Selling a Residential Property

While we are able to deal with a residential property sales quickly, we will always be reliant on third parties including the seller and mortgage lender. Most sales complete within 10 to 12 weeks. It can, however, be difficult to provide a specific time estimate in a property transaction particularly if you are part of a chain. A chain is where the person you are buying from has a property to buy before they sell your new property to you. The same situation is repeated if the new property of the person you are buying from has owners who also need to buy. If you are in a chain, the transaction can only proceed as quickly as the slowest person in the chain.

Step 1 : Take initial instructions including information about fixtures and fittings and the property itself.
Step 2 : Submit a draft contract to the Buyer’s solicitors.
Step 3 : Advise you on any enquiries raised by the Buyer’s solicitors.
Step 4 : Obtain a settlement figure for your mortgage (if applicable).
Step 5 : Agree a date for Completion
Step 6 : Send you a Completion Statement
Step 7 : Finalise contracts & exchange contracts.

Step 8 : Completion can then take place at which point legal ownership will transfer to the Buyer & arrange for all monies to be paid.

To obtain costs information specific to your transaction, please call us and we can provide this instantly.

We offer fixed fees meaning that you know from the outset what the total cost will be. There are various factors that we will need to discuss with you to enable us to confirm what that fee will be but on average our fees range from £900- £2,00 + VAT. The sales of a Freehold property will nearly always cost less than the sale of a Leasehold property. Our fee will include all the work required to complete the sale of your property as outlined above in the typical stages on the basis that there are no defects with the legal title.

We will charge £30 + VAT for every electronic bank transfer that we make on your behalf but only one transfer is usually required. We will charge £10 + VAT for maintaining an archive of your file.

We will charge £50 + VAT for the legal work in dealing with removing any additional charges/mortgages from the title. The removal of each charge will also usually incur a charge of £30 + VAT to complete an electronic bank transfer.

Disbursements

There are charges, known as disbursements, as part of the sale that are payable by you but that we handle for you.

In a freehold residential sale, there is usually just once charge of £14.40 to obtain copy documents from the Land Registry.

In a leasehold residential sale, you will also need to pay for a Leasehold Information Pack. This varies depending on the Management Company and you are advised to contact your Management Company to establish how much this will cost.

Example Total Sale Costs

Scenario: Selling a Freehold property for £200,000

Legal Costs: £1199

Bank transfer charge: £30

Archive Fee: £10

VAT: £247.80

Land Registry Documents: £14.40

Total: £1,501.20

Important: Excluded Services

We do not advise on tax matters but we can recommend specialist tax advisers if you wish.

No Sale, No Fee

We offer a ‘no sale, no fee’ service. This means that if the matter does not complete for any reason, you will not have to pay our costs for completing the work. You will, however, have to pay any disbursements paid on your behalf.  Any monies paid on account of our costs shall be refunded to you less the value of any disbursements incurred.

Referral Fees

On some transactions, we pay a referral fee to an introducer. This may be your Estate Agent or Financial Adviser. That fee which on average is £100 will not be charged to you and will be payable by Waldrons. Any advice we give you in relation to your property transaction will be independent and you are free to voice questions on all aspects of the transaction.  Any information disclosed by you to us will not be disclosed to a third party without your permission.