Our confirmation of instructions letter sets out for you the basis upon which your instructions are to be funded.
These are provided following our assessment of the nature of your instruction and the available options. Solicitors are under a professional obligation to advise you of the potential funding options available to you irrespective of whether they are suitable for your particular case or unavailable from this practice. They are:-
- Private fee paying basis – Fees and disbursements are payable in response to an invoice raised irrespective of outcome of the action.
- Conditional fee agreement – Otherwise known as a “no win no fee” agreement. Fees become payable upon successful conclusion of the case irrespective of whether a judgment is paid.
- Damages based agreement – Entitling legal fees to be deducted from an award of compensation of up to 50%. Such fees are only payable on what compensation is actually recovered.
- Before the event insurance – Certain insurance policies contain legal expense cover limited to a number of different types of action. It is your responsibility to consider any such policy and whether it would apply to your circumstances.
- After the event insurance – In order to secure after the event insurance it will be necessary to present the facts of the case to an Insurer to ascertain if they will consider indemnifying you for any costs incurred in the event that you are unsuccessful.
For this particular instruction our charges will be on the following basis:-
Our fees are calculated by reference to the time spent by the person/s involved as well as the level of care and attention required and delivered. These costs will include advising, attending on you and others, the preparation and consideration of documentation, research, correspondence, telephone calls, faxes, case conferences and travelling and attendances at Court and elsewhere. The hourly rate applicable will be reviewed annually. Routine letters and routine telephone calls are charged as 1 unit of 6 minutes. Longer letters and calls will be charged on a time basis.
In addition to the time spent, we may take into account a number of factors which include the complexity of the issues, the speed at which action must be taken, the expertise or specialist knowledge which the case requires and, if appropriate, the value of the property or subject matter involved. On the basis of the information currently available, we expect these factors to be adequately covered by the hourly rates. The rates may be higher if, for example, the matter becomes more complex than expected; we will notify you of this. We will add VAT to our charges at the rate that applies when the work is done.
Receiving a gifted deposit. In the event that you receive a gifted deposit either from a family member or any other person/organisation as part of your transaction, we are required (in addition to possibly having to declare such gifted deposit to any Mortgage Lender that you may be borrowing monies from) to undertake due diligence checks on the donor/s. Accordingly there will be a charge for the completion of these checks.
On occasions you may incur additional disbursements (which are costs necessarily incurred in the transaction) e.g. your lender requiring the bank transfer of funds to redeem your mortgage. These costs will be invoiced to you but we may not know of the requirement for them to be paid until later in the transaction. Please also note that certain lenders debit a deeds production fee to your mortgage account.
Some transactions require you to obtain an independent valuation report before you can proceed e.g purchase of further shares (also known as staircasing) in shared ownership transactions and redemption of a Help to Buy mortgage. It will be your responsibility to obtain an independent valuation from a RICS or similar qualified surveyor at the outset of the transaction and to ensure that the report remains valid throughout. Any costs incurred in obtaining the report or having the validity of it extended will be solely your responsibility.
Any costs and fees estimate and / or retainer request given would be provided based upon the known facts of your matter at the time the estimate and retainer request is given or made and they are therefore subject to review in the event of unforeseen developments. We will give you regular updates on fees expectations and the sufficiency of any retainer and you are always welcome to ask for interim notifications at any time.
Sometimes clients make appointments and are then unable to attend. Providing at least 24 hours notice of such a cancellation is given, then no charge will be made. In the event of cancellation within 24 hours of the appointment then a charge of £50.00 + VAT may arise.
If, for any reason, this matter does not proceed to completion, we will charge you for work done and expenses incurred and we will be entitled to keep all your papers and documents while there is money owing to us for our charges and expenses.
Interest will be charged on any invoiced amounts unpaid for 28 days or more at 4% over bank base rate for the time being and we also will charge for all work required in obtaining payment of invoices which have remained unpaid for 28 days or more.
Charging for compliance with an order: In the event that we are required to respond to a lawful notice/order from a law enforcement agency relating to this retainer, we will charge you for our time spent in complying with the said notice/order. Please note however, we may not be able to discuss with you our compliance with the notice/order.