Conveyancing Costs

Fahri LLP is accredited with the Law Society’s Conveyancing Quality Scheme kitemark and endeavour to provide a professional and efficient legal service to individuals who instruct us to handle residential property transactions (such as sales, purchases or linked sales and purchases). We do not offer different levels of service depending upon the legal fee charged.  For example, we do not offer an online only service, or a service with a capped number of telephone discussions within a set price.  Fahri LLP charge what we believe to be a fair and proper fee to reflect the bespoke and tailored service that we provide.

Fahri LLP tends to work on a repeat basis for clients who know us or who have been recommended to us. However, we are independent and neither pay nor accept referral fees.

Our Residential Property Team is headed by Wendy Fahri, a Partner. Details of her experience, and those within the Team, can be easily accessed by clicking on the names below.  A member of the Team would handle your matter, normally from beginning to the end under the supervision of a Partner.  

LEGAL FEES

  1. We set a minimum Legal Fee of:
  • £1,000 plus VAT in acting for you in a sale or purchase transaction;
  • £1,500 plus VAT in acting for you in any new build purchase;
  • £850 plus VAT in acting for you in any refinance transaction;
  • £1,250 plus VAT in acting for you in any bridging finance transaction
  • £1,450 plus VAT in acting for you in any equity release transactions.
  1. If you are buying with the aid of a mortgage, we will charge an additional Legal Fee of £250 plus VAT if we are instructed to act for the bank. However, if the bank is separately represented, our Legal Fee may be more depending on the lender’s solicitors’ requirements that we are to satisfy.
  2. If you are buying with the aid of a Help to Buy mortgage, we will charge an additional Legal Fee of £500 plus VAT.
  3. We charge a bank transfer fee of £30 plus VAT for transferring funds on completion or to redeem a mortgage.
  4. We do not price match any estimates you may be given by other service providers.

DISBURSEMENTS

Stamp Duty Land Tax

Stamp Duty Land Tax may be payable on some transactions, to include property purchases and lease extension.  The amount of tax will depend on various factors including the premium paid.  You can check the amount of tax payable on the Government’s website using the following link:  https://www.gov.uk/stamp-duty-land-tax/residential-property-rates, or if the property is located in Wales by using the Welsh Revenue Authority website https://beta.gov.wales/land-transaction-tax-calculator

Land Registry registration fee

The Land Registry charges a fee for dealing with the registration of your purchase.  This is based on the value of the transaction.  You can use the following link to calculate the fee:  http://landregistry.data.gov.uk/fees-calculator.html

Property Searches

For a purchase or re-finance transaction, property searches to include Official Local Authority Search, Drainage and Water Search, Chancel Check Report and Environmental Search will need to be obtained.  The cost of the search pack will be between £270 to £500 and are charged direct by the search provider.

Bankruptcy Search

If your transaction involves mortgage finance, we are required by the lender to carry out a bankruptcy search against your name.  The search must be carried out against all variations of your name e.g. (1) Joe Michael Bloggs and (2) Joe Bloggs.  Each variation will cost £2.

Land Registry Priority Search

On a purchase or refinance transaction a pre-completion priority search will be carried out.  The cost of the search is £3.

ASSUMPTIONS

When calculating our Legal Fee it is assumed that:

  1. The transaction is concluded in a timely manner and no unforeseen complication arise, such as (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. Where you are buying / selling a leasehold property, it is the assignment of an existing lease and is not the grant of a new lease;
  3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation;
  4. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

TIMING

Timing of your transaction will depend on a number of factors, to include if mortgage finance is required, if there is a chain and the length of it, where the property is leasehold if landlord’s licence to assign is required, how long the managing agents take to provide management information, etc.

The average sale or purchase transaction takes between 6-12 weeks but may be quicker or slower, depending on the factors mentioned above. If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, say, between 3 to 4 months.  The average refinance transaction takes approximately 3-6 weeks, depending on the complexity.

STAGES OF THE TRANSACTION

Set out below are some of the key stages involved in different types of transactions.  These will, of course, vary depending on the transaction and are a guide only.

Purchase

  • Obtaining your instructions and ID documents;
  • Checking that your finance arrangements are in hand and obtaining source of funds;
  • Receiving contract pack from the seller’s solicitor;
  • Undertaking investigation on title to include obtaining property searches and reviewing the seller’s solicitor’s sales pack;
  • Raising pre-contract enquiries;
  • Negotiating and finalising the wording for the Contract:
  • Reporting to you.
  • With regard to your mortgage (if applicable):
    • Receiving your lender’s instructions and mortgage offer and reviewing the same;
    • Dealing with your lender’s requirements;
    • Reporting to you on the terms of the mortgage documents;
    • Reporting to your lender;
    • Requesting funds;
  • Carrying out pre-completion searches;
  • Drafting the Transfer Deed;
  • Completing your Stamp Duty Land Tax Return, submitting the same to HMRC and paying the tax due;
  • Registering both the Transfer and Mortgage at the Land Registry.

Sale

  • Obtaining your instructions, ID documents and completed property information forms;
  • Obtaining title documents from the Land Registry;
  • Drafting the contract for sale;
  • Putting together a sales pack to send to the buyer’s solicitor;
  • Receiving and dealing with pre-contract enquiries;
  • Negotiating and finalising the wording for the contract;
  • Exchange of contracts;
  • Approving the draft Transfer Deed;
  • Dealing with replies to requisitions on title;
  • Applying for a redemption statement (if applicable);
  • Completing the sale;
  • Dealing with redemption and discharge of any existing charges at the Land Registry.

Refinance

  • Obtaining your instructions and ID documents;
  • Undertaking investigation on title to include obtaining property searches;
  • Obtaining information in relation to the property from you;
  • Obtaining management information in relation to the property;
  • Receiving your lender’s instructions and mortgage offer and reviewing the same;
  • Dealing with your lender’s requirements;
  • Reporting to you on the terms of the mortgage documents;
  • Reporting to your lender and requesting the mortgage advance;
  • Carrying out pre-completion searches;
  • Registering the bank’s Mortgage at the Land Registry;
  • Redeeming and discharging any existing mortgages registered against the property.

CONTACT

If you would like a fixed price quote for our Legal Fee then please make contact with Wendy Fahri at 0203 813 8452 (wendy@fahrillp.com) in our North London Office or Roumiana Dimitrova at 01992 350 172 (roumiana@fahrillp.com) in our Hertford Office.