Eldons Berkeley Pricing Strategies
We believe that our fees depend on the nature of the work we are instructed to carry out. Where possible, we will provide you with details of our fees specific to your transaction.
Each matter is different. There are a number of factors that can affect cost estimates. Once you have provided us all the information and relevant documentation, we will give you a written indication of the charges that may apply to your case.
Some of the factors that will affect our costs include, the importance and urgency of the matter; whether there are any complicated issues; research of any novel point of law; and the value of the transaction or dispute.
We will always be happy to speak directly to you to provide information on our costs. This includes the services we have listed below, along with any other matter that we are instructed to undertake for or on your behalf.
We charge for the work we do in a number of ways. Our method of charging in your case is specified in our client care letter and will be one, or a combination of any, of the following:-
Litigation and Alternative Dispute Resolution
If your claim is successful, we will always look to recover your legal costs from the opponent.
Fixed Fee arrangements
This will be an “all inclusive” fee agreed up front for carrying out a specific piece of work or transaction. A fixed fee will be suitable in a number of circumstances, such as commercial transactions, conveyancing, or immigration cases.
Our hourly rates will be set out in our client care letter. Depending on experience, our hourly rates range from £150 to £425 per hour plus VAT. If we agree to accept instructions on an hourly rate basis, we will always be transparent and keep you updated on the progress of the case. We are aware that you will have concerns with the amount of costs that you may be expected to pay. To ensure that there are no surprises, we will, where possible, ensure that you are fully informed of what you can expect to pay ahead of time.
Conditional Fee (CFA) and Damages Based Agreements (DBA)
Where we have carried out a risk review and analysis of your matter, we may be prepared to accept instructions under the terms of a conditional fee agreement (or no win no fee) or a damages-based agreement.
We will assess each case on an individual basis and inform you whether it is possible for us to act under the terms of a CFA or DBA. Our decision will depend on a number of factors. If we are prepared to act under a CFA or DBA, this will allow you to progress a claim when you may otherwise be prevented from doing so if you have a shortfall in funds.
For more complicated matters, we will be prepared to consider alternative approaches to structuring our fees to offer you the best value. We will always discuss funding with you at the outset, or if the need arises during the course of a transaction.
Disbursements are costs that will be paid to third parties, such as Court fees, Counsel’s fees, or photocopy charges. We will pay the disbursements on your behalf. Before incurring such costs, we will ask that you make a payment to us on account of such disbursements. All funds will be held in our client bank account until such time as the disbursements needs to be paid. Disbursements are paid by you in advance of the services being provided.
How long will my matter take?
The time that it takes from taking your initial instructions to the final resolution of your matter depends largely on the stage at which your case is resolved. If a settlement or other resolution is reached during pre-claim conciliation, the matter may be concluded within a few days or weeks. If your claim proceeds to a Final Hearing, depending on the complexity of the case, conduct of the parties and assistance from the Tribunal and its ability to schedule hearings, your case is likely to take anything from twelve weeks (for straightforward claims) to twelve months (for high complexity cases). This is just an estimate and we will of course be able to give you a more accurate timescale once we have more information and as the matter progresses.
We charge fixed fees for both residential and commercial property transactions. Our fee will depend on various factors, including but not limited to (1) the price; (2) whether the property is freehold or leasehold; (3) the requirement for finance; and (4) the complexity of the transaction.
For residential property transactions, our fees start from £950 plus VAT and disbursements.
For commercial property transactions, our fees start from £1,500 plus VAT and disbursements.
Typical disbursements in property transactions include:-
· Stamp Duty Land Tax;
· Land Registry fees; and
· Leasehold management packs (if the property is a leasehold property).
How long will my transaction take?
If all information is available and all parties act without delay, you should allow a period of approximately 4 weeks on average to exchange. This will give us time to review the documents, produce a report for you and allow you time to digest it.
Completion can take place at any time after exchange on a date agreed by the parties at exchange. A bank or lending institution will usually require up to five working days' notice to draw down mortgage funds and sellers will often request between two and four weeks to vacate a property after exchange.
Corporate and Commercial Transactions
Our fees for dealing with corporate and commercial transactions, whether that be drafting a contract, or dealing with the sale or purchase of your business, under the terms of a fixed fee retainer. Our fee will depend on the nature and complexity of the agreement or transaction, as well as the urgency of the work. Our fee will be agreed with you in advance of commencing the transaction.
Our immigration team has over 5 years of experience in delivering high quality immigration law advice. Fee rates below do not include Home Office application fees nor health surcharge (if applicable).
In most cases, we will act under the terms of a fixed fee arrangement. However, if we agree to act on a time spent basis, our hourly rates range between £150 to £425 per hour (plus VAT if applicable and disbursements), depending on the level of experience of the fee earner dealing with your work.
If a matter is unduly complex or there are complications concerning the individual’s personal circumstances or immigration history then we may need to revise fee estimates.
The fees above relate to the following key stages of an application:-
· Taking initial instructions
· Gathering relevant documentation
· Preparing application
· Submitting application
How long will my transaction take?
This will very much dependant on the volume of supporting documentation and how long it takes to collate this and to prepare the application. If the application is relatively straightforward and the documents are readily available, then the pre-application process can take as little as a week. For more complex applications with more voluminous supporting documentation, this pre-application stage might take up to three months. Once the application has been submitted, the timescale is entirely at the discretion of the Home Office. The Home Office publishes broad timescales of between three and six months. Some visas may be obtained by a premium service, details of which we can provide once we have considered your instructions. Please note that the timescales provided are only a rough estimate and a more accurate timescale can be provided once we are better acquainted with the specifics of your case.
We anticipate the entire process will take between 30 and 40 hours of work at an average hourly rate of between £150 and £425 per hour (plus VAT).
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, properties and multiple bank accounts, the costs will be more.
We will handle the full process for you.
Disbursements are costs related to your matter that are payable to third parties, such as Court fees. We handle the payment of disbursements on your behalf to ensure a smoother process. These will include but are not limited to the following:-
· probate application fee of £155;
· £5 for swearing the Oath/making the Statement of Truth (per executor) plus £2 per exhibit (if applicable);
· bankruptcy-only Land Charges Department searches (£2 per beneficiary);
· approximately £200 for a post in the London Gazette—protects against unexpected claims from unknown creditors;
· approximately £100 for a post in a Local Newspaper—this also protects against unexpected claims.
Additional costs may include:-
· charges for dealing with any shareholdings (stocks and bonds). We can give you a more accurate quote once we have more information;
· if any additional copies of the Grant are required, they will cost £0.50 each (1 per asset usually);
· dealing with the sale or transfer of any property in the estate is not included.
How long will this take?
On average, estates which fall within this range are dealt with within 6 to 12 months. This can be completed in less time if there are no complications. The assets can then be collected, which can take between one and three months.
Once this has been done, we can arrange for the estate debts/liabilities to be paid, any cash legacies to be paid, interim distributions to be made to the residuary beneficiaries, the Estate Accounts to be prepared and for final distributions to be made, all of which normally takes between two and six months.
Eldons Berkeley Solicitors is a trading name of Eldons Berkeley Limited Company Number 08028153. Registered office: 7 Ely Place, London, EC1N 6RY.