Pricing Policy

penman sedgwick solicitors watford west herts college new building

Residential Property

Our fees for Residential Property cover all of the work required to complete the remortgage, sale, or purchase of a residential property. This includes dealing with registration at the Land Registry.

Please note: VAT is payable on our fees at a rate of 20%.

Our fees assume that:
 

  • It is a standard transaction and that no unforeseen matters arise including for example (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.
  • The purchase or sale of Leasehold Property is the assignment of an existing lease and is not the grant of a new lease.
  • The transaction is concluded in a timely manner and no unforeseen complications arise.
  • All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
  • No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Legal fee

£750.00 if loan value is between £0 – £750,000
£850.00 if loan value is between £750,001 – £1,000,000
£950.00 if loan value is between £1,000,001 – £1,500,000
(add £100 to the above fees if the property is leasehold)

Search fees

Search fees vary depending on the area.

The search fee is £300 when purchasing a Freehold or Leasehold Residential Property.
The search fee is £42 when selling a Freehold or Leasehold Residential Property.

It may be possible to use search indemnity insurance instead of searches, subject to your lender agreeing, in which case searches will not be necessary. An indemnity policy can easily be arranged at a considerably reduced cost depending on the value of the loan.

HM Land Registry fee

Value or amount Fee where property already registered (fee will be higher where the property is unregistered)
0 to £100,000: £20
£100,001 to £200,000: £30
£200,001 to £500,000: £40
£500,001 to £1,000,000: £60
£1,000,001 to £1,500,000: £125

Electronic money transfer fee

Electronic money transfer fee £42

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

If the property is a leasehold flat then there are certain disbursements which will be set out in the individual lease relating to the property.

The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Anticipated Disbursements

Landlord’s fee for leasehold information pack: £100 to £200
Notice of Charge fee: This fee is set out in the lease. Often the fee is between £40 – £60.

Please note: these fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

Stamp Duty Land Tax

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

For more information on Residential Property, click here.
 

Probate and Estate Administration

This includes obtaining and applying Grant of Probate, or Letters of Administration.

The Process

We anticipate this will take between 10 and 20 hours work at £255 per hour. Total hourly costs estimated at £2,550.00 – £5,100.00 (+VAT).

In addition a percentage of the value of the estate will be added. This will be 1% of the gross value of the estate excluding the deceased’s residence to which a reduced percentage of 0.5% will apply, so if the property is valued at £300,00.00 and other assets are valued at £50,000.00 the percentage element would be £1,500.00 for the property and £500.00 for the other assets. This is to reflect the reduced hourly rate that we apply in all probate matters.

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 at the lower end of the range.

If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end. This quote is based on a gross estate value of £350,000.00. We will handle the full process for you.

Disbursements included in this fee

Disbursements included in the Probate and Estate Administration Fee are as follows:

  • Probate application fee of £155.00
  • £7 Swearing of the oath (per executor) (unless there are Codicils where the fee will be an additional £2.00 per Codicil)
  • Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
  • £200 Post in The London Gazette: Protects against unexpected claims from unknown creditors. (The cost varies depending on the length of the advert)
  • £200 Post in a Local Newspaper: This also helps to protect against unexpected claims. (“The cost varies between newspapers and the length of the advert)

Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

There may be potential additional costs to this.

If there is no Will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information. There will also be additional costs if inheritance tax is payable or the long form is required.
 

  • If any additional copies of the grant are required, they will cost £0.50 (1 per asset usually).
  • Dealing with the sale or transfer of any property in the estate is not included.
Fixed Fee Probate

We also offer a fixed fee probate service for just obtaining the grant of probate. We will not obtain valuations of the estate or administer or distribute the assets, but we will fill out the Inland Revenue Inheritance Tax account for you and prepare the legal oath.

Fixed costs of this service

Fixed costs of this service are as follows:

  • Inland Revenue Account IHT205: £975.00 plus VAT

  • Inland Revenue Account IHT400 (this includes paying the initial inheritance tax on your behalf): £1,850.00 plus VAT

In addition the disbursements will be:

  • Probate Court fee: £155.00
  • Office copies of the Grant: £0.50 each
  • Oath Fee per Executor: £7.00 (unless there are additional Codicils where the charges will be an additional £2.00 per Codicil)
  • On average fixed fee grant only probates take 4 – 6 months from receiving the documentation if short form is required and 8 – 10 months if long form is required.

For more information on Probate and Estate Administration, click here.
 

Employment

Employment Costs

Our pricing for bringing and defending claims for unfair or wrongful dismissal are as follows:

Simple case:
Typically 25 – 50 hours of our time resulting in costs of between £7,500 – £15,000 (excluding VAT)

Medium complexity case:
Typically 50 – 70 hours of our time resulting in costs of between £15,000 – £21,000 (excluding VAT)

High complexity case:
Typically 70 – 100 hours of our time resulting in costs of between £21,000 – £30,000 (excluding VAT)

There will be an additional charge for attending a Tribunal Hearing of £300 per hour of attendance day (excluding VAT).

Generally, we would allow for 8 hours attendance per day, with a typical Tribunal Hearing lasting 2-3 days depending on the complexity of your case. This would result in costs for our attendance of £2,400 plus VAT per day and therefore between £4,800 plus VAT for a 2 day hearing and £7,200 plus VAT for a 3 day hearing.

We will agree with you whether solicitor and/or Counsel attendance is required.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Counsel’s brief for attending the first day a Tribunal Hearing (including preparation) is typically between £1,500 – £3,000 plus VAT (depending on Counsel’s seniority) and between £750 – £1,500 plus VAT for each subsequent day of attendance (known as a refresher).

Where Counsel is instructed to carry out work on documents (for example to draft details of the claim, or details of the response) or to meet with you in conference, we will obtain estimates of Counsel’s fees for your approval before any costs are incurred.

Debt Recovery – Guide to Our Fees

These costs apply where:

  • Your claim is in relation to an unpaid invoice
  • The invoice is not disputed by the debtor
  • Enforcement action is not needed

If the debtor 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 Recovery - Price Guide

Anyone wishing to proceed with a claim should note that:

  • The VAT element of our fee cannot be reclaimed from your debtor
  • Interest and compensation may take the debt into a higher banding, with a higher cost
  • The costs 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 Judgment in default
  • When Judgment in default in received, write to the other side to request payment
  • If payment is not received within X days, providing you with advice on next steps and likely costs

Matters typically take 2 – 24 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 Judgement in default. If enforcement action is needed, the matter will take longer to resolve.

For more information on Employment Issues, click here.

Criminal Defence

To arrange an initial consultation, the fee is:
£100.00 plus VAT @ 20% being £120.00 for up to a one hour consultation on your matter.


Penman Sedgwick Solicitors Watford