Debt Recovery   & Probate costs

DEBT RECOVERY

The costs below apply to a claim for an outstanding debt which is not disputed and enforcement action is not needed. If the other party disputes your claim at any point, we will discuss any further work required and provide you with revised advice about costs if necessary, calculated at our hourly rate. This work is undertaken (or overseen) by the Principal Solicitor Doroulla Petrou who qualified as a Solicitor in 2000.

Debt value                                              Court fee                                    Our fee (incl. VAT)                                    Total  

    Up to £10,000                                               £35-£455                                        £1,500 (Exc VAT)£1,835 -                          £2,255

(Depending on 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.
• Interest and compensation may take the debt into a higher banding, with a higher cost.
• The costs quoted above are not for matters where enforcement action, such as the bailiff, is needed to collect your debt.
• The costs quoted above are not for matters relating to bankruptcy of winding up

Our fee includes:

• Taking your instructions and reviewing documentation
• Undertaking appropriate searches
• Sending a letter before action
• Receiving payment and sending onto you, or if the debt is not paid, drafting and issuing claim
• Where no Acknowledgment of Service or Defence is received, applying to the court to enter Judgement in default
• When Judgement in default in received, write to the other side to request payment
• If payment is not received within 14 days, providing you with advice on next steps and likely costs.
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If the debtor does not reply to the letter of claim and/or fails to make payment, the matter will usually take between 4 – 6 weeks from the date of issue of the claim to obtain a default judgment provided the debtor does not file an acknowledgement of service or 6- 8 weeks if an acknowledgment of service is filed but no defence.

PROBATE FEES

Probate fees are usually charged at 1.5% of the gross estate plus VAT. This is on the basis that there is a valid Will, no more than one property, no more than 2 bank accounts and no more than 4 beneficiaries. if this is not the case then there will be additonal fees which can be agreed before we are formally instructed. . This rate does not apply if the Will is disputed, there is a claim against the estate the Solicitor is the appointed Executor of the Will There may be Court fees (£155) and other expenses (£3 for extra copies of Grant of Probate) Statutory notice (£309 approximately) payable in addition to this. the fee also does not include dealing with any sale or transfer of Property. Each case is assessed on it’s own merits and you will be provided with a detailed estimate after a consultation. You will also be kept advised of costs incurred throughout the transaction and at any point when the costs exceed the amount initially quoted to you.