Sale of Flat

Costs

The costs comprise two elements:

· Our legal fees for the work that we undertake, and

· Third party expenses (known as "disbursements").

Our legal fees are subject to VAT.

Disbursements may or may not be subject to VAT. Where VAT is payable, the amount and rate are stated below.

Legal Fees

Up to £500,000 £2,400 plus VAT (at 20%)

£500,001 - £750,000 £2,400 - £2,800 plus VAT (at 20%)

Over £750,000 Fee on request

In addition, we charge:

an AML/Client Onboarding Administration Fee of £30 plus VAT per person.
a Bank Transfer Fee of £30 plus VAT (at 20%) for administering each bank transfer.

Disbursements

We handle the payment of the disbursements on your behalf to ensure a smoother process.

We will need to obtain official copies of each title document relating to your property including the lease from HM Land Registry. These documents generally cost £3 each.

We shall also pay out of the proceeds of your sale any estate agents' commission and if the property is mortgaged, the redemption amount that has been provided by your lender.

In addition there are certain disbursements which will be set out in the individual lease relating to the property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of your lease. We will update you on the specific fees payable to the Landlord or managing agents (and whether they are subject to VAT) when we have looked at the lease and received the costs information from your Landlord or managing agents.

Anticipated Disbursements

Landlord Information fee - this is payable to the Landlord/Managing Agents for providing leasehold information for your buyer. The fee varies and is often between £200 and £450.
Licence to Assign fee - if your Lease requires Landlord's consent to sell your property, the Landlord will charge you a fee that is often between £250 - £600.

What is covered

Our Legal Fees cover the work required to complete the sale of your home and assume that:

this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title or a defect in the lease which requires either remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
the property is registered under a single leasehold title at the Land Registry.
the property is being sold with vacant possession.
the transaction is concluded in a timely manner and no unforeseen complications arise.
all parties to the transaction are co-operative and there is no unreasonable delay from anyone providing documentation.
no indemnity policies are required. Please note that additional disbursements may apply if they are.
the property has the requisite Planning or Building Regulations Consents.
this is a sale of an existing lease and not the grant of a new lease.
no lease extension is required as part of the purchase.

The amount of work required can vary significantly from one transaction to another. There are many factors involved and it is only once we have spoken to you that we will have an idea of what your transaction involves. Our fees may therefore increase from those we have indicated above, for example, if the transaction is urgent, you request home visits, out-of-hours or weekend meetings, there is a long chain of sales which need to be co-ordinated etc.

In addition, the transaction may become unduly protracted or complex involving additional work. If such a situation arises, we will inform you of this and provide revised costs information

What we do not advise on

We do not give advice on the following matters: Tax, financial planning, laws of any jurisdiction other than England and Wales.

Key stages and typical timescales

Selling a home involves many stages and complexities. We recommend that you read the Government's guide entitled "How to Sell a Home". The link is: https://www.gov.uk/government/publications/how-to-sell-a-home/how-to-sell-a-home

We would also refer you to https://www.legalchoices.org.uk/ This website is run by legal services' regulators in England and Wales and provides independent and factual information on selling a home.

HOW LONG WILL MY SALE TAKE?

How long it will take from your offer being accepted until you complete your sale will depend on a number of factors. The average process takes approximately three months.

It can be quicker or slower, depending on such factors as:

The other parties in the chain.
A transaction in the chain falling through.
Difficulties or delays in obtaining information (eg from the Landlord or managing agents) for the buyer's solicitors.
Difficulties in the buyer arranging a mortgage.
It is a newly-built property.
A buyer's survey report recommending further investigations prior to exchange.
A property that requires an extension of the lease.
Having to obtain the Landlord's permission to sell the property if that is a requirement in the Lease.
Any defects in the Title to the property or in the Lease that require rectification prior to exchange.
The property lacking any requisite Planning or Building Regulations Consents.
A property under construction.

Please note that this is not an exhaustive list of additional factors.

Key stages of the process

The precise stages involved in the sale of a flat vary according to the circumstances. However, some key stages involved are:

STAGE ONE: PRE-EXCHANGE

Taking your instructions and giving you initial advice.
Carrying out client identification and Anti-Money Laundering checks.
Sending you various information Forms to complete including a Property Information Form, Leasehold Information Form and Fittings and Contents Form.
Writing to your estate agent and the buyer's solicitors confirming that we act for you.
Obtaining the Landlord Information Pack from the Landlord or the managing agents. Their fees are payable by you at this stage.
Preparing the contract and submitting it with your completed Information Forms, Title documentation, copy Lease and any other supporting documents to the buyer's solicitors.
Negotiating the sale contract with the buyer's solicitors.
If required in your Lease, writing to the Landlord for their consent to your sale and dealing with their requirements. The Landlord's solicitors will advise us of their legal costs which will be payable whether or not you complete your sale. We shall ask you to pay these to us at this stage.
Obtaining any further Planning or Building Regulations Consents from the Local Authority, if required.
Dealing with any additional enquiries of the buyer's solicitors.
Buyer's solicitor to confirm that they have no further enquiries and are in receipt of a mortgage offer (if applicable).
Meeting with you and arranging for you to sign the contract.
Agreeing a completion date with the buyer usually via the estate agent.

STAGE TWO: EXCHANGE

Exchanging contracts with the buyer's solicitors and notifying you that this has happened.At this point, you have contracted to sell the property on the agreed completion date.

STAGE THREE: POST-EXCHANGE/PRE-COMPLETION

Agreeing the Transfer document with the buyer's solicitor.
Sending you the agreed Transfer document to sign and return to us in readiness for completion.
Obtaining a redemption statement from your lender and a commission invoice from your estate agent.
Sending you our Financial Statement with our invoice detailing the sale proceeds and the money that will be deducted on completion from the sale proceeds ie our legal fees and expenses, any estate agents commission and the amount required to redeem any mortgage.

STAGE FOUR: COMPLETION

Completing your sale, notifying you accordingly and authorising your estate agent to release the keys to the buyer.
Sending the Transfer and any other relevant documents to the buyer's solicitors.
Paying the estate agents' commission and redeeming your mortgage.
Transferring the net sale proceeds to you on the day of completion.