We provide a high quality, tailored residential conveyancing service for our clients.
This document sets out our typical charges for the sale of a leasehold residential property, some information on what other costs you might expect to incur in making such a sale and a summary of the process involved.
We set out below our typical charges for the sale of a leasehold residential property.
The charges described are based on the following assumptions.
If a transaction is not in line with the assumptions set out above, we will advise our clients of any additional charges.
For a more detailed, tailored quotation, please speak to your Simkins contact.
Our fee for the legal work involved in selling a leasehold residential property is calculated at one-third of 1% of the sale price of the property, subject to a minimum charge of £2,000.00.
Disbursements are costs that are payable to third parties. We handle the payment of the disbursements on our clients’ behalf. Disbursements are charged in addition to our conveyancing fee.
The only disbursement normally associated with the sale of a leasehold residential property is a fee charged by the landlord for providing information on the lease (Landlord’s information form). This is determined by the lease and normally is in the region of £150 to £350. If there are any other disbursements, we will inform you promptly.
Please note, however, that we also normally pay any estate agent fees directly out of the proceeds of sale on your behalf.
In addition to our conveyancing fees and disbursements, we make charges for electronic bank transfers, photocopying, printing and faxes.
Money transfers on completion of a sale will normally be effected by way of priority payment (other than estate agent fees) and we impose a minimum charge for each sale of £35.00 for photocopying, printing and faxes.
VAT is charged at 20% on our conveyancing fee, all disbursements and our other charges.
Our fees are payable upon completion. If a transaction does not complete, we shall charge our reasonable time costs up to and including the date upon which the transaction aborts, subject to a cap of the conveyancing fee otherwise payable upon completion. We will also charge any and all other disbursements and other charges incurred up to the date upon which the transaction aborts.
We reserve the right to ask for money on account of our fees before starting work.
If a client sells a property worth £1m, typically our total fees will be as follows:
Conveyancing fee - £3,333.33
Landlord’s information form (LPE1) - £350.00
Electronic money transfer fee – redemption of existing mortgage - £40.00
Electronic money transfer fee – payment of estate agent commission (BACS) - £5.00
Electronic money transfer fee – transfer of balance of sale proceeds - £40.00
Photocopying, printing and faxes - £35.00
VAT @ 20%: £760.67
Total fees payable to Simkins LLP: £4,564.00
How long it will take from an offer being accepted until completion of the sale will depend on a number of factors. The average process takes between four to eight weeks.
It can be quicker or slower, depending on the parties in the chain.
The precise stages involved in the sale of a residential property vary according to the circumstances. However, the basic steps are set out below:
We will keep our clients updated as to progress on a regular basis.