Legal Fee Information for

Sale of a Freehold or Leasehold Residential Property

Legal Fees

Legal Fees are the amount you will be required to pay for all the work required to complete the sale of your residential property.

We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in formal quotation or as we advise you to incur them.

Our average standard legal fee for a residential Freehold Property Sale is from £700.00 – £5,000.00 plus VAT (£840.00 – £6,000.00 Inc. VAT), for properties up to the value of £5,000,000 plus disbursements, depending on the purchase price of the property as seen below:

Property Value

Legal Fee

VAT

Total

£0 – £100,000.00

£700.00 plus VAT

£140.00

£840.00

£100,000.01 – £200,000.00

£750.00 plus VAT

£150.00

£900.00

£200,000.01 – £300,000.00

£800.00 plus VAT

£160.00

£960.00

£300,000.01 – £350,000.00

£850.00 plus VAT

£170.00

£1,020.00

£350,000.01 – £450,000.00

£900.00 Plus VAT

£180.00

£1,080.00

£450,000.01 – £600,000.00

£950.00 plus VAT

£190.00

£1,140.00

£600,000.01 – £750,000.00

£995.00 plus VAT

£199.00

£1,194.00

£750,000.01 – £1,000,000.00

£1050.00 plus VAT

£210.00

£1,260.00

£1,000,000.01 – £1,500,000.00

£1,500.00 plus VAT

£300.00

£1,800.00

£1,500,000.01 – £2,000,000.00

£2,000.00 plus VAT

£400.00

£2,400.00

£2,000,000.01 – £2,500.000.00

£2,500.00 plus VAT

£500.00

£3,000.00

£2,500.000.01 – £3,000,000.00

£3,000.00 plus VAT

£600.00

£3,600.00

£3,000,000.01 – £3,500,000.00

£3,500.00 plus VAT

£700.00

£4,200.00

£3,500,000.01 – £4,000,000.00

£4,000.00 plus VAT

£800.00

£4,800.00

£4,000,000.01 – £4,500,000.00

£4,500.00 plus VAT

£900.00

£5,400.00

£4,500,000.01 – £5,000,000.00

£5,000.00 plus VAT

£1,000.00

£6,000.00

These prices are subject to additional costs where the land included in title exceeds 1 acre.

£5,000,000.00 +

For properties over £5 million, we typically charge on a percentage basis which is 0.25% of the purchase price plus VAT, depending upon the complexity of the transaction. Our fees are dependent on the agreed purchase price of the property, the location and when other complex factors are involved (such as transactions that involve the sale of multiple dwellings or land) to reflect the proportionate risk of carrying out higher-value transactions for our clients and for more complex transactions, the seniority of the legal adviser appointed.

 

 

Fee

VAT

Total

Telegraphic Transfer Fee (incurred in most transactions)

£30.00 plus VAT per transfer

£6.00

£36.00

We are required by our regulator to undertake Client Due Diligence (CDD) which is made of up KYC (Know Your Client) and AML (Anti Money Laundering) details of which are contained within our terms of engagement which will be sent to you when instructing us. Due Diligence Fee (includes an electronic Money Laundering Identification check)

£25.00 plus VAT per name

£5.00

£30.00

If the property is unregistered

£300.00 plus VAT

£60.00

£360.00

If the property is Leasehold

£200.00 plus VAT

£40.00

£240.00


If the Leasehold Property is in a building which is at least 11 meters in height or at least five storeys, it may be affected by the Building Safety Act 2022.  Our fee for dealing with a property affected by the Building Safety Act will be as follows:-

 

 

 

For a building up to 11 metres 

from £500.00 plus VAT

£100.00

£600.00

For a building up to 18 metres 

from £750.00 plus VAT

£150.00

£900.00

 

 

 

 

If the property is a New Build

£200.00 plus VAT

£40.00

£240.00

If the property is a Shared Ownership Property

£200.00 plus VAT

£40.00

£180.00

Help to Buy Equity Loan

£150.00 plus VAT

£30.00

£180.00

Buying in a Company Name

£300.00 plus VAT

£60.00

£360.00

Selling in a Company Name

£150.00 plus VAT

£30.00

£180.00

Help to Buy ISA or Lifetime ISA

£50.00 plus VAT per ISA

£10.00

£60.00

Arranging an Indemnity Policy

£40.00 plus VAT

£8.00

£48.00

Dealing with a gifted deposit

£50.00 per gift

£10.00

£60.00

Dealing with a Management Company

£150.00

£30.00

£180.00

Declaration of Trust

From £300 plus VAT

£60.00

£360.00

Solar Panel Lease

From £150.00 plus VAT

£30.00

£180.00

Lender Panel Fee

From £30

£6.00

£36.00

Third Lawyer Party Requests

£100.00

£20.00

£120.00

Complex Source of Funds

From £75.00

£15.00

£90.00

Statutory Declaration

£100.00

£20.00

£120.00

Subject to Tenancy

£50.00

£10.00

£60.00

International Anti Money Laundering Check

£20.00

£4.00

£24.00

 

Below, we detail what services are covered in our standard fee.

The final quote will depend on the value and location of the property and the complexity of the transaction. We would warn you that there are some charges made by others which we will not be able to ascertain until we are instructed and make the necessary enquiries. 

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. The transaction is concluded in a timely manner and no unforeseen complication arise.
  2. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
  3. For Leasehold matters this is the assignment of an existing lease and is not the grant of a new lease.
  4. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

 

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 following disbursements and other costs may apply in your matter.

  • Land Registry fees. The following link provided details of land registry fees payable. https://www.gov.uk/guidance/hm-land-registry-registration-services-fees. We will advise the fees that are relevant to your matter when we have the details of your property.
  • Office Copy Entries* (Per Document) £3 pus VAT (£3.60 inc. VAT) per deed
  • Land Registry Title Documents £3.00 per document (average £9.00 per title usually official copy entries, filed plan and filed Transfer)          

*Typically, £6 for Freehold properties and £15 for Leasehold properties but can be higher if more documents required to be ordered from Land Registry.

If your property is Leasehold, the following additional costs may arise:

  • Notice of Transfer fee: This fee, if chargeable, is set out in the Lease. Usually the fee is between £30.00 – £120.00.
  • Notice of Charge fee (if the property is to be mortgaged): This fee is set out in the Lease. Usually the fee is between £30.00 – £120.00.
  • Deed of Covenant fee: This fee is charged by the Management Company for the property and can be difficult to estimate. Usually it is between £50.00 – £150.00.
  • Certificate of Compliance fee: To be confirmed upon receipt of the Lease and can range between £50.00 – £150.00
  • Licence to Assign – £200.00 – £475.00 plus VAT (£240.00 – £570.00 Inc. VAT)
  • Freeholder Replies to Enquiries – £100.00 – £350.00 plus VAT (£120.00 – £420.00 Inc. VAT)
  • Share Certificate – £100.00 – £175.00 plus VAT (£120.00 – £210.00 Inc. VAT)
  • Management pack – when selling a property there will be information which we will need to obtain from the Landlord and / or the Management Company.  Many Landlords / Management Companies have standard packs containing this information that usually range between £50.00 – £400.00 but we will confirm with you on application and review of your property sale.

 

These fees shown above will vary from property to property and can on occasions be more than the ranges given above. We will give you an accurate figure once we have sight of the relevant documentation.

Example: Sale of a Freehold Residential Property

If you are selling a freehold detached property in Northamptonshire for £400,000.00 which is owned in your sole name with one legal charge to redeem the fees, VAT and disbursements will be as follows:

  • Legal Fee £1,080.00 (inc. VAT)
  • Due Diligence Fee £30.00 (inc. VAT)
  • Copy Land Registry Documents £9.00
  • Bank Transfer Fee £36.00 (inc. VAT)

Total:         £1,155.00

Example: Sale of a Leasehold Property

If you are selling a Leasehold property in Northamptonshire for £150,000.00 which is owned in joint names with one legal charge to redeem the fees, VAT and disbursements will be as follows:

  • Legal Fees £1140.00 (inc. VAT)
  • Due Diligence Fee £60.00 (inc. VAT)
  • Copy Land Registry Documents £21.00
  • Bank Transfer Fee £36.00 (inc. VAT)

Total:     £1257.00

How long will my property sale take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6 – 12 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.
  • 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, if appropriate.
  • Sending final contract 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.
  • Arranging for all monies needed to be received from your buyer and distributing those monies.

 

Other Factors and Exclusions

Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

  • Value of the property.
  • In Sale cases, whether primary residence, buy to let or second/holiday home.
  • Multiple owners.
  • Shared ownership scheme.
  • Repaying a Help to Buy Loan.
  • Sale under right to buy.
  • Sale at auction.
  • Property has been repossessed.

 

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.

Fee Earners

We have several experienced property lawyers who may work on your property transaction. Regardless of who works on your case, they will be supervised by Kathryn Frisby, Partner at Borneo Martell Turner Coulston, a qualified Solicitor, and Head of Residential Conveyancing. For more information on our team members, please visit our meet the team page.

Questions

If you have any questions relating to our services and our fees, please contact us on 01604 622101