Sale of a Freehold Residential Property (Price £250,000)
The following prices are exclusive of VAT which will be charged in addition, at the prevailing rate, where applicable:-
| Rowberry Morris Legal Fees | £795.00 (plus VAT) |
| HM Land Registry Official Copies Fee | £12.00 (no VAT) |
| Rowberry Morris Bank Transfer Fee | £40.00 (plus VAT) |
| Online ID check (per name) | £10.00 (plus VAT) |
| Estimate total | £857.00 plus £169.00 VAT |
How long will my House Sale take?
The period of time between accepting an offer on the property you are looking to sell and the point at which legal completion takes place will depend on a number of factors. The average process can take between 6 and 10 weeks.
It can be significantly quicker or slower depending on the parties in the chain. For example, if you have sold to a first-time buyer, with a mortgage agreed in principle, and the property is vacant, or you can move out quite quickly, it could take between 6 to 8 weeks. However, if you are selling to a buyer involved in a chain of transactions, it might take 10 to 12 weeks or longer. The estate agent should advise you of the exact position of your buyer before you accept an offer.
Stages of the Process
The precise stages involved in the sale of residential property vary according to the circumstances of the individual transaction. Below we have listed some of the key stages which will appear in most transactions:-
- Take your initial instructions and deal with regulatory requirements.
- Provide you with the various property forms for completion.
- Prepare and issue contract pack to the Buyer’s Solicitors.
- Deal with any enquiries raised by the Buyer’s Solicitors on aspects of the property and their searches or survey and refer enquiries on to you for your input where necessary.
- Send the final Contract to you (or see you in person) for signature.
- Agree a completion date (the date on which you hand over ownership) and the deposit to be paid.
- Exchange Contracts (the point at which the transaction becomes legally binding).
- Deal with the property transfer documents, Buyers final “requisitions” and obtain mortgage repayment figure (if any) and prepare final statement.
- Complete the sale.
- From the proceeds of sale, repay any mortgage/loans secured against the property.
- From the proceeds of sale, settle the estate agent’s commission account.
- Send you any surplus funds from the transaction.