Welcome to Rootes & Alliott (incorporating T R S Miller)

Selling a Property

(a) Preliminary

In relation to your sale we receive details of the buyer and their solicitors from the estate agents (if any) instructed by you to deal with the property marketing.  Even if this is a private sale please be aware that it is a legal requirement that all properties sold in England and Wales have a valid Energy Performance Certificate.  If you need further information regarding EPC’s please let us know.

In accordance with our legal obligations we will need you to comply with proof of identity requirements.

We will need to obtain a repayment figure in respect of outstanding loans/mortgages secured on the property and title details from the Land Registry.

Thereafter we will prepare the draft contract and send it out to the Buyer’s solicitors along with evidence of your ownership form the Land Registry (if registered property – see below) and your replies to standard questionnaires.

The Buyer will be entitled to place reliance on the information supplied by you when completing the questionnaires - accordingly accuracy and full disclosure are essential. If any inaccurate or misleading information is given the Buyer may be able to claim compensation from you.

(b)  Deposit

At exchange of contracts stage the Buyer is obliged to pay the Seller’s solicitors a deposit.  Historically this was 10% of the contract price but nowadays a reduced figure is often agreed and we will discuss the deposit with you.  In practice it will not be paid out to you but if you have a related purchase then it would probably be possible to use any deposit received on your sale in relation to the purchase.

(c) Insurance

You should maintain sufficient buildings insurance on your property until completion of the sale.

(d) Exchange of contracts

Exchange of contracts is the point at which the buyer pays a deposit and the sale/purchase contract becomes legally binding. A Completion date is agreed at this point and written into the contract.

On the Completion date the balance of the payment for the property is passed over to the seller's solicitor and ownership transfers to the buyer.

Neither party is committed to the transaction until contracts have been exchanged and up until that point either party can withdraw

Once contracts are exchanged and the completion date is fixed then we will obtain any estate agents commission account and we will send you a copy for approval.

(e) Meters and Charges

You will of course need to arrange for meters to be read on the Completion date and obviously the Local Authority and water/sewerage authorities need to be notified of the sale and the completion date.  Most Sellers undertake this task themselves but if there is any action you would like us to take in this respect please let us know.

(f) Completion

This is the date on which the buyer pays the balance of the purchase price and takes up occupation. On the day of completion we will receive the completion monies and deduct any amounts to be paid (i.e. our fees, estate agent charges, mortgages etc) and we will then account to you for the balance - unless of course there is a related purchase.

The contract usually requires completion by 2.00 pm on the Completion date and therefore you will need to vacate the property by that time.

(g) Keys

You should not of course hand over your keys to your buyer until you have contacted us to confirm that we have received the purchase monies. It is usual to leave all keys with the Estate Agents who arranged your sale the day before completion or earlier by arrangement.  If there are no Estate Agents then please liaise with ourselves concerning the handover of keys.

(h) Capital gains tax

There may be liability for Capital Gains Tax (CGT) if you do not qualify for principal private residence exemption. You will need to seek financial advice and inform the HMRC of the transaction please. You should note that any CGT must be notified and paid to HMRC within 30 days of completion. See further: https://www.gov.uk/capital-gains-tax

(i) Leasehold Properties

In relation to your sale if this is a leasehold property – there will be further fees payable to the Freeholder/Managing Agents in relation to the sale.  This is likely to include fees for the provision of management information and there may also be a fee payable for the Landlord’s/Managing Agents’ consent to the transaction. 

Furthermore, the lease may provide for some form of one off payment to the freeholder on completion and when we have had the opportunity of perusing the lease in this respect we will let you know.

CONVEYANCING  CHARGES AND DISBURSEMENTS ON SALE  OF REGISTERED PROPERTY

Our fees cover all of the work required to complete the sale of your pr0perty.

“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.

Registered or Unregistered?

The vast majority of properties in the UK are registered at HM Land Registry which provides reliable evidence of the Sellers ownership with relevant documents and plans readily available for inspection. An 'unregistered' property is quite simply one that has not been registered with the Land Registry yet. Historically documents/deeds of ownership would have been required to be produced whenever there was a “dealing” with the property, for example, a change of ownership.

If the Title to the property you are to sell has not been registered at the Land Registry then this may prove to be a more complicated process depending on what documentation you produce to evidence ownership and we would need to consider the likely fees on a case by case basis.

CONVEYANCING  CHARGES AND OTHER EXPENSES
SALE OF LAND OR PROPERTY - REGISTERED TITLE

PRICE BAND

OUR CHARGES

VAT ON CHARGES

DISBURSEMENTS

ELECTRONIC FUNDS TRANSFER FEES TO INCLUDE OUR ADMIN FEE, VAT THEREON  AND BANK CHARGES

(PER FUNDS TRANSFER)

ADDITIONAL CHARGES

ESTIMATED SEARCH AND COMPLIANCE FEES **

  • Official copy documents from Land Registry to evidence your ownership @ £3 per document
  • Anti-money laundering checks

LEASEHOLD  PROPERTY

0-175,000

£850.00

£170.00

£18

£34.20

ADD £100 plus VAT

175,001 – 350,000

£950.00

£190.00

£18

£34.20

ADD £100 plus VAT

350,001-500,000

£1,050.00

£210.00

£18

£34.20

ADD £100 plus VAT

500,001-650,000

£1,100.00

£220.00

£18

£34.20

ADD £100 plus VAT

650,001-800,000

£1,150.00

£230.00

£18

£34.20

ADD £100 plus VAT

800,001-950,000

£1,200.00

£240.00

£18

£34.20

ADD £100 plus VAT

950,001-1,100,000

£1,250.00

£250.00

£18

£34.20

ADD £100 plus VAT

1,100,001-1,100,000

£1,300.00

£260.00

£18

£34.20

ADD £100 plus VAT

1,100,001-1,250,000

£1,350.00

£270.00

£18

£34.20

ADD £100 plus VAT

1,250,001-1,400,000

£1,400..00

£280.00

£18

£34.20

ADD £100 plus VAT

 

* Our fees assume that:

 

  1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
  2. the title to your property is registry at the Land Registry
  3. where leasehold property is concerned, the sale involves the  assignment of an existing lease and not the grant of a new lease
  4. the transaction is concluded in a timely manner and no unforeseen complication arise
  5. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  6. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

**These fees vary from property to property and can on occasion be more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

How long will my house sale  take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8-10 weeks.

It can be quicker or slower, depending on the parties in the chain. However, if you are selling a leasehold property this can take longer, perhaps nearer 10 and 12 weeks.

Conveyancing Department

The firm has the Law Society Conveyancing Quality Scheme Accreditation for residential conveyancing work. The conveyancing team are as follows: -  

Jim Morrison - Jim is a Solicitor and Partner of the firm. He qualified as a Solicitor in 1984. He has many years’ experience in dealing with residential conveyancing including freehold and leasehold properties and mortgage work.

Graham Medler – Graham has been a Fellow of the Chartered Institute of Legal Executives since 1996. He has many years’ experience in dealing with all property work including residential conveyancing for both freehold and leasehold properties.

Melanie Smith – Melanie is an Associate of the Chartered Institute of Legal Executives. She joined the firm in 1995. Melanie predominantly deals with private client work (Wills, LPAs, Probate and Estate administration) but she is also happy to deal with residential conveyancing work.

The Department is supervised by Mr J.K. Morrison, who is the Senior Responsible Officer for the firm’s CQS accreditation.