Costs

COSTS, FEES AND EXPENSES – A GENERAL OVERVIEW

Solicitor’s firms charge for work in a number of different ways and we are no different in that respect. We are a business and therefore need to charge for the work we undertake and we need to make a profit.

Where we think we are slightly different is that whilst we will not be the cheapest legal firm, we work on a rather old-fashioned basis that the fees we charge should be fair and reasonable to you and to us. That is a value judgement and is often very subjective.

We set out below some examples of fees. These are not prescriptive and are guides. The reason for this is that if, for example, we give an estimate of costs to one client, that might be appropriate to that client. However, another client wanting a similar job doing may have other significant factors which come into play, which will change the time spent and the complexity of the work involved. In simple terms, you are not comparing like with like. Therefore, the figures we set out below are examples or guides.

There are also other factors which need to be borne in mind, such as the seniority and experience of the fee earner dealing with your case.

 

WHEN WE SEND YOU OUR BILL

We are conscious of costs to clients and will discuss with you how best to bill and what works best for you. In most transactions, for example a house purchase or a Will, we will simply submit our account when we complete the matter for you. In other matters such as court proceedings or the administration of estates, we will discuss how we will bill you and this may well be on a quarterly basis.

We appreciate that the issue of costs will be very important to you. We are happy to discuss costs with you and how we will structure work for you to keep these to a minimum or accommodate your personal requirements as far as we are able.

 

RESIDENTIAL CONVEYANCING

We are accredited members of the Law Society’s Conveyancing Quality Scheme. Between our solicitors we have over 100 years of experience.

The scale below gives indicative charges (estimates): –

Sale / Purchase Price           McGarry’s legal fees             McGarry’s legal fees                                                             excluding VAT                       including VAT @ 20%

£0 – £80,000                               £500                                                    £600

£80,001 – £100,000                   £550                                                    £660

£100,001 – £150,000                 £600                                                    £720

£150,001 – £200,000                £650                                                     £780

£200,001 – £225,000                £700                                                    £840

£225,001 – £275,000                £800                                                    £960

£275,001 – £300,000               £850                                                     £1,020

£300,001 – £350,000               £900                                                    £1,080

£350,001 – £400,000               £950                                                    £1,140

£400,001 – £450,000               £1,000                                                £1,200

£450,001 – £500,000               £1,150                                                 £1,380

£500,001 – £600,000              £1,250                                                 £1,500

£600,001 – £700,000              £1,350                                                 £1,620

£700,001 – £800,000              £1,450                                                £1,740

£800,001 – £900,000             £1,550                                                 £1,860

£900,001 – £1,000,000          £1,650                                                 £1,980

£1,000,001 plus                     Please contact us directly

Purchase Disbursements (i.e. payments to third parties)

Bank Transfer Fee:                £20.40 (including VAT @ 20%)

Search Fees:                          £300 (approximately, depending on the location of the property) (including VAT @ 20%)

Land Registry Fee:                 Dependent on value

Electronic Identity Check:     £15 per person (approximately) (including VAT @ 20%)

Mortgage Panel Admin fee:  £42 (including VAT @ 20%) (if applicable)

Sale Disbursements (i.e. payment to third parties)

Bank Transfer Fee:                £20.40 (including VAT @ 20%)

Official Copies of Register:   £3 per document

Electronic Identity Check:     £15 per person (approximately) (including VAT @ 20%)

Additional McGarry’s legal fees:

Leasehold Title:                                 Minimum of £250 + VAT @ 20% = £300

New Build:                                          Minimum of £250 + VAT @ 20% = £300

Shared Ownership Purchase:           Minimum of £250 + VAT @ 20% = £300

Unregistered Property:                      Minimum of £100 + VAT @ 20% = £120

Help to Buy ISA:                                 £50 + VAT @ 20% = £60 per person

Redemption of Help to Buy Loan:    £100.00 + VAT @ 20% = £120.00

Transfer – No Mortgage

£300 + VAT @ 20% = £360 plus disbursements

Remortgage and Transfer

£400 + VAT @ 20% = £480 plus disbursements

WILLS

The average cost of straightforward Wills:

Single Will £200 + VAT @ 20% plus disbursements (minimum).
Joint Mirror Wills £350 + VAT @ 20% plus disbursements (minimum).

There are a number of factors which need to be taken into account when preparing Wills and what you might consider to be straightforward may actually be more complicated in reality. We will discuss exact costs with you when we know the complexity of the work involved.

LASTING POWERS OF ATTORNEY

There are two types of Lasting Power of Attorney documents, one for Property & Financial Affairs and one for Health & Welfare.

The cost for a single Power of Attorney document is £400 + VAT @ 20% plus disbursements.

If you instruct us to prepare more than one Power of Attorney document, the reduced cost per document is £300 + VAT @ 20% plus disbursements.

The Registration Fee payable to the Office of the Public Guardian to register a Power of Attorney is £82 per document, unless you are eligible for a fee exemption.

The above fees, as with all our fees, are dependent upon the circumstances of each matter. Where additional time is required to assess mental capacity, then fees and disbursements may be greater.

Michael McGarry is a court appointed Deputy and has significant experience in dealing with the affairs of older clients and is also a member of the Society for Trusts and Estate Practitioners (STEP), and The Association of Lifetime Lawyers, (formerly Solicitors for the Elderly).

OBTAINING A GRANT OF PROBATE / LETTERS OF ADMINISTRATION ONLY

Where we do not need to complete an Inheritance Tax Form (usually estates less than £325,000):

Where we are asked by the Personal Representatives to obtain a Grant of Probate / Letters of Administration, and the Personal Representatives provide to us all the information to complete the Probate Registry application, and an estate does not require an Inheritance Tax Form to be completed, then a minimum fee would be £750 + vat at 20% and disbursements.

Where we do need to complete an Inheritance Tax Form:

Where we are asked by the Personal Representatives to obtain a Grant of Probate / Letters of Administration, and the Personal Representatives provide to us all the information to complete the Probate Registry application and the Inheritance Tax Form, then a minimum fee would be £1,500 + vat at 20% and disbursements.

Any further costs advice will be dependent upon a variety of factors and issues, as explained below.

ADMINISTERING AN ESTATE

Where the Personal Representatives instruct us to deal with the administration of an estate including the obtaining of the Grant of Probate / Letters of Administration, winding up of the estate including ascertaining values, the preparation of all the Inheritance Tax Forms, collection of assets, payment of debts and liabilities, communications with accountants, tax office, financial advisers, banks, building societies and other institutions and the like.

On taking instructions we will give an estimate of the likely costs involved. Costs are based upon time spent and this is different in each estate. It depends upon whether the estate is complex with lots of assets and liabilities, or simple. You essentially pay for what is required.

Our charges also include a value element which is calculated by reference to the value of the estate. The reason for this is that, as with all work we undertake (including for example conveyancing), we are heavily insured to ensure that clients are protected in the unlikely event that something goes wrong.

Our professional indemnity insurance is calculated by reference to the value of properties and estates we deal with. Hence the value element charged. Once again we must say that we charge what we believe to be a fair and reasonable basis to both us and to our clients.

 

TIME RATES

When our fees are calculated on a ‘time spent’ basis, time will be charged on the basis of an hourly rate.

The hourly rates are set out below:

Partners and Consultants from £250 per hour + VAT @ 20%

Solicitors from £215 per hour + VAT @ 20%

Other Fee Earners from £145 per hour + VAT @ 20%

Routine letters out (including emails out), and routine telephone calls in and out are charged at 1/10 of the hourly rate.

Routine letters in (including emails in) are at charged at 1/20 of the hourly rate.

Telephone calls exceeding 6 minutes and letters in or out (including emails) exceeding one page will be charged in accordance with the hourly rates.