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OFFICE HOURS: Mon to Fri - 9:00 am to 5:00 pm

(Please note that we close for lunch between 12 pm to 2 pm)

(First established 1985)

T: 0161 228 6777

F: 0161 228 7774

E: info@chungandco.com


 COSTS & OTHER INFORMATION

Explanatory Notes:


1.     To reduce our workload and in preparation for cessation of practice tentatively from 01.10.2024, we have adopted a number of appropriate measures and we invite you to consider your position very carefully before giving us any instructions.


2.     From 01.10.2023 we have ceased (1) accepting new instructions for residential purchases involving any foreign remittances and/or bank loans, (2) renewing our membership with the Law Society’s Conveyancing Quality Scheme which applies only to residential, not commercial, conveyancing transactions, and (3) renewing our membership with the Lenders’ Panel and have not since been able to act for most of the banks offering mortgage loans.  If you are buying with monies from abroad and/or borrowing from banks in the UK, we shall not be able to act for you in the purchase and/or for your lender in the mortgage to be granted by you to it.  We can only deal with cash purchases from your own funds but which must still be subject to our strict Anti-Money Laundering (“AML”) checks which are chargeable by way of additional legal fees.


3.     From 01.04.2024 we shall cease accepting any instructions for any matter involving Land Registry, Home Office, courts or other public authorities;


4.     From 01.08.2024 we shall cease accepting any instructions for most other matters;


5.     From 01.10.2024 we shall close down permanently for business as a legal practice.


6.     Our estimates for legal fees are valid as from 01.10 2023 until further notice.  They are for general guidance only and are reviewed regularly. We reserve our right to make changes unless we have unconditionally fixed our charges with you in writing. The Solicitors Regulation Authority (“SRA”) requires all solicitors to publish their estimated legal fees for some specific, but not all, services offered.  Not all solicitors charge the same fee or provide the same level of services. Costs should not therefore be your only consideration when choosing solicitors but also their professional status and expertise.

7.     As a small (but long established since 1985 under different structures) firm, your case will be handled and supervised only by our long qualified and highly experienced solicitor, Mr Stephen Chung, who is the principal of this firm- please see our web page “About Us – Solicitor” for more information about him.  We earn our status by high quality work at competitive price only.  


8.     All quoted charges and expenses are net of Value Added Tax (“VAT”).  You must also pay VAT at the prevailing rate which is 20% and variable.  VAT is an additional tax payable to the Government and is payable in most cases, except by overseas clients but only if the transaction does not involve any property in the UK.  For VAT registered clients, they may be able to reclaim it from the Government.

9.     You will pay “Legal Costs” plus VAT for all our services, including verbal and/or written consultations, regardless of the outcome of the transaction concerned.  Unless otherwise agreed in writing, we do not offer any free advice or service but in exceptional circumstances we may impose token or discounted charges only.

10.  You may have to pay “Disbursements” plus VAT, which are expenses related to your matter that are paid to third parties.  We handle the payment of the disbursements on your behalf to ensure a smoother process,  such as search fees, court fees, management company’s fees, bank charges, registration fees, Land Transaction Tax or Stamp Duty, landlord’s solicitors’ fees, mortgagee’s solicitors’ fees, bank transfer fees, bank charges, Land Registry fees, application fees, inspection fees, estate agents’ fees, surveyor’s fees, architect’s fees, accountant’s fees, insurance policy premiums, etc.  There may be other disbursements required but it depends on the nature of the matter.  Fees vary and we can give you an accurate figure once we have received full instructions and had full sight of your documents.  


11.   You will also pay “General Expenses” plus VAT which are our overheads chargeable as additional profit costs, such as Postages, Telephone, Fax, Photocopying and Stationery charges (minimum £20 + VAT £4 = £24 per matter), Office Administration Charges (minimum £20 + VAT £4 = £24 per matter), Travelling expenses (at £0.95 + VAT £0.19 = £1.14  per mile), Bank transfer fees (£30 + VAT £6 = £36 per transfer) and postal delivery handling charges, e.g. DHL or Royal Mail, (minimum £10 + VAT £2 = £12 per item, if required).


12.   You may have to pay for our “AML Checks” plus VAT by way of additional profit costs.  Under the current Anti-Money Laundering (“AML”) legislations, all solicitors must check the sources of wealth and/or funds of their clients when payment is required, such as purchase price. We must be reasonably satisfied that your funds are legitimate or else we cannot use them.  AML checks are always very time consuming, particularly for overseas funds.  We must also check the identity and address of each of our clients and the money handlers.  All information and/or documents supplied or obtained are for our information and record as well as all the relevant government agencies and SRA, if so required by them.  It will then be up to our discretion to release or not.  You are deemed to have consented to our retention and/or disclosure of your information.  Our AML Checks fees start from £180 plus VAT £36 = £216 per money handler for straightforward checks.  


13.   All quoted charges and expenses are estimates only on the assumption that the intended transaction is straightforward without any undue complication or delay.  If not and we have to do more works, you may be required to pay more but we shall endeavour to agree the amount with you in advance before carrying out any further work.  We cannot guarantee success, any particular outcome and/or conclusion of any work within any time scale since there are so many factors which are outside our control.  However, we always endeavour to meet the reasonable expectations of our clients.  We are proud to be known to be highly efficient and meticulous in our services.


14.  We charge for all works done, regardless of outcome.  In exceptionally successful cases, we may charge a top-up of up to 20% plus VAT of our actual legal fees as we are entitled to so do under our professional rules.

15.  We reserve our rights in exceptional circumstances or when you act in breach of our Terms and Conditions of Business to decline instructions or cease acting without accepting any responsibility, even if you have approved our estimates or paid our legal charges and expenses in part or in full.  We shall then reassess our charges and expenses incurred and seek payment of any shortfall or refund any credit balance to you.  


16. The hourly rate of our Mr Stephen Chung is currently £278 + VAT £55.60 = £333.60 (per Court’s guideline effective from 01.01.2024 for Grade A National 1 solicitors). There are cases where we wish to charge only on time-spent basis.  If so, we shall divide the hourly rate of £333.60 (inclusive of 20% VAT) into 10 units at £33.36 each and charge accordingly subject to a minimum charge of 5 units or £166.80, i.e. £33.36 x 5.  


Authorised and regulated by the Solicitors Regulation Authority
SRA ID No: 8005517
VAT Reg No: GB 431 1452 95

Design: BC 2024 (22.02.2024)


© 2018 Chung & Co Solicitors

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