At Heringtons we pride ourselves on offering a clear pricing structure for the high level of service we provide. We ensure there are no hidden charges. Not all firms offer the same level of service and this is reflected in the fees charged. Heringtons do not charge fixed fees so you will only pay for the time spent on your matter.
We provide an estimate related to the value of the property involved. This is because in our experience this is a good guide to the level of work involved. But, every transaction is different depending on your needs and circumstances and the type of property involved so we’ll let you know if the estimate needs to be reviewed. We aim to help you move on the day you choose and don’t usually charge more just because we need to act quickly. Our charges for the sale of a single residential leasehold property are estimated to be:
| Property Price | Fee | VAT | Total |
|---|---|---|---|
| Up to £175,000 | £1,050 | £210 | £1,260 |
| £175,001 to £250,000 | £1,150 | £230 | £1,380 |
| £250,001 to £500,000 | £1,250 | £250 | £1,500 |
| £501,000 to £750,000 | £1,450 | £290 | £1,740 |
| £750,001 to £1 million | £1,750 | £350 | £2,100 |
| £1 million to £1.2 million | £2,000 | £400 | £2,400 |
In addition to the figures shown above there will be further time spent in appropriate transactions at the estimated cost shown:
- To repay each mortgage £75 + VAT (£90)
We will also charge the following for each bank transfer made during your transaction:
- Transfer by BACs (takes 4 days) £25 + VAT each (£30)
- Transfer by CHAPs (same day) £40 + VAT each (£48)
If the time spent on your transaction at completion is less than that estimated at the outset, we will charge you less; we may have to charge you more but this is unusual and we’ll be sure to let you know as soon as we can. The amount you pay is calculated using the following hourly rates:
| Position | Hourly Rate |
|---|---|
| Partner/Senior Solicitor | £200-£260 |
| Senior Licensed Conveyancer | £200 |
| Junior Solicitor | £180 |
| Chartered Legal Executive | £180 |
| Conveyancing Executive | £180 |
| Paralegal | £150 |
The work on your sale will be handled by a named specialist property lawyer helped by trained admin staff.Your lawyer can call on a wide range of expertise across Heringtons to support you in any unusual situations that may arise.
Disbursements are costs paid to others, such as the Land Registry. We ask for a payment in advance so that we can easily handle these disbursements to ensure your move proceeds as smoothly as possible. Usual payments include:
- Land Registry Official Copies £3 per entry/plan/document obtained
- Bankruptcy Searches £2 per name searched
- Freehold Management Pack Varies – charged by the freeholder
In a leasehold sale transaction, our estimates allow for the following steps:
- Taking your instructions and giving initial advice;
- Authenticating the Buyer’s lawyer’s details;
- Reviewing the title and preparing the initial contract pack and sending it to the Buyer’s lawyers;
- Corresponding with any relevant managing company, managing agent and/or freeholder for management information;
- Dealing with and advising you on any relevant enquiries raised by the Buyer’s lawyers;
- Sending the contract, transfer and any other documentation to you for signature;
- Reviewing any management pack received from the freeholder;
- Exchanging contracts and agreeing the completion date;
- Notifying you of the anticipated net sale proceeds;
- Redeeming any mortgage or charge held over the property, including any green deal or Local Authority payments;
- Arranging transfer of funds on completion;
- Taking out any agreed indemnity insurance and forwarding to the Buyer’s lawyers;
- Arranging payment of agents commission where agreed by you;
- Notifying all relevant parties of completion;
- Reasonable liaison with you, any lender and third parties throughout;
- Dealing with any notices, restrictions, retentions, straight-forward post completion matters; and
- Retention of files/deeds or forwarding them to you for safe-keeping.
On rare occasions there are unexpected complexities or things take longer than expected. Examples include dealing with unregistered land; drafting any lease extension or deed of variation and obtaining any lender’s consent to the same or drafting of Statutory Declarations required as part of the sale. We will discuss with you as soon as possible any issues that are likely to mean an increase in our fees and we will provide an updated estimate.