Legal Fees
Legal Fees are the amount you will be required to pay for all the work required to complete the sale of your residential property.
We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in formal quotation or as we advise you to incur them.
Our average standard legal fee for a residential Freehold Property Sale is from £950.00 – £5,000.00 plus VAT (£1,140.00 – £6,000.00 Inc. VAT), for properties up to the value of £5,000,000 plus disbursements, depending on the purchase price of the property as seen below:
| Sale Price – Freehold | Our Fees | VAT | Total |
| £0 – £250,00.00 | £950 + VAT | £190.00 | £1,140.00 |
| £251,000.00 – £350,000.00 | £1,150 + VAT | £230.00 | £1,380.00 |
| £351,000.00 – £450,000.00 | £1,250 + VAT | £250.00 | £1,500.00 |
| £451,000.00 – £550,000.00 | £1,350 + VAT | £270.00 | £1,620.00 |
| £551,000.00 – £650,000.00 | £1,450 + VAT | £290.00 | £1,740.00 |
| £651,000.00 – £750,000.00 | £1,550 + VAT | £310.00 | £1,860.00 |
| £751,000.00 – £850,000.00 | £1,650 + VAT | £330.00 | £1,980.00 |
| £851,000 – £1,000,000 | £1,750 + VAT | £350.00 | £2,100.00 |
| £1,000,001 – £5,000,000 | £2,000 – £5,000 + VAT | £400.00 – £1,000.00 | £2,400.00 – £6,000.00 |
| £5,000,000 + | For properties over £5 million, we typically charge on a percentage basis which is 0.25% of the purchase price plus VAT, depending upon the complexity of the transaction. Our fees are dependent on the agreed purchase price of the property, the location and when other complex factors are involved (such as transactions that involve the sale of multiple dwellings or land) to reflect the proportionate risk of carrying out higher-value transactions for our clients and for more complex transactions, the seniority of the legal adviser appointed. | ||
For Leasehold properties we charge a further £350+VAT (£420.00 Inc. VAT) The value of the property and any complexities of the purchase will dictate the final fee charged within this range.
For purchases using a corporate vehicle there is a supplemental fee of £15+ VAT (£18 Inc. VAT) due to companies house registration requirements and additional documents required for lending purposes.
Telegraphic Transfer Fee (incurred in most transactions) – We charge £32.00 + VAT (£38.40 inc. VAT) per transfer.
We are required by our regulator to undertake Client Due Diligence (CDD) which is made of up KYC (Know Your Client) and AML (Anti Money Laundering) details of which are contained within our terms of engagement which will be sent to you when instructing us.
In addition to our standard charges as referred to above, the firm will apply a CDD charge of:
- £10 (£12 inc. VAT) for undertaking KYC
Below, we detail what services are covered in our standard fee.
The final quote will depend on the value and location of the property and the complexity of the transaction. We would warn you that there are some charges made by others which we will not be able to ascertain until we are instructed and make the necessary enquiries.
If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.
Our average fees assume that:
- The transaction is concluded in a timely manner and no unforeseen complication arise.
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
- For Leasehold matters this is the assignment of an existing lease and is not the grant of a new lease.
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Disbursements and Other Costs
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
You will be provided with a full list of disbursements in our formal quotation. If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount.
The following disbursements and other costs may apply in your matter.
- Land Registry fees. The following link provided details of land registry fees payable. https://www.gov.uk/guidance/hm-land-registry-registration-services-fees. We will advise the fees that are relevant to your matter when we have the details of your property.
- Office Copy Entries* (Per Document) £3 pus VAT (£3.60 inc. VAT) per deed
- Land Registry Title Documents £3.00 per document (average £9.00 per title usually official copy entries, filed plan and filed Transfer)
- Freehold Sale with a management company – £250 + VAT (£300.00 inc. VAT)
- Statutory Declaration or Statement or Truth (methods of providing evidence in support of an application to HM Land Registry) – £150 + VAT minimum (£180.00 inc. VAT min)
- Help to Buy Loan (Sale) – £250 + VAT (£300.00 inc. VAT)
- Help to Buy redemption (standalone – not part of sale process) – £400 + VAT (£480.00 Inc. VAT)
- Transfer of Equity (Standalone) – £650 + VAT (£780.00 Inc. VAT)
- Leasehold Extensions – £2,000 + VAT (£2,400.00 inc. VAT)
- Equity Release (Leasehold) – £1,150 + VAT (£1,380.00 inc. VAT)
*Typically, £6 for Freehold properties and £15 for Leasehold properties but can be higher if more documents required to be ordered from Land Registry.
If your property is Leasehold, the following additional costs may arise:
- Notice of Transfer fee: This fee, if chargeable, is set out in the Lease. Usually the fee is between £30.00 – £120.00.
- Notice of Charge fee (if the property is to be mortgaged): This fee is set out in the Lease. Usually the fee is between £30.00 – £120.00.
- Deed of Covenant fee: This fee is charged by the Management Company for the property and can be difficult to estimate. Usually it is between £50.00 – £150.00.
- Certificate of Compliance fee: To be confirmed upon receipt of the Lease and can range between £50.00 – £150.00
- Management pack – when selling a property there will be information which we will need to obtain from the Landlord and / or the Management Company. Many Landlords / Management Companies have standard packs containing this information that usually range between £50.00 – £400.00 but we will confirm with you on application and review of your property sale.
These fees shown above will vary from property to property and can on occasions be more than the ranges given above. We will give you an accurate figure once we have sight of the relevant documentation.
How long will my property sale take?
How long it will take from your acceptance of an offer to the final sale of your property will depend on a number of factors.
- The average process for a residential freehold property sale is between 4 – 8 weeks.
- The average process for a residential leasehold property sale is between 4 – 10 weeks.
It can be quicker or slower, depending on a number of factors and we will notify you if we believe your transaction may take longer than average or if something occurs in your case to extend the transaction time.
If you are selling a leasehold property that requires an extension of the lease, this can take longer. In such a situation, additional charges would apply and we will notify you of the additional charges and time estimate when we, or the buyers, solicitors have engaged the landlord to discuss the extension.
Stages of the Process
The precise stages involved in the sale of a residential property vary according to the circumstances.
We have set out the key stages of a standard transaction: –
- Taking your instructions and giving you initial advice.
- Undertaking regulatory checks.
- Responding to enquiries of purchaser’s solicitor.
- Giving you advice on all documents and information received.
- Advising you on joint or shared ownership.
- Advising on any mortgage redemption, if appropriate.
- Sending final contract to you for signature.
- Agreeing completion date (date from which you no longer own the property).
- Exchanging contracts and notifying you that this has happened.
- Arranging for all monies needed to be received from your buyer and distributing those monies.
Other Factors and Exclusions
Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
- Value of the property.
- In Sale cases, whether primary residence, buy to let or second/holiday home.
- Multiple owners.
- Shared ownership scheme.
- Using a help to buy scheme, and whether it is an equity loan or ISA.
- Sale under right to buy.
- Sale at auction.
- Property has been repossessed.
These fees vary from property to property and can on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
Fee Earners
We have several experienced property lawyers who may work on your property transaction. Regardless of who works on your case, they will be supervised by Steven Clarke, Director at Rogers & Norton Solicitors and Head of Residential Conveyancing. For more information on our team members, please Click on this link
Questions
If you have any questions relating to our services and our fees, please contact us on:
- Norwich 01603 666001
- Attleborough 01953 453774
- Dereham 01362 562824