Fees/Costs


PROBATE – FEES/COSTS

  1. Applying for the grant, collecting and distributing the assets
    • We anticipate this will take between 8 and 10 hours work at £200 per hour. Total costs estimated at -£1,600 – £2,000 (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, a property and multiple bank accounts, costs will be at the higher end.
    • We will handle the full process for you. This quote is for estates where:
  • There is a valid will
  • There is no more than one property
  • There are no more than 4 bank or building society accounts
  • There are no other intangible assets
  • There are 2-4 beneficiaries
  • There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
  • There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
  • There are no claims made against the estate
    • 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.
    • Probate application fee of £160.
    • £7 Swearing of the oath (per executor)
    • Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
    • £62.15 plus VAT Post in The London Gazette – Protects against unexpected claims from unknown creditors.
    • £100 plus VAT Post in a Local Newspaper – This also helps to protect against unexpected claims.
      • Potential additional costs;
  1. 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.
  2. If any additional copies of the grant are required, they will cost 50p each (1 per asset usually).
  3. Dealing with the sale or transfer of any property in the estate is not included.

 

  1. HOW LONG WILL THIS TAKE?
    • On average, estates that fall within this range are dealt with within 4-6 months. Typically, obtaining the grant of probate takes 12 weeks. Collecting assets then follows, which can take between 16-24 weeks. Once this has been done, we can distribute the assets, which normally takes a further 2 weeks.

RESIDENTIAL CONVEYANCING

  1. FEES/COSTS
    • Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
    • LEGAL FEES & DISBURSEMENTS
      • Legal fees (PURCHASE):-
RUDDINGTON/PLUMTREE     KENT  
Purchase Price Legal Fees *   Purchase Price Legal Fees *
Up to £200k £550 PLUS VAT   Up to £250k £620 plus VAT
£201k to £300k £600 PLUS VAT   £251k to £500k £695 plus VAT
£301k to £400k £700 PLUS VAT   £501k to £1mil £800 plus VAT
£401k to £500k £800 PLUS VAT   Over £1 mil £1,000 plus VAT
£501k to £600k £900 PLUS VAT      
Over £600k £1,000 PLUS VAT      

*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.

* Our fee assumes that:

  • this 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 transaction is concluded in a timely manner and no unforeseen complication 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.
    • PLEASE NOTE, when purchasing a LEASEHOLD PROPERTY, an additional £200 is payable (plus VAT) on any legal fees quoted. PLEASE NOTE, our legal fees quoted assume this is the assignment of an existing lease and is not the grant of a new lease.
    • PLEASE ALSO NOTE, where you are purchasing with the aid of a HELP TO BUY MORTGAGE, an additional £500 is payable (plus VAT) to any legal fees quoted.

 

  • 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.  Disbursements in relation to the purchase of a property include:-

  • Search fees (local authority, environmental and water/drainage): £200 (APPROX).
  • H M Land Registry (“HMLR”) Official search fee: £4.00.
  • Bankruptcy Search Fee (per person): £2.00.
  • HM Land Registry Registration fee: variable depending on purchase price.  Please refer to the fees set out on HMLR’s website:- https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
  • Electronic money transfer fee: £24 PLUS VAT of £4.80.
  • Anti money Laundering ID fee: £12.00
  • Stamp duty – VARIABLE depending on purchase price, whether you are a first time buyer or you are purchasing an additional 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 a LEASEHOLD property, in addition to the disbursements listed above, there are certain disbursements which will be set out in the individual lease relating to the Property which will also be payable. The disbursements which we anticipate will apply are set out separately below. Please note, these are NOT charges by Ives and Co, but are set and determined by each management company on a leasehold property

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;-

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 – £150 (but can be more).
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 – £150 (but can be more) .
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £50 – £150 (but can be more)
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50-£150 (but can be more).
  • You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

ESTIMATED TOTAL FOR;

  1. Purchase of a FREEHOLD property (NOT including Stamp duty):- the total payable will be; LEGAL FEES (plus VAT) + disbursements listed above (but not including stamp duty).
  2. Purchase of a LEASEHOLD PROPERTY (NOT including stamp duty): – LEGAL FEES (plus VAT) + disbursements listed above (but not including stamp duty).

 

  • Referral fees: For referrals, the following fees apply: –

1.3. Referral fees: – referral fees are paid to estate agents and mortgage brokers in some cases, in addition to our fee.    Please see your client care letter for confirmation as to whether a referral fee is payable or if you telephone or e mail us we will confirm whether there is a referral fee 

  1. HOW LONG WILL MY HOUSE PURCHASE TAKE?
    • How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8 to 12 weeks, but this of couse varies from case to case.
    • It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 4 weeks for example (depending on when search results are returned and mortgage offers issued). However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 to 6 months (in such, a situation additional charges would apply).

 

  1. STAGES OF THE PROCESS:-
    • The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Send final contract to you for signature
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

 

  1. REMORTGAGE

The legal fees payable for the remortgage of an existing property are:-

  • Legal Fees:- £400 plus VAT; PLUS
  • PLUS Disbursements:-
  • Official Copy Title deeds – £4.00 to £8.00 (approx).
  • HMLR Registration fee – £30 (approx).
  • No search Indemnity Insurance policy – £40 (approx.).
  • Bank Telegraphic Transfer Fee – £24 plus VAT.

PLEASE NOTE, if the property is LEASEHOLD, the following additional disbursements may also be payable in a remortgage (we can confirm this upon receipt of the Lease/papers from you:-

  • Notice of Charge fee – This fee is set out in the lease. Often the fee is between £50 – £150 (but can be more).

Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50-£150 (but can be more).

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