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Refinancing your Property 

Terms of business when Refinancing your Property


Our fees cover all of the work for you required to complete the refinance of your property, including dealing with registration at the Land Registry if the property is in England.

Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

1.Take your instructions and give you initial advice
2.Checking the title to the property
3.Carry out searches
4.Obtain further planning documentation if required
5.Ensure your lender’s requirements set out in the UK Finance Lender’s Handbook are complied with
6.Give you advice on all documents and information received
7.Go through conditions of mortgage offer with you
8.Check finances are in place to fund purchase
9.Arrange for all monies needed to be received from lender and you
10.Repay the existing loan secured on the property
11.Complete refinance
12.Deal with application for registration of the new charge at the Land Registry

Conveyancer's fees and disbursements

Ø  Legal fee £995 plus VAT
Ø  Search fees (includes Local Authority, drainage, environmental, Chancel, flood and planning searches)-£500 approximately
Ø  Land Registry registration fee-this is set by the Land Registry and depends on the value of the property you are purchasing. The fee ranges from £20 to £900.
Ø  Land Registry search fees-£6 approximately
Ø  Bankruptcy search fees-£2 per person 
Ø  Electronic money transfer fee £20 plus VAT per payment

Estimated total, (excluding Land Registry fee and conveyancer’s fee to act for a lender):  £1523.00 plus VAT

Our legal fee assumes that (a) this is a standard transaction of a title registered at HM Land Registry (b) no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion (c) completion or the preparation of additional documents ancillary to the main transaction is not needed (d) the transaction is concluded in a timely manner (e) all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation (f) no indemnity policies are required (g) there is no more than one transaction (h) this is the assignment of an existing lease and not the grant of a new lease (i) the transaction involves only registered land (j) all parties to the transaction are UK based.  
You will be charged a fee if a matter is aborted based on the amount of time spent up the date the work is stopped. Additional disbursements may apply if indemnity policies are required. Should the transaction become more difficult than average, we will inform you straightaway, explain the circumstances requiring a revised quote, and agree the revised fee before we proceed to carry out the additional work.
Should our quote require amending for the reason given above, we will inform you straightaway, explain the circumstances, and agree a revised fee before we carry out the additional work.


How long will my property purchase take?

How long it will take to complete the refinance depend on a number of factors. The average process takes between 4-6 weeks.
Who will carry out the work?
Our team has over 20 years of collective experience in delivering high quality work in all matters relating to conveyancing. We have two members of the team who may work on your matter. They are Ms Davinder Salhan, Consultant Solicitor and a Conveyancing Assistant.


Anti-Money Laundering
We adhere to Anti-Money Laundering procedures which will require us to take up-to-date proof of identity and proof of address for any payments made from you, or a third party on your behalf, to the Firm.  This purpose of this policy is to protect you and your money.

Cyber Crime and Financial Management
We will agree with you at the outset (in person or by telephone) how banking details will be handled, including whether any changes are planned.We will hand our bank details to you in person or send them to you by post.  Before accepting new banking details from you or others, we will ask for confirmation face-to-face or by letter sent through the post.  This information will never be requested by us by email.  If bank details are received by this Firm by email, or in a pdf attachment to an email, they will be verified by independent means before being relied upon. This purpose of this policy is to protect you and your money.
Storage of papers and deeds. We will keep our file of papers (except for any of your papers which you ask to be returned to you) for no more than six years and on the understanding that we have your authority to destroy the file six years after sending you our final bill.  We will not destroy documents you ask us to deposit in safe custody.

Termination
You may terminate your instructions to us at any time.  For example, you may decide you cannot give us clear or proper instructions on how to proceed, or may lose confidence in our work.We are entitled to keep all your papers and documents while money is owing to us.
We will decide to stop acting for you only with good reason and on giving you reasonable notice.  If you or we decide that we will stop acting for you, you will pay our charges on an hourly basis and expenses as set out earlier.

Raising queries or concerns with us
We are confident that we will give you a high quality of service in all respects.  However, if you have any queries or concerns about our work for you, please take them up first with the person handling your case.  If that does not resolve the problem to your satisfaction or you would prefer not to speak to the person handling their case or their supervisor, then please take it up with the firm’s Complaints Manager.
If you remain dissatisfied at the end of the review by the Complaints Manager you can refer the matter to the Legal Ombudsman, P O Box 6806, Wolverhampton, WV1 9WJ. Tel: 0300 555 033.  Email: enquiries@legalombudsman.org.uk.