Costs Information
We are required by our regulator, The Solicitors Regulation Authority, to give certain information about pricing and services in relation to certain areas of work. The services that we offer to which this requirement applies are conveyancing of residential property, probate and debt collections. The relevant information is as follows:
The rates quoted below are the maximum and preferential rates may be agreed in any particular case.
Conveyancing of Residential Property
The services we provide are acting for clients in the sale or purchase of residential property, both freehold and leasehold, and mortgages and re-mortgages. We have been asked to state “The key stages of the matter and the likely timescales for each stage”. It is very difficult to give any accurate estimate of timescales. The average time for completion of a sale or purchase is 3 months but it can be considerably longer. This is difficult as every case varies. The best information we can give is as follows:
Sale of Property
Stage 1 - receiving details of the sale; arranging for you to complete the relevant forms containing information that has to be given.
Stage 2 - drafting contract and sending this to the buyer’s solicitor together with the forms you will have completed.
Stage 3 - dealing with any enquiries raised by the buyer.
Stage 4 - exchanging contracts.
Stage 5 - obtaining redemption statements from any mortgagee and arranging for the relevant transfer documentation to be signed by you and supplying the relevant completion information to the buyer’s solicitor.
Stage 6 - completing the sale, paying any estate agents and remitting the balance of the monies due to you less our fees.
Costs - our fee will be 1% of the sale price plus VAT and disbursements. The only disbursements in respect of a freehold matter are likely to be Land Registry copy fees of around £6.00. On the sale of leasehold property it is likely we will have to pay the managing agent to answer management enquiries. Their fees vary but are typically around £300.00 plus VAT. If the lease requires the landlord's licence then there will be additional fees for that typically around £750.00 plus VAT.
Purchase of Property
Stage 1 - receiving details of the sale and obtaining a contract from the seller’s solicitors; carrying out all the usual searches, raising enquiries of the seller’s solicitor and reporting to you.
Stage 2 - if you are obtaining a mortgage we will advise you of the details of that and liaise with the mortgage company.
Stage 3 - exchanging contracts having obtained the necessary deposit from you; preparing transfer documents and mortgage documents and arranging for you to sign as necessary; submitting a request for completion information; preparing financial statements and obtaining from you the monies required to complete and drawing down the mortgage monies; carrying out final searches and arranging to complete the transaction.
Stage 4 - paying stamp duty land tax and registering you as the proprietor at the Land Registry.
Costs - our fees will be 1% of the purchase price plus VAT and disbursements (not subject to VAT save where mentioned). The main disbursements are:
- Search fees. The cost varies but typically these will be around £500.00 including VAT. There will also be a Land Registry search fee of £3.00.
- Stamp duty land tax. This depends on the price. If you search for “SDLT Calculator” you will be able to work out the stamp duty land tax that is payable. Please note that there is an additional 3% charge for “additional properties” and we will advise if this applies to you.
- In leasehold cases notice of assignment fees which are typically around £75.00 plus VAT but sometimes more.
- Land registration fees. Again, this depends on the value of the property. If you search for “Land Registry fees” you will be able to calculate the likely cost.
Mortgages or Re-mortgages
Stage 1 - receiving your instructions and instructions from the mortgagees who may or may not have their own solicitors.
Stage 2 - carrying out all necessary searches as with a purchase.
Stage 3 - obtaining your signature to the relevant mortgage documentation and obtaining a redemption statement in the case of a remortgage.
Stage 4 - completing the remortgage; accounting to you for the proceeds and registering the mortgage at the Land Registry.
Costs - our fee will be 1% of the mortgage advance plus VAT. The disbursements will be a Land Registry search fee of £3.00 and registration fees - see above.
All work will be carried out by qualified solicitors - in most cases by partners in the firm.
Probate
Stage 1 - taking your instructions and obtaining all documentation relating to the deceased’s affairs.
Stage 2 - writing to all necessary bodies to obtain full details of the deceased’s assets and liabilities.
Stage 3 - preparing oath for executors and inheritance tax forms and arranging for your signature to them.
Stage 4 - filing the IHT forms and paying any necessary inheritance tax and applying for a grant of probate.
Stage 5 - when probate is obtained, collecting in all monies due to the estate and paying all liabilities.
Stage 6 - preparing final estate accounts; paying all beneficiaries and accounting to you.
Costs - the costs will be 1% of the gross value of the estate plus VAT with a minimum charge of £1,500.00 plus VAT.
Disbursements - the main disbursement is the probate fee of £155.00 plus a small extra fee for copies - say £10.00. In some cases newspaper advertisements are required at a cost of around £200.00 plus VAT.
Debt Collections
Stage 1 - obtaining details of the debt and writing to debtor.
Stage 2 - correspondence with you concerning any reply received from the debtor.
Stage 3 - if no reply is received drafting and issuing court proceedings.
Stage 4 - if no defence is received, applying for judgment.
Stage 5 - advising you about possible enforcement and taking the appropriate action.
Costs - since every case varies, it is impossible to give any realistic costs estimate in respect of a disputed debt collection. There will be a fixed fee of £100.00 plus VAT for writing the letter before action and £400.00 plus VAT for issuing court proceedings in a straightforward case. If the debt is disputed then work will be charged on a time basis. Our standard hourly rate for partners is £300.00 plus VAT.
Disbursements - the main disbursement is the court fee. If you search for “Court fees” you will find the scale. Assuming judgment is obtained, then further disbursements will be incurred in enforcing the judgment depending on the amount of the enforcement.