In most cases a fixed fee can be agreed at the outset (and during the transaction if necessary a client will be told if there is an increase in that fee once known). Our costs for domestic conveyancing services start at £995 (plus vat), depending upon the nature, price and complexity of the transaction. Fees will be charged on a pro rata basis for abortive transactions. The amount you will pay for the transaction will be made up of our fees and certain fixed costs often referred to as disbursements. Disbursements include searches, land registry fees and stamp duty land tax. These vary depending upon the nature of the transaction. Guidance on stamp duty land tax and land registry fees can be found on the Inland Revenue and HM Land Registry websites. We ask for a payment on account towards disbursements (normally £300) at the outset of the matter. The fees, vat and disbursements will be provided in our estimate of fees.
Sometimes, a “curveball” will be thrown at us during a conveyancing transaction. This is when something unforeseen arises that may affect the legal title or use of property or your lender’s decision to lend you the money to purchase it. Such instances can have an effect on our final fee but if you are still keen to proceed we will work hard to find a solution for you. Where we anticipate costs may rise, we will always try not to incur any additional cost to resolve such an issue without talking to you first.
Our costs are based on the amount of work involved in administering the estate. The more work, the more time it takes. A straightforward case costs between £3,500-£4,000 plus VAT, any extra work is charged at £250/hr. We will write to you if we think the charge will increase. Estates larger than £750,000 we charge 1.5% - 2% of the gross estate. In addition to our costs, there are various expenses such as the probate fee (£273) and Gazette Notice etc. Please note: we include the submission to HMRC in our fees.
Issues that may increase costs include: numerous executors or beneficiaries, shares which need a broker, a property overseas, conditions in the Will, Form IHT 400 is needed because the gross estate is over the tax personal allowance threshold, tax claims to submit, tax liability to pay.
If we are also instructed to sell or transfer an asset e.g. a house, there will be additional costs which we will discuss and agree with you in advance and confirm in writing.
Where a partner in the firm is appointed to act as an executor our costs may also include a modest additional value element (e.g. 0.5% of the gross value of the estate), to reflect the complexity of the matter and the responsibility imposed on the firm. We will always discuss and agree this element with you in advance and confirm in writing.
Fees are based on the time spent and the complexity involved in a particular matter.
Time will be required not only notarising the documents but may also include preliminary advice, research required to authenticate documents, contact with the Foreign Office and record keeping.
The fee is payable at the appointment.
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