Residential Sale
What is Residential Conveyancing?
Residential conveyancing involves the buying, selling, or transferring of property from one party to another.
What do we do in a Residential Sale?
In a residential sale, we play a crucial role in managing the legal aspects of the transaction. We are responsible for handling the paperwork, liaising with the buyer's solicitor, and ensuring compliance with UK law. We draft the contract of sale, negotiate terms, and facilitate the exchange of contracts, making the sale legally binding. We also manage the transfer of funds on the completion date, ensuring the buyer's funds are received and the property ownership is transferred. Additionally, we address any outstanding mortgages, deduct our fees, and transfer the remaining funds to the seller. We also provide guidance on any tax implications and ensure all relevant authorities and service providers are notified of the sale.
What work we will undertake for you during a Sale
Investigate the property's title.
Assist with completing the Conveyancing Protocol Forms.
Send the contract pack to the other party.
Help answer any enquiries.
Negotiate the purchase contract and transfer document.
Proceed to exchange contracts and complete the purchase.
Settle your account with the estate agent, if applicable, and redeem your mortgage, if applicable.
Transfer funds to you via telegraphic transfer.
What is not included
Our firm does not provide advice on the following matters:
Tax: We recommend instructing a qualified accountant for taxation matters, except for Land Transaction Tax (LLT) and Stamp Duty Land Tax (SDLT). We do not advise on Capital Gains Tax but remind you that returns must be submitted to HMRC and paid within 30 days of completing the transaction.
Finance: We do not offer financial advice on funding options such as mortgages and loans. We suggest consulting a financial adviser for these matters.
Property, Land, or Asset Condition: We do not provide advice on the physical state or condition of property, land, or assets, nor do we comment on their valuations. We recommend instructing a surveyor or qualified valuer for such assessments.
Time frame
The timescale for a residential sale in the UK can vary significantly, with the national average being around five months, while in Mid Wales, it tends to be closer to three months. This variation is due to several factors that make it difficult to predict the exact duration of the process.
One of the primary reasons for this unpredictability is the dependency on the buyer's circumstances. The buyer's ability to secure financing, complete necessary surveys, and respond to enquiries can all impact the timeline. Additionally, the chain of transactions involved—where the sale of one property is contingent on the sale of another—can introduce further delays.
The process involves several stages, including the negotiation of terms, exchange of contracts, and completion, each of which can be affected by unforeseen issues such as legal complications, survey results, or delays in obtaining mortgage approvals.
Fees
Most Residential Conveyancing transactions are undertaken on a Fixed Fee* basis and details of our standard fixed fees are set out below;
Sale (Freehold)
Under £120,000 - £945.00**
£120,001 - £200,000 - £1,095.00**
£200,001 - £300,000 - £1,245.00**
£300,001 - £450,000 - £1,495.00**
£450,001 - £600,000 - £1,895.00**
£600,001 - £1,000,000 - £2,295.00**
£1,000,001 - £2,000,000 - £2,795.00**
£2,000,001 - £3,000,000 - £3,295.00**
Sale (Leasehold)
Under £120,000 - £1,295.00**
£120,001 - £200,000 - £1,395.00**
£200,001 - £300,000 - £1,445.00**
£300,001 - £450,000 - £1,695.00**
£450,001 - £600,000 - £2,095.00**
£600,001 - £1,000,000 - £2,495.00**
£1,000,001 - £2,000,000 - £2,995.00**
£2,000,001 - £3,000,000 - £3,495.00**
*These fees could increase if the complexity of the matter turns out to be above the standard conveyancing procedure. We will discuss, if relevant, any increase in fee with you prior to undertaking additional work. Additional work will be carried out at our standard rates.
**
All the above fees are exclusive of VAT - VAT will be added at 20% of the fee.
There is an additional fee of £495.00 + VAT charged on all New Build Purchases.
There is an additional fee of £395.00 + VAT added on Transfers of Part.
There is an additional fee of £300.00 + VAT added if the Property is unregistered.
Payment on account
You will need to put £750.00 on account of costs at the beginning of the matter.
Failed Transactions
Should the transaction fail to proceed to completion, then we will charge a proportion of the above fee, as a minimum. We will also add VAT and any disbursements we have paid out on your behalf. Please see as follows:
STAGE TRANSACTION HAS REACHED:
25% of the fee quoted where we have received and considered the draft papers from the Seller’s solicitors or read the Estate Agents Particulars for the Property.
50% of the fee quoted where we have received answers to our preliminary enquiries and received additional search results and any mortgage instructions, if applicable.
75% of the fee quoted where we have advised you on the terms of the purchase and are in a position to proceed to exchange.
Matter Specific Disbursements
None
General Disbursements
For more information about general disbursements listed below and their cost please click on the "General Disbursements" button below:
Identification of client.
Telegraphic Transfer fee.
Office Copy Entries
Fee earners specialising in this field. Please click on their profile to see relevant experience.
Jonathan Davies
Callum Breese
