Residential Property Pricing - Freehold Sale

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 freehold property are estimated to be:

Property price        

Fee   

VAT  

Total    

Up to £175,000     £850£170£1,020

£175,001 to £250,000         

£950£190£1,140
£250,001 to £500,000£1,050£210 £1,260
£500,001 to £750,000 £1,250£250£1,500

£750,001 to £1 million 

£1,550 £310£1,860

£1 million to £1.2 million   

£1,800£360£2,160

 

 

 

 

 

 

 

 

 

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:

PositionHourly 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

In a freehold sale transaction, our estimates allow for the following steps:

  • Taking your instructions and giving initial advice;
  • Authenticating the Buyer’s lawyer’s details;
  • Preparing the initial contract pack and sending this to the Buyer’s lawyers;
  • Dealing with and advising you on any relevant enquiries raised by the Buyer’s lawyers, including obtaining planning consents or other documents from third parties where relevant;
  • Obtaining any management information and providing this to the Buyer’s lawyers, where relevant for freehold properties;
  • Sending the contract, transfer and any other documentation to you for signature;
  • Exchanging contracts and handling any deposit paid;
  • Notifying you of the anticipated net sale proceeds;
  • Redeeming any mortgage(s) and/or charge(s) held over the property, including any Green Deal, Local Authority grant payments or other such agreements;
  • Arranging the transfer of funds on completion in accordance with your instructions;
  • 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;
  • Where relevant, dealing with any notices, restrictions, retentions and straight-forward post completion matters on your behalf; and
  • Retaining and storing deeds on request.

On rare occasions there are unexpected complexities or things take longer than expected. Examples include dealing with unregistered land; any agricultural aspects, the drafting of Statutory Declarations and/or other deeds 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.

 

 

For further information or to speak to one of our experts please call us on: