing lease and not the grant of a new lease.
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
- No indemnity insurance policies are required. Additional disbursements will apply if indemnity insurance policies are required, our fees typically arrange from £35.00 - £100.00 plus VAT (20%) for putting these in place, depending on the complexity of the title defect.
