Davies Bays & Co trading as
John Bays & Co Solicitors
Incorporating Windsor & Co and Denis Mann Bays & Co
240A High Road, Wood Green, London N22 8HH
DX 35653 WOOD GREEN 1
TEL: 020 8881 3609
FAX: 020 8889 2855
EMAIL: firstname.lastname@example.org for enquiry purposes only.
We do not accept service by email.
Sale of a house (freehold)
Our fees cover all of the work required to complete the sale of your freehold residential property including dealing with repayment of any existing mortgage or charge secured against the registered title to the property at the Land Registry and usually settlement of any estate agent’s sales commission by prior agreement.
Legal Fees: These will usually range between £995.00 - £1500.00 plus VAT and will be dependent on the type and value of property being sold. Our professional charges are made on the basis of an experienced conveyancing solicitor carrying out the work required on your sale with an overall emphasis on providing a personal service. Our focus is on delivering quality rather than a conveyancing service.
Our fees assume that:
- this is a routine sale transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
- 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 third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required
- The price will also be determined by the following factors:-
- Value of the property
- Whether the sale relates to a property which was built in the last 10 years
- If the property being sold involves a shared ownership scheme
- Whether the property being sold is at auction in which case we would obtain the searches in advance
- Whether the property has been repossessed and being sold via a power of sale
NB: This list is not intended to be exhaustive.
VAT: VAT is payable on top of our fees at a current rate of 20%
HM Land Registry Fees: The following fees shall apply:-
- Official copy of the Register of title and plan at a total cost of £6.00.
- Further charges shall apply in relation to obtaining official copies of any documents referred to on the register of title- e.g. a Conveyance or Transfer deed and there is usually a charge of £3.00 per official copy of each such document
Referral Fees: We do not pay or receive any referral fees for any agents or third parties.
Payment on account: we may request a payment on account at the outset of the transaction, currently £500.00.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry Fees. We handle payment of the disbursements on your behalf to ensure a smoother process.
EXAMPLE OF A SALE: For the sale of an existing freehold house (not a new build) with a sale price of £460,000.00 and no mortgage to redeem, our fees and disbursements would be as follows:
|Land Registry official copy of the freehold register and plan fee:
|Telegraphic Transfer fee to discharge existing mortgage:
|Anti-Money Laundering/ID Check fee (per name):
The above does not include any agreed sales commission payable to an Estate Agent which is usually calculated as a percentage of the sale price plus any VAT.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages:
- Take your instructions and give you initial advice, complete client care documentation and due diligence.
- obtain from your estate agent an Energy Performance Certificate, which is required at the point of marketing of a property for sale with a minimum E rating at present;
- prepare and send draft Contract documentation to the Buyers’ Solicitors to include the following Property Information Forms:-
- 1. TA 6 – Property Information Form.
- 2. TA10 - Fittings and Contents Form.
- Once everything is in order and the contract has been agreed with the Buyer’s solicitors, we will exchange contracts, at which point you would be legally bound to complete the sale of the Property on a completion date mutually agreed in the Contract. The completion date (the day on which you must give up possession of the property) depends on the requirements of the parties. When we are ready to exchange contracts, the Buyer must pay a non-refundable deposit on the purchase price (usually 10%) until the completion date agreed in the contract, when the Buyer must pay the balance of the purchase price. The timing of exchange depends on both when you and the Buyer are in a position to do so. The balance of the purchase price is payable in full prior to the completion date agreed in the Contract;
- We shall then prepare a completion statement confirming the purchase price being received from the Buyer, less this firm’s charges and expenses, any sum to be repaid to your mortgage lender and any estate agent’s commission;
- on the date of completion, this firm will receive the balance of the purchase price by telegraphic transfer from the Buyer’s solicitors, to whom we shall then send all the title deeds to the property and transfer signed by you to enable the Buyer’s solicitors to register the Buyer as the registered proprietor at the Land Registry;
- We shall then repay your mortgage (if any), pay the Estate Agent’s commission (if any) [unless you have confirmed to us in writing that no commission is payable to any Estate Agent] and having deducted this firm’s charges and expenses as set out on the completion statement, remit the sale proceeds to you either by cheque on by telegraphic transfer to your nominated bank account.
How long will my Property sale take?
How long it will take from your acceptance of the buyer’s offer until you can complete your Property sale will depend on a number of factors. The average process takes between 8 -16 weeks.
It can be quicker or slower, depending on the parties in the chain. For example. It can be quicker if your Buyer is not relying on a mortgage and/or the transaction is chain free.
Sale not proceeding: we may make a charge on a reduced basis depending on the amount of work carried out.
Please note that we will always provide you with individual costs information and a copy of our terms and conditions of business.
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The partners in
Davies Bays & Co are John Bays, Riyad McDoom, Naomi Bays and Michael Christopher. We are authorised and
regulated by the Solicitors’ Regulation Authority No. 070397 www.sra.org.uk