Turnkey

Turnkey

TURNKEY is offered by Gotelee to limit the impact on your budget if your property sale or purchase does not go according to plan and the deal falls through before exchange of contracts.

For a small fee to set up TURNKEY, you can guard against wasted solicitor’s fees where the other party to the transaction withdraws before contracts are exchanged. You will then be in a position to begin again with a different buyer or seller without being significantly out of pocket from the abortive transaction.

We hope this guide to TURNKEY, prepared by the Property team at Gotelee Solicitors, will help you to understand the benefits of the scheme. It is written in plain English and those legal terms that we cannot avoid using are explained at the bottom of this page.

Property value up to £250,000

 

A premium of £50 (including VAT) for each transaction (ie. £100 for a sale and purchase) covers your solicitor’s fees and VAT up to a total value of £300 per transaction (ie. £600 for a sale and purchase).

Property value between £250,000 and £500,000

 

A premium of £75 (including VAT) for each transaction (ie. £150 for a sale and purchase) covers your solicitor’s fees and VAT up to a total value of £500 per transaction (ie. £1,000 for a sale and purchase).

Property value over £500,000

 

A premium of £125 (including VAT) for each transaction (ie. £250 for a sale and purchase) covers your solicitors’ fees and VAT up to a total value of £600 per transaction (ie. £1,200 for a sale and purchase).

What is included?

TURNKEY will pay your solicitor’s fees and VAT up to the limits set out above.

What is not included?

  •  Disbursements;
  •  Your solicitor’s fees in the event that you withdraw from the transaction;
  •  The portion of your solicitor’s fees which exceed the limits set out above; and
  •  Any solicitor’s fees that you have agreed to pay as a contribution towards the other party’s legal costs.

For the purposes of this Client Guide the following definitions will apply:

Transactionthe term is used to describe the sale or purchase of a property involving one buyer and/or one seller. If the other party to the sale and/or purchase changes, a new transaction is created.

Exchange of contracts – the point at which the parties to the transaction become legally bound to proceed with the sale and/or purchase of a property.

Disbursementspayments made by Gotelee to third parties on your behalf in relation to a transaction.  Disbursements related to a property transaction will include, for example, local authority fees for searches, copy planning consents, and Land Registry fees.

Please ask a member of the team for further details of the TurnKey scheme or complete an Enquiry Form.

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