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.
The costs below will apply to claims for an outstanding debt which is not disputed and where no enforcement action will be necessary. If at any time, the other party disputes your claim, we will discuss any further work that may be required and provide you with revised advice about costs if necessary. Our fees will be calculated at our hourly rate.
Debt value Court fee Our fee (incl. VAT) Total
Up to £10,000 £35-£455 depending on £1,500 (Exc VAT) £1,835 -£2,255
the value of the claim
£10,001 – £50,000 5% of the value of the claim £2,000 (Exc VAT) £2,900.05 – £4,900
£50,001 – £100,000 5% value of the claim £3,000 (Exc VAT) £6,100.05 – £8,600
£100,001 – £2000,000 5% value of the claim £5,000 (Exc VAT) £11,000.05 – £16,000
£200,000 and above £10,000 3% of the value of
the Claim (Exc VAT)
Anyone wishing to proceed with a claim should note that:
· The VAT element of our fee cannot be reclaimed from your debtor unless they are VAT registered.
· If interest and compensation are taken into consideration, you will be required to take pay the high band of costs, that will also include an increase in the Court fee.
· The above costs do not include enforcement action, such as a bailiff instructed to collect your debt.
· The above costs do not relate to claims relating to bankruptcy or winding up.
Our fee includes:
1. Taking your instructions and reviewing documentation;
2. Undertaking appropriate searches; sending a letter before action;
3. Receiving payment and sending onto you, or if the debt is not paid, drafting and issuing claim;
4. Where no acknowledgment of service or defence is received, applying to the court to enter Judgement in default;
5. When judgement in default is received, we will write to the other side to request payment;
6. If payment is not received within 14 days, providing you with advice on next steps and likely costs.
If the debtor fails to respond to the letter of claim and/or fails to pay the amount due, the matter will usually take between 4 and 6 weeks from the date of issue of the claim to obtain a judgment in default. This is on the basis that the debtor does not file an acknowledgement of service or 6 to 8 weeks if an acknowledgment of service is filed, but no defence advanced.
Solicitors’ charges are governed by the Solicitors (Non – Contentious Business) Remuneration Order 2009. This requires that our fees be fair and reasonable having regard to all the circumstances of the matter.
Our team has over 40 years of collective experience in delivering high quality work in all matters relating to conveyancing and property.
Once the detail of your matter is known we can provide a more accurate estimate.
The fees quoted are an estimated average and provide a basic guide. However, we try where possible to agree a fixed fee for both residential and commercial property transactions that will be subject to certain factors, including but not limited to (1) the value of the transaction; (2) whether a property is freehold or leasehold; (3) whether there is a requirement for finance; and (4) the complexity of the transaction.
Please note that our fee will cover all of the work required to complete a typical matter such as this and includes receiving or preparing the contract and other property information, undertaking searches and enquiries on the property, raising or responding to requisitions on title, liaising with the lender throughout the transaction, reviewing incidental information such as exclusion, inclusions, fixtures and fittings, dealing with HM Land Registry, and overall control of the transaction throughout, including liaison with relevant third parties including any estate agents, lenders and broker.
As a general guide, our fee is equivalent to 0.25% to 0.35% of the value of the transaction. This is subject to our minimum fees set out below:
Average fee charged
Standard residential freehold sale/purchase £850.00
Standard freehold commercial sale/purchase £950.00
Standard leasehold residential sale/purchase £950.00
Standard leasehold commercial sale/purchase £1,050.00
Standard re-mortgage £750.00
Anti-Money Laundering Fees and Petty Incidentals £50.00
Bank Transfer Fee (per transfer) £35.00
These prices are all plus VAT and plus disbursements
VAT and Disbursements
VAT, which is currently 20%, will be added to our fees. For example, a fee of £2,000 will attract a VAT liability of £400.
Disbursements are costs relating to the matter that are payable to third parties such as HM Land Registry. Whilst the list below is not exhaustive it does comprise the usual disbursements:
Disbursement Estimated cost
Search Fees £400.00
Stamp Duty Land Tax £ (depends on the value of the property)
HM Land Registry Fee £ (depends on the value of the property)
Managing Agents Pack £ (varies by agent)
Notice and Compliance Fees for Leasehold Properties £ (subject to the terms of the Lease)
We will seek your approval before incurring any disbursements not listed in excess of £50.
The above are average prices based on recent instructions and assume a straightforward transaction without unforeseen complexity or issues. The actual cost will depend on the detail of your particular transaction and whether any additional matters must be taken into account. Additional matters which can see an additional charge include, but are not limited to:
· Service charge retentions;
· New builds;
· Contract races;
· Auction purchases;
· Where the mortgage lender instructs its own solicitor;
· Where the lease purchase includes the purchase of a share of the freehold;
· Where a lease extension is involved;
· Where freeholder consent for any reason may be required;
· Where there is a perceived defect in title;
· If leasehold, that it is the transfer of an existing lease and not the grant of a new lease;
· Shared ownership transactions;
· Missing or absentee landlords;
· Compulsory purchase;
· Where a transaction is required to be expedited;
· Lock out/exclusivity agreements.
Obviously, all cases are different. We will try our best to inform you as soon as we become aware of any feature that might have an impact on the quoted fee.
How long will my transaction take?
A standard conveyancing matter can take approximately eight to ten weeks from acceptance of an offer to completion. This will depend on the availability of all information and the parties acting without delay, you should allow a period of approximately four to five weeks on average to exchange contracts. 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
· Partner and Solicitors 8 years plus PQE = £425
· Solicitor (4- 8 years) PQE = £300
· Newly Qualified Solicitor or Accredited Immigration Caseworker (1-4 years) = £250
· Paralegal/Trainee - £180
Schedule of Eldons Solicitor's Fixed Fees by Case Type
NB: The fees below do not include disbursements* or VAT which will be added to the overall case fee.
Citizenship – Naturalisation /Registration & Passports
Registration of a Minor (Entitlement) £1,000
Registration of a Minor (Discretionary) £1,000
Nationality Review £800
Overseas British Passport Applications £1,200
EEA Registration Certificate £700
EEA Family Member – Residence Card Application £1,200
EEA Extended Family Member - Residence Card Application £1,200
EEA Permanent Residence Card Application £1,200
EEA Family Permit Application £1,200
EEA Settlement or pre settlement status £500
Points Based System Applications
Tier 1 (Entrepreneur) £2,500
Tier 2 (Work Permit), Tier 4 (Student) & Tier 5 (Temp Worker) £1,200
Settlement-Protection Route – 5-year visa to ILR £1,200
Extension of Discretionary Leave £1,200
Long Residence £1,500
Further Leave to Remain (FLR(FP) - Initial applications) £1,500
Applications Outside the Immigration Rules £1,500
Entry Clearance Applications
Spouse, Fiancé and Unmarried Partner £1,200
Child Settlement £1,500
Other Dependent Relative £2,500
Refugee Convention Travel Document/Certificate of Travel £500
Appeals - First-tier Tribunal (Immigration and Asylum Chamber)
Grounds for Permission to Appeal £500
Human Rights Based Appeal £1,500
EEA Appeal £1,500
Deportation Appeal £2,500
Temporary Admission £500
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.
Copyright Eldons Berkeley Limited 2020