2023-2024
Always seek independent financial advice before entering into a Deferred Payment Agreement or Interim Funding arrangement with the Council. See our ‘Deferred Payment Agreements’ leaflet for further information.
| Service | Fees |
|---|---|
| Legal costs for a DPA secured by a first legal charge against freehold property in sole ownership of applicant, with no loans secured and no legal complications. | £567 (+ VAT if applicable) |
| Variable legal costs to cover the cost of any additional work (if applicable) to secure a charge against a property or to obtain a solicitor’s undertaking. If this applies, we will provide an estimate in advance. [1] RBC Legal Services hourly charge rates can be viewed at page 28 of: Appendix 9 – Fees and Charges Proposals from April 2023 | Hourly fee based on pay rate [1] (per hour) |
| Other administrative costs | £168.90 (+VAT if applicable) |
| Land Registry – registration services fees – refer to Land Registry Scale 2 fees on Land Registry website | At cost |
| Formal property valuation – where commissioned by the council – we will provide a quote in advance | At cost (+VAT if applicable) |
| Specialist legal and/or financial advice commissioned by the council (if required) – we will provide an estimate in advance. | At cost (+VAT if applicable) |
Value Added Tax (VAT) is not included in the fees above. It will be charged on fees and charges where applicable.
Deferred Payment Agreements which meet the national mandatory DPA requirements to be secured by a first legal charge are not subject to VAT.
| Service | Fee |
|---|---|
| Administration charge | £270.40 (+VAT if applicable) |
| Property valuation fee (for an ongoing DPA or Interim Funding Arrangement) | Quote provided in advance |
DPAs which meet the national mandatory DPA requirements to be secured by a first legal charge are not subject to VAT.
1 April 2023 – 30 June 2023: 3.18% (yearly rate) charged daily
1 July 2023 – 31 December 2023: 3.43% (yearly rate) charged daily
1 January 2024 – 31 March 2024: to be advised (yearly rate) charged daily
Please note: we charge the maximum interest rate as defined in the Care and Support Regulations. Interest is charged daily on the deferred balance (including any deferred administration costs) and is compounded.
Interest charges are added to the deferred payment debt.