Price Transparency

 

Monteith Solicitors Limited is registered with the Law Society of Scotland and, as such, is required to observe Guidelines on numerous matters, including that of Price Transparency.  In short, all law firms in Scotland should provide information to clients and potential clients about the fees and outlays that they may incur when instructing solicitors. The following information is intended to provide guidance relative to the level of fees that our clients can expect to pay for our range of services.  Due to the nature of private client work, however, the fees mentioned are intended to act as guidance only, with actual costs being determined on a case-by-case basis, taking account of various factors including the urgency and complexity of the work that is to be carried out.

 

Whenever a piece of work is instructed, a note of the costs that will be incurred will be agreed with the client in advance.  These will be confirmed in writing in a Letter of Engagement, which Letter will be issued immediately before any work is carried out, so as to give clients the opportunity to agree to the terms or to cancel their instruction.

 

Outlays

 

In addition to our own fees, many types of work will incur additional costs or outlays which will be paid by the firm on behalf of clients to external organisations. The firm makes no profit on these outlays, and they will form part of the overall cost whenever the incurring of these outlays is necessary as part of the work being carried out.

 

Wills

 

Wills can vary enormously in complexity, taking account of particular family circumstances, particular beneficiaries and potential tax implications.  The key factor is always to ensure that the Will is drafted in a manner which is appropriate to the particular circumstances of the client and discussions to tailor the provisions of the Will to this are key.

 

The fee quoted for the preparation of a Will is intended to cover the consultation, advice, drafting and execution of the document.  The charge for this is normally £350 plus VAT for an individual and £500 plus VAT for a couple.  Should the particular circumstances mean that the Will is more complex, perhaps due to family circumstances or particular assets or tax planning, then the fee will be higher, and this will be discussed at the outset.

 

There are usually no outlays associated with the preparation of a Will.

 

Inheritance Tax Planning

 

In addition to putting in place a Will, some clients will also wish to consider taking steps so as to reduce or eliminate the amount of Inheritance Tax that their estate may have to pay on their eventual death.

 

This type of work is inevitably specific to each individual client and will be charged on the basis of time spent by the solicitor carrying out the work (normally at an hourly rate of £270 plus VAT).  Once any estate planning measures have been agreed upon, fixed fee quotes may be offered, for example, to set up a Trust.

 

Trusts

 

Trusts are frequently used as part of tax planning exercises, as well as helping to cope with various types of family circumstances.

 

The cost of setting up a trust would typically be in the region of £950 plus VAT.  The Trust Deed, once prepared, would then be registered with the Books of Council and Session which typically costs around £20 per deed.

 

Once the Trust has been established there may well be a need for ongoing administration.  Where this is necessary a fee quote will be offered based on the particular circumstances of each Trust.

 

Executry Administration

 

It is extremely difficult to provide at the outset an accurate level of the fee likely to be charged in dealing with the winding-up of a deceased person’s estate.  The amount of work in each case, and the consequent amount of time involved, can vary enormously depending on the nature and value of the assets in the estate, whether Inheritance Tax applies, whether there is a Will and the overall family circumstances.  We appreciate that clients are often concerned about the likely level of fees for such work and we are happy to discuss individual cases with any client or potential client.  Our standard Letter of Engagement states that we will charge on a time basis (normally £235 plus VAT per hour), which we regularly review with the client as matters progress.  We also provide in all cases that the client has the option to have the case referred to an independent third party Law Accountant of their choice, should they wish, who can review the work and the proposed fee, to ensure that the fee charged is appropriate.

 

Outlays are incurred in this type of work, including Court fees where an application for Confirmation is required.  There can also be valuation fees for professional valuations of particular assets, as well as additional professional fees from accountants, and for conveyancing, all dependent on the level and type of assets in the estate.

 

Powers of Attorney

 

A Power of Attorney allows you to appoint someone you trust, possibly a family member or friend, to act on your behalf should you ever become unable to manage your affairs.  For a Combined Continuing and Welfare Power of Attorney the cost would generally be around £225 plus VAT for an individual and £395 plus VAT for a couple.  In addition, the Power of Attorney cannot actually be used until such time as the deed has been registered with the Office of the Public Guardian and the Public Guardian currently charges a registration fee of £96 per deed.

 

Guardianship or Intervention Orders

 

When the creation of a Power of Attorney is not possible or is otherwise inappropriate, the alternative is for a suitable person, who may or may not be a family member, to apply to the Sheriff Court to be appointed as the Guardian to the person who requires assistance. This involves a complex Court process to satisfy the Court that the appointment of a Guardian is both necessary and appropriate. It also involves a personal appearance at Court by the solicitor to conduct at least one formal hearing in front of the Sheriff before the Order is awarded. The exact extent of the work involved cannot be fully quantified in advance since it depends on many different factors which are unique to each individual case.

 

The normal fee for dealing with the whole Guardianship appointment process from beginning to end would typically be £3,000 plus VAT.

 

Outlays incurred in this process may include Sheriff Court fees of £132, doctors’ fees of around £240 and Suitability Report fees of £900.

 

Discharge of Security

 

For those lucky enough to have paid off their mortgage, the lender’s security over the property then needs to be discharged.  For a basic discharge of security the fee is likely to be £180 plus VAT.

 

There will also be an outlay of £80 payable to the Registers of Scotland where the property is held on the Register of Sasines, and £60 where the property is registered on the Land Register.

 

Certifying and Notarising Documents

 

We will be happy to assist clients in having documents certified and/or notarised. The cost for this will typically be £50 plus VAT.

 

Other Work

 

Other work will normally be charged at an hourly of typically £270 plus VAT or £235 plus VAT depending on the work and the solicitor involved.

 

At all times we will be happy to discuss fee matters with you.