Contact us:  020 8424 7070 |  enquiries@redfernssolicitors.co.uk

FEES

The Conveyancing Team

The conveyancing team has many years of experience and consists of both solicitors and support staff.  

We are accredited under the CQS Law Society Scheme (00129) and we act for most Lenders.

The Conveyancing Process

Freehold Purchase

The precise stages involved in the purchase of a residential freehold property vary according to the circumstances but generally they are as follows:-

  • Take your instructions and give you initial advice
  • Check finances are in place to fund your purchase and contact Lender's Solicitors if required
  • Receive and advise on contract documents
  • Carry out searches
  • Make any necessary enquiries of Seller's Solicitor
  • Give you advice on relevant documents and information received
  • Report to you on your mortgage offer, the title, the Contract and the information and searches received.
  • Arrange for you to sign the Contract
  • Draft Transfer
  • Advise you on joint ownership
  • Agree completion date (the date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from the Lender and yourself
  • Complete your purchase
  • Deal with the payment of Stamp Duty Land Tax
  • Deal with the application for registration at the Land Registry

Leasehold Purchase

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances but generally are as follows:-

  • Take your instructions and give you initial advice
  • Check finances are in place to fund your purchase and contact Lender's Solicitors if required
  • Receive and advise on contract documents including the Lease.
  • Carry out searches
  • Make any necessary enquiries of the Seller's Solicitor (to incorporate enquiries to be answered by the Landlord)
  • Give you advice on relevant documents and information received
  • Report to you on your mortgage offer, the title, the Contract, the Lease and the information and searches received
  • Advise you on joint ownership
  • Arrange for you to sign the Contract
  • Draft Transfer
  • Advise you on joint ownership
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from the Lender and yourself
  • Complete the purchase
  • Deal with payment of Stamp Duty Land Tax
  • Deal with the application for registration at the Land Registry
  • Serve Notice on the Freeholder and apply for a new Share Certificate (if applicable)

How long will the purchase 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 8-12 weeks from when we receive Contract papers. It varies depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it may not be completed until the property is ready for occupation. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer.

Freehold Sale

The precise stages involved in the sale of a residential freehold property vary according to the circumstances but generally they are as follows:-

·        Take your instructions and give you initial advice

·        Obtain copy title from the Land Registry and prepare Contract

·        Send Contract to the Buyer’s Solicitors

·        Contact your Lender and deal with redemption of mortgage (if applicable)

·        Respond to any enquiries raised by the Buyer’s Solicitors

·        Arrange for you to sign the Contract and Transfer

·        Exchange Contracts and notify you that this has happened

·        Complete your sale

·        Arrange to repay the Lender (if applicable)

·        Arrange to pay Estate Agents any commission, if applicable

·        Account to you

Leasehold Sale

The precise stages involved in the sale of a residential leasehold property vary according to the circumstances but generally they are as follows:-

·        Take your instructions and give you initial advice

·        Obtain copy title from the Land Registry and prepare Contract

·        Send Contract to the Buyer’s Solicitors

·        Contact Freeholder/Managing Agents for Leasehold Pack and forward to Buyer’s Solicitors.

·        Apply for consent to sale from the Landlord (if required under the Lease)

·        Contact your Lender and deal with redemption of mortgage (if applicable)

·        Respond to any enquiries raised by the Buyer’s Solicitors

·        Arrange for you to sign the Contract and Transfer

·        Exchange Contracts and notify you that this has happened

·        Complete your sale

·        Arrange to repay the Lender (if applicable)

·        Arrange to pay Estate Agents any commission, if applicable

·        Account to you

How long will the sale take?

This will depend on a number of factors. The average process can take between 8-12 weeks from when we send out the Contract papers. It can be quicker or slower depending on the parties in the chain.

Re-Mortgages

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances but generally they are as follows:-

·        Contact your Lender to deal with redemption of the existing Mortgage, if applicable

·        Review and report to you on the Mortgage Offer

·        If Leasehold, contact the Landlord/Managing Agents for the Leasehold Pack

·        Carry out searches required by your Lender and report to you on the same

·        Arrange for you to sign the Mortgage Deed

·        Complete the Re-Mortgage

·        Deal with the application for registration at the Land Registry

·        If leasehold, serve Notice on the Freeholder

Fees for Freehold and Leasehold sales and purchases

Our fees range between £895.00 plus VAT and £1,750.00 plus VAT and disbursements when the price is up to £1,500,000 but may increase if we become aware of additional factors eg if you are purchasing a new build property or you are purchasing on a shared ownership basis. If you are obtaining a Mortgage and we are instructed to act on behalf of your Lender, then there will be an additional fees of £195.00 plus VAT.  Certain Lenders also charge an administration fee of £12.00 which may be payable by you.  If you require expedition (i.e. exchange within 10 working days), the fee will increase by £250.00 plus VAT

Disbursements are payments made to third parties on your behalf and may include the following:-

1.      Searches which are approximately £350.00 plus VAT but depends on the area the property is located

2.      Land Registry Searches which are currently £3.00

3.      Bankruptcy Searches which are currently £2.00 per person

4.      Stamp Duty is calculated on both the purchase price and your individual circumstances so we would advise you of the sum payable once you have completed a short Questionnaire in this respect.

5.      Land Registry fee is dependent on the purchase price and is fixed by the Land Registry.

6.      Anti-Money Laundering Search (£7.20)

7.      Bank charges at £20.00 per transfer (£0.45 for BACS) together with an administration fee of £15.00 plus VAT per transfer

8.      Notice Fees of £80.00 per notice (when buying a flat or a maisonette)

9.      Estate Agent fees

Please note that the disbursements are payments paid out and do not include any administration fees.

The above is not exhaustive and there may be additional disbursements dependent on the property you are purchasing or selling.  For example, on a Leasehold property, there may be Notice of Transfer and Charge fees which is a fee payable to the Landlord on completion which is generally between £50.00 to £100.00 plus VAT but may be higher.  Further, if a Deed of Covenant or Licence to Assign is required under the Lease, again a fee may be payable.

In the event that your matter becomes abortive, then a fee would be charged for the work carried out up to the point the matter became abortive but this is normally not more than half of our initial quote.  Any disbursements would be payable.

Fees for Remortgages

Our fees range between £600.00 plus VAT and £950.00 plus VAT and disbursements which are similar to the above but with no Stamp Duty.


Administration of Estates (Obtaining a Grant of Probate/Letters of Administration)

Our Solicitor in the Probate Department is STEP accredited (The Society of Trust and Estate Practitioners) and has many years of advising on family inheritance and succession.

Dealing with the affairs of loved ones who have passed away can be difficult and often the last thing you want to do when you are grieving.  We are able to assist you with all matters that need to be dealt with and have an experienced empathetic team to offer the assistance that you require. We will handle the whole process for you.

It is hard to estimate what the exact costs are likely to be as these will depend on the individual circumstances of each matter.

Our charges will be based on an hourly rate of £267 plus VAT for solicitors who are over 8 years qualified.

The time anticipated to deal with each matter will also be dependent on the individual circumstances of the matter but on average for estates where:

   There is a valid will (or if intestate the beneficiary is clear i.e. spouse or children)

   There is no more than one property

   There are no more than 5 bank or building society accounts

   There are no other intangible assets

   There are no more than 5 beneficiaries

   There are no disputes between beneficiaries on division of assets. If disputes arise then this is likely to increase costs

   There is no inheritance tax payable and the executors do not need to submit a full account to HMRC

   There are no claims made against the estate

We anticipate this will take between 12 to 30 hours of work. The total costs estimated at £3,000 to £7,800 (excluding VAT).

Our charges will vary case by case. The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be considerably less and if there are multiple beneficiaries, properties and multiple bank accounts, costs will be at the higher end.  Please contact us to obtain a more specific quote. 

For more complicated estates where it is difficult to anticipate the time it will take to deal with the matter we also offer a fixed charge based on the value of the Estate ranging from 2 to 3 percent of the gross value of the Estate (excluding VAT). This is a one off cost for the whole process.

The anticipated disbursements which include:

   Probate application fee of £155 (Please note that the probate court fee is due to increase for applications made after April 2019)

   Bankruptcy Land Charges Department searches (£2 per beneficiary)

   Posts in London Gazette (£77.58) and local paper (TBA) this helps protect against unexpected claims for unknown creditors.

   Oath Fees (often £7)  

There may be other disbursements depending on the type of assets and if appropriate will be quoted at a later stage.   

Costs of dealing with the sale of any property in the estate will be separate and will be quoted at a later stage.

Where we are appointed as Executors our charges will based on a value charge based on the gross value of the estate which is a reflection of the importance of the matter and consequently the responsibility on the firm.

The core services provided:

   The matter will be dealt with by a dedicated and experienced probate solicitor who is also STEP qualifies.

   Identifying the legally appointed executors or administrators and beneficiaries.

   Accurately identifying the type of probate application you will require.

   Obtain the relevant documents (ascertaining asset values & identifying liabilities) of all assets required to make the application.

   Complete the probate application and the relevant HMRC form.

   Draft a legal oath for you to swear (or probate statement).

   Make the application to the Probate Court on your behalf.

   Obtain the Probate and office copies as required.

   Collect and distribute all assets in the estate.

   Preparation of Estate Accounts.

Further related services are also available and will vary depending on what is involved in a matter.  The time it takes to conclude such matters also vary depending on the complexity of the matter.  Typically we anticipate obtaining the Grant of Probate within 2 to 3 months of being instructed and collecting the liquid assets will follow and take a few weeks and distribution of the Estate will follow.  A more tailored guide of timeframes will be given once we know what is involved in the matter.

 

Debt Recovery

Fixed Costs

These costs apply where your claim is in relation to an unpaid invoice which is not disputed and enforcement action is not needed. If the other party disputes your claim at any point, we will discuss any further work required and provide you with revised advice about costs if necessary, which could be on a fixed fee (e.g. If a one off letter is required), or an hourly rate if more extensive work is needed.

Debt Value

Court Fee

Our Fee (excluding VAT)

Total

Up to £5,000

£35-£205

£650 - £1,000

£815 - £1,405

£5,001 - £10,0000

£410-£455

£1,000 - £1,500

£1,610 - £2,255

£10,001 - £50,000

4.5%-5% of the value of the claim

£1,500 - £3,000

£2,250.05 - £6,100


If you are wishing to bring a claim please note that;

The VAT element of our fees cannot be reclaimed from your debtor

Interest and compensation may take the debt into a higher banding, with a higher cot

The cost quoted above are not for matters where enforcement action, such as the bailiff, is needed to collect your debt

Our fee includes;

Taking your instructions and reviewing documentation

Undertaking appropriate searches

Sending a letter before action

Receiving payment and sending onto you, or if the debt is not paid, drafting and issuing claim

Where no Acknowledgment of Service or Defence is received, applying to the court to enter judgement in default

Where judgement in default is received, write to the other side to request payment

If payment is not received within 14 days providing you with advice on the next steps and likely costs

Matters usually take 2 - 13 weeks from receipt of instructions from you to receipt of payment from the other side, depending on whether or not it is necessary to issue a claim. This is on the basis that the other side pays promptly on receipt of Judgment in default. If enforcement action is needed, the matter will take longer to resolve.

Hourly Rate

The following costs will apply where the other party disputes your claim and we are required to carry out further work. The hourly rates are based on the experience of the solicitor working on the matter.


 

 

Directors, Partners and Solicitors with over 8 years’ relevant experience (Grade A)

£280-£317 per hour plus VAT

Solicitors and Chartered Legal Executives with over 4 years’ relevant experience (Grade B)

£270 per hour plus VAT

Other Solicitors, Legal Executives and fee earners of equivalent experience (Grade C)

£196 per hour plus VAT

Trainee Solicitors, Paralegals and Clerks (Grade D)

£125 per hour plus VAT

On average costs can be between £800 - £13,000 plus VAT.

The exact fee will depend on the circumstances in your case, such as;

The amount of evidence we need to consider

Whether the debt is paid upon receipt of an initial letter from us

Response received and whether the debt is defended or not

Level of disclosure to be provided

Amount of expert evidence if any is required

Amount of days any hearing or trial is listed for and preparation involved

Conduct of the other party

Please note these fees are exclusive of any disbursements such as barristers fees (if required), court fees, expert fees, mediators costs and any travel costs associated with attending hearings.

The costs quoted above do not include costs for taking enforcement action on any judgment debt or costs of any other applications that may be required throughout.

Costs are likely to be at the lower end of this if matters are not defended and settled amicable. Should matter become defended or there is a counterclaim involved then costs are likely to be at the higher end.

Our services will include the following;

Discussing the circumstances of your claim in detail and confirming the most appropriate action for you to take together with any other options available

Giving advice regarding the Civil Procedure Rules

Considering the evidence you have provided and giving initial advice on the matter

If necessary obtaining further evidence i.e. In the way of witness evidence or by way of expert evidence

Preparing your claim and submitting it on your behalf

Any attendance at court or arranging for appropriate representation for you by a barrister

Giving advice on the outcome of the claim and any further steps you may need to take

Advising on enforcement action you can take with regards to a judgment in your favour

We cannot guarantee how long any court process will take as this is dependent on various circumstances however we will keep you updated throughout proceedings.

All fees quoted above are estimates and are subject to specific circumstances of each individual claim.

 


2014 Redferns Solicitors. All rights reserved.   |   Sitemap   |   Web Design & SEO by WebCreationUK