What are my legal fees going to cost?
Our fees cover all of the work required to complete the sale of your property, including paying off your mortgage(s) (if applicable), paying your estate agents and sending the balance to you, unless you are buying another property at the same time.
Our costs for acting in a freehold residential sale will generally range upwards from £850 plus VAT. Our costs for acting in a leasehold residential sale will generally range upwards from £975 plus VAT. Over and above this there may be expenses (sometimes called disbursements) which are charges related to your matter that are payable to third parties, (not Bower & Bailey) such as fees for Land Registry Office Copy Entries. We handle the payment of these expenses on your behalf to ensure a smoother process.
Our precise costs and expenses will depend on the value and location of the property you are selling. An illustration of our total costs and other expenses on a freehold residential property sale where the sale price is £450,000 and our costs are say £1,300 plus VAT is set out below:
| Costs | £1,300.00 | |
| VAT at 20% | £260.00 | |
| Costs re Telegraphic Transfer | £40.00 | |
| VAT at 20% | £8.00 | |
| Costs re Identity Verification | £40.00 | |
| VAT at 20% | £8.00 | |
| Expenses | ||
| Fee for Office Copy Entries (estimated) | £15.00 | |
| TOTAL | £1,671.00 | |
Factors which may affect and increase our costs include if the legal title is defective, if some or all of the title is unregistered, if building regulations or planning permissions have not been obtained or there is a delay in receiving key documents or if you are selling a leasehold property that requires an extension of the lease by the purchaser. We would strongly advise that you speak to one of our experienced lawyers so they can ask you relevant details about your property to ensure we try and give an accurate estimate of our costs from the outset.
How long will my property sale take?
How long it will take from your offer being accepted until completion of your sale will depend on a number of factors. On average it takes between 12 – 18 weeks. It could take longer if there is a chain (a line of buyers and sellers all involved in linked transactions). If you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 15 – 24 weeks.
Stages of the property sale process
The precise stages involved in the sale of a residential property vary according to individual circumstances. However, if you click here you will see our Residential Purchase/Sale Overview which sets out the key stages together with our Key Word Explanation.
