- The Budget 2018- The Chancellor announce on 29 October 2018 that first-time buyers in shared ownership homes will pay zero stamp duty on the first £300,000 of any home that costs up to £500,000 with immediate effect.
- Macmillan Coffee Morning 2018- At Parrott and Coales, we are proud to show our support for Macmillan and the incredible work they do providing practical, medical and financial support and pushing for better cancer care.
The Law on Pre-Nuptial Agreements
A pre-nuptial agreement is a written agreement entered into by parties prior to or in contemplation of their marriage. At present pre-nuptial agreements are not legally binding in English law although this may change in the future. Following recent case law the existence of a pre-nuptial agreement is recognised as an important factor by the courts in the event of a divorce.
A pre-nuptial agreement is more likely to carry weight with the court in a relatively short marriage or where the parties have kept their assets separated. It is less likely to carry weight where there have been a number of intervening events such as the birth of a child, ill health or a change in financial circumstances.
In order to make the pre-nuptial agreement effective it is important that certain formalities are complied with. It is recommended that the agreement is entered into at least 21 days before the marriage. There should be mutual and comprehensive financial disclosure between the parties of their respective assets and income. Both parties should take independent legal advice before entering into the agreement.
How to fund a pre-nuptial agreement
We offer fixed fee funding for prenuptial agreements.
Our Fees (including VAT)
If you would wish us to prepare a pre-nuptial agreement or a co-habitation agreement and ensure that all appropriate formalities have been complied with
- For a simple agreement – £720.00 inclusive of VAT
- For a complex agreement requiring exchange of financial information – £1200.00 inclusive of VAT
If you wish us to advise on a pre-nuptial agreement or a co-habitation agreement prepared by your fiancé’s solicitors.
- For a simple agreement – £360.00 inclusive of VAT
- For a complex agreement requiring an exchange of financial information – £600.00 inclusive of VAT
- If the proposed agreement is very complicated then a fixed fee would not be available and costs would be charged on our hourly rate basis.
What the fees cover
The fixed fee covers our costs relating to work undertaken up to and including completion of a fully signed pre-nuptial agreement and advising you on its contents and legal validity.
When are the costs payable?
The fixed fee is payable at the initial meeting with us.
You may also have to pay a fee if the agreement requires or the use of an interpreter.
What work is not included
If the matter becomes more complicated than first anticipated this might include the following situations:-
- Where documentary or valuation evidence is required in relation to you or your fiancé’s assets.
- The proposed agreement contains a number of complicated and unusual provisions.
- The agreement requires the completion of lengthy and complicated schedules of assets or income.
- The agreement requires considerable amendment because you and your fiancé decide to change its terms.
What happens if you do not proceed with a Pre-Nuptial Agreement/Co-habitation Agreement?
You may decide not to proceed with a pre-nuptial agreement or co-habitation agreement. If you do not wish to proceed then we will charge on an hourly rate basis up to the value of the fixed fee (currently this firm’s hourly rates are from £216 to £270 inclusive of VAT).