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A “time charge” means a fee calculated by applying, to the time spent by the relevant person on the work in question, the relevant hourly charging rate of that person at the time the work is done. Details of the current rates are set out below for convenience but are subject to variation in accordance with the firm’s charging policy.
Graduates
These fees are quoted inclusive of VAT which will be in addition at the standard prevailing rate. Where applicable travelling expenses will be charged at 50p per mile also subject to variation from time to time.
Where any work (other than a sale, purchase or letting for which the fee is agreed to be earned only on exchange of contracts) is undertaken on the basis that the client shall pay a fee for the completed work calculated as a percentage of any value or other sum, if for any reason the work is not completed or instructions are withdrawn, then the client shall pay to Jones Peckover a time charge based on the time spent by Jones Peckover up to the stage at which work ceased.
Where these terms of business state that the fee for any work shall be a percentage, then, unless such a percentage is or has been agreed in writing or otherwise between the client and Jones Peckover, the client will pay Jones Peckover a time charge for the work done for the client.
Where the client and Jones Peckover agree that a “quantum meruit” fee is payable, then, instead of a time charge, Jones Peckover will be entitled to a fair and reasonable sum (with VAT in addition), reflecting:
Unless a time charge or a fixed fee or any other basis of remuneration is specifically agreed, the client will pay Jones Peckover’s fees calculated as specified below in addition to disbursements and travelling costs that may be agreed and with VAT in addition for the following types of work:
The fee, which will be one taking account of both the nature of the property and the purpose of the valuation, will be the percentage of the amount given in the valuation specified in the accompanying letter. If a valuation is required on two or more alternative assumptions, the fee will be calculated by reference to the higher or highest figure.
The fee payable in the event of an acquisition being completed will be the percentage of the price agreed payable on completion, specified in the accompanying letter. If a property is not acquired, a time charge will be paid at the time instructions are withdrawn or the work ceases.
The fee payable on the completion of a review will be the percentage of the agreed annual rent, specified in the accompanying letter. If the review is referred to arbitration (or other formal adjudication) or to Court, a time charge in respect of the time spent on the arbitration or other procedure, after reference to arbitration or other procedure will be made in addition.
A time charge will apply unless a percentage fee is agreed prior to work commencing.
Preparing and agree valuations of live and dead stock; will be based on a time charge fee scale.
A time charge will apply as per Section 4.
Jones Peckover may deliver interim accounts generally on account for any fees which are to be calculated as a time charge at appropriate intervals from the receipt of instructions and/or upon receipt of instructions and/or upon the achievement of a significant stage in the work. Such interim accounts will be calculated on the basis of the time spent on the matter up to that date. A final account will be prepared on completion of the work or withdrawal of instructions.
Where for any reason the work is not completed, or instructions are withdrawn you will pay us a time charge fee for time spent by us on the work up to the time when work ceased.
Fees calculated as a percentage of any sum will be invoiced on substantial completion of the work provided that, if the work is not completed within six months, calculated from receipt of instructions, and interim account or interim accounts may be delivered on account of the total fee. The amount of any such interim account shall be based on an estimate of the anticipated total charge and an assessment of the proportion of the total working time likely to be spent which has already been spent.
All invoices are due for immediate payment upon delivery. In the event that any invoice has not been paid in full by you within 28 days of delivery we may charge interest on the unpaid amount at the rate of 4% above Natwest Bank plc base rate from time to time from the date of delivery. Such interest shall be compounded every six months from the date of delivery of the invoice.
All out-of-pocket expenses, including estimated postage, stationary, telephone costs and travelling, incurred by Jones Peckover in the performance of work for the client are repayable by the client to Jones Peckover in addition to any fee calculated as above, unless specifically agreed to the contrary in writing by Jones Peckover. Jones Peckover may invoice the client for such disbursements at any time after they have been incurred by Jones Peckover. An invoice for such is payable on delivery. Interest at the rate of 4% per annum above Natwest Bank plc base rate, from time to time, will be payable on all such invoices not paid in full by the date 28 days after despatch.
VAT is payable in addition by the client on all fees (and disbursements where relevant) referred to above. Where the value of any property or the amount of any rent, by reference to which a fee is to be calculated, includes VAT, the fee will be calculated on the net amount thereof less any such VAT.
Where an undertaking has been provided by a third party to meet the client’s costs and where such an indemnity includes a provision for abortive costs, then the confirmed charge out rates will be recovered from the third party. However, if the contract is proved to be abortive on account of the client withdrawing unilaterally from the agreement, the party who withdraws will be liable for those abortive costs based on the rates confirmed at the time of instruction.
We are a member of the Property Ombudsman. You can contact the Redress Scheme at any time. However, they are unable to deal with a complaint until our complaints process has been completed and we have had a chance to put things right.
We are a member of the RICS (Royal Institution of Chartered Surveyors) and the RICS’ Client Money Protection Scheme.
