Since 6 December 2018 we are required under the SRA Transparency Rules to provide certain information to both clients and potential clients.
The aim of the rules is to ensure clients and potential clients have accurate and relevant information about the firm and the Solicitor they intend to instruct on their particular matter allowing them to make an informed choice before instructing the firm.
As such we are required to provide information in respect of services we market such as residential conveyancing and debt work as well as providing legal and regulatory information.
Residential Conveyancing
Sale fees:
Our fees for a typical freehold house sale of up to £1 million range from £750 to £5,000. Our fees may be higher where the sale price exceeds £1 million, a property has a difficult title or is unregistered.
Our fees for a typical leasehold property sale such as a flat up to £1 million can range between £750 to £5,000. Our fees may be higher where the sale price exceeds £1 million or where there are particular complications.
Disbursements such as Land Registry fees, money transfer fees and other third party payments will be payable in addition to the figures quoted above. We will provide you with details of the cost of the likely disbursements prior to instruction.
As every property transaction is different an individual cost estimate will be given prior to the work being commenced. All of the figures set out above are exclusive of VAT.
Should your instructions change or should the matter become more time consuming or complicated than first envisaged we will inform you of the extra works required and the cost of the same. We will not carry out any additional work without your express authority.
The work will include:
1. Obtaining initial instructions and providing initial advice together with a cost estimate.
2. Carry out anti money laundering enquiries including requiring proof of the bank account from which funds are to be received or paid.
3. Provide you with the standard property information forms for you to complete.
4. Obtain and review the title documents.
5. Prepare draft contracts and provide the same to the purchasers solicitors.
6. If applicable we will obtain a redemption statement from your mortgage provider.
7. Agree a completion date.
8. Take instructions from you in respect of any additional enquiries raised by the purchaser and then respond to the same.
9. Arrange for you to sign the final contract documents.
10. Exchange contracts and then complete the sale either on that day or on an agreed date thereafter.
11. If applicable repay any mortgage.
12. Settle the estate agents account.
13. Send our bill and the balance of the monies due to you.
Purchase fees:
Our fees for a typical freehold residential property purchase of up to £1 million range from £1,500 to £5,000. Where the price exceeds £1 million or there are complexities the fees may be higher.
Our fees for the purchase of a leasehold residential property of up to £1 million will range from around £1,000 to £5,000. Where the price exceeds £1 million or there are complexities the fees may be higher.
In addition certain disbursements will need to be incurred such as Land Registry fees, Search fees (estimated at around £450), Electronic Money Transfers and any other third party payments. In addition Stamp Duty Land Tax is payable on properties currently exceeding £125,000.
As every property transaction is different an individual cost estimate will be given prior to the work being commenced. All of the figures quoted above are exclusive of VAT.
Should your instructions change or should the matter become time consuming or complicated than first envisaged we will inform you of the extra works required and the cost of the same. We will not carry out any additional work without your express authority.
The work will include:
1. Obtaining initial instructions and providing initial advice together with a cost estimate.
2. Carry out anti money laundering enquiries including requiring proof of the bank account from which funds are to be received or paid.
3. Obtain proof of there being appropriate finances in place to pay for the transaction ie a letter from your mortgage provider.
4. Advise on the contract and the property information forms which have been drafted by the sellers Solicitors.
5. Agree a completion date.
6. Go through the title, consider the searches and raise any additional enquiries with the sellers Solicitors if necessary.
7. Arrange for monies to pay for the transaction is in place.
8. Exchange contracts and then complete the sale either on that day or on an agreed date thereafter.
9. Complete the Stamp Duty Land Tax return form and pay the appropriate sum (if any) due.
10. Register the purchase with the Land Registry.
11. Send our bill of costs to you for payment.
It is anticipated the timescale for both residential sales and purchases will be approximately 8 weeks. Depending on the complexity of the title or other complications such as a break in the chain the time estimate may need to be reviewed.
Mr Amjed Taj Malik mainly deals with property matters and is assisted by Mrs Deborah Jane Liddle.
Debt Recovery
We only provide services for debts exceeding £10,000. We work on an hourly rate ranging from £175 to £250 per hour plus VAT which is dependent on the complexity and value of the claim. The costs can increase if the debtor disputes the debt or it becomes necessary to issue Court proceedings and/or take enforcement action.
Where Court proceedings are not necessary we estimate the cost of the work will be between £1,000 and £5,000 plus VAT and any potential disbursements (such as search fees, Land Registry fees etc.).
Should Court proceedings be issued then it is not uncommon for the costs to range between £5,000 and £25,000 plus VAT and disbursements. In some cases depending on the extent of the debt, the issues, complexities and the stance taken by the debtor the fees may be higher.
An individual cost estimate will be given prior to any work being commenced. Should your instructions change or should the matter become more time consuming or complicated than first envisaged we will inform you of the extra work required and the cost of the same. We will not carry out any additional work without your express authority.
The work will include:
1. Obtaining initial instructions and providing initial advice together with a cost estimate.
2. Carry out anti money laundering enquiries including obtaining the bank account details for the payment or receipt of any funds.
3. Review the documentation provided by you, carry out any appropriate searches and thereafter send a pre-action letter to the debtor.
4. Liaise with the debtor and/or their Solicitors.
5. On agreement being reached and monies received we will provide you with our bill of costs and send the balance of the monies due to you.
6. If the matter remains disputed and it becomes necessary to issue Court proceedings we will draft and issue the appropriate paperwork and thereafter serve the papers on the debtor or their Solicitors.
7. Should no acknowledgment of service or defence is received we will apply to the Court to enter Judgment in Default and on an Order being received we will write to the debtor or their Solicitors seeking payment. Should payment not be promptly received we will provide you with further advice on the next steps and the likely costs.
8. Should a defence be filed we will need to take further instructions from you prepare witness statements exchange documents and proceed to trial.
9. On Judgment being awarded we will seek payment by the debtor and should payment not be received take enforcement action.
10. In straight forward debt matters the anticipated time scale from receipt of instructions to receipt of payment from the other side without the need for issuing proceedings may take three to six months. It may be longer depending on negotiations and complexities. It will take considerably longer should it become necessary for Court proceedings to be issued.
Both Mr Amjed Taj Malik and Mrs Deborah Jane Liddle have experience in this field.