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Selling a property?
Stages of the process
The precise stages involved in the sale of residential property vary according to the circumstances. However, below we list some key stages that may be helpful:
- Taking your instructions and giving you initial advice
- Checking all parties are instructed and obtain Property Forms and paperwork from you
- Draft contract documents and collate title document and supply to other side
- Wait for other side to send initial enquiries and for them to carry out searches (these can take 3 weeks or so to come back in full)
- Obtain further planning documentation if required by the other side
- Give you advice on all enquiries received
- Send final contract papers to you for signature
- Agree exchange and completion date (date on which the property is sold). Organising a date can take some time if the chain is long.
- Exchange contracts and notify you that this has happened
- Collate completion statement to show financial position of the transaction and obtain balance of funds on account
- Complete sale
Costs
Our fees cover all of the work required to complete the sale of your property.
Conveyancer’s fees and disbursements to sell your property and include the following:
- Legal fee – typically £900 – £2,000 + VAT
Our fees are based on the sale price of the property and whether it is freehold or leasehold.
- Electronic money transfer fee £35 + VAT (per transfer)
- Title Information from Land Registry – in the region of £20 incl VAT
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.
When you’re buying or selling a property we understand that costs can mount up quickly. We appreciate you want a good price for the service you’re given with all the extras included. We try and provide a quote which is “all in”. You’ll be given the overall cost and how it breaks down.
However, sometimes there will be further work to attend to which couldn’t have been foreseen. If this happens we will let you know straight away.
Examples of unforeseen work:
- If legal title is defective or part of the property is unregistered
- Missing title deeds
- If crucial documents previously requested from the client have not been provided
- If we discover planning permissions or building regulations have not been obtained
Please be aware that Management Companies and Landlords packs are required when selling leasehold property. These can be in the region of £350. There will be additional costs when selling a property which has shared equity.
How long will my house sale take?
How long it will take from the offer being accepted until your sale if completed will depend on a number of factors. The average process takes between 8-12 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if your buyer is a first time buyer it could take 8-10 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. Additionally, please note that, in such situation additional charges would apply.
Examples of services not included:
- Tax advice
- Survey advice
- Financial advice
- Dealing with post completion retentions
- Insurance advice
Useful Resources:
Cate Cussell
Partner and Head of Property Department
“Exceptional service from start to finish resulting in a smooth house move! We have already recommended you to two friends and would certainly use GoodyBurrett for any of our needs”
Matters related to buying a property –
Depending on your circumstances you may need advice for various reasons such as:
If you would like to find out more information on buying a property
Please complete our contact us form at the top of this page, email [email protected] or feel free to call us on 01206 577676