I’d add that for UK writers, the Society for Editors and Proofreaders (SfEP) Directory is the best place to search for editorial professionals. Each editor has been vetted for professional competence through the Society (you have to be assessed to become a Professional Member or Advanced Professional Member), so it’s a pretty trustworthy source: http://www.sfep.org.uk/directory/directory.asp
I have over 18 years of experience writing about, researching, and analyzing complex public policy, historical, political, and international affairs subjects ranging from UN peacekeeping to ancient Rome and my work is regularly published online by a variety of websites. Published in Newsweek, the Modern War Institute at West Point, Mic, The Jerusalem Post, The Jordan Times, and other publications.
Although many writers talk about having friends, family, and old college professors help them edit their work, that’s really not the ideal way to go about the editing process for a book or short story that you plan to publish. A professional editor with years of experience and training in your market or genre can provide valuable feedback and advice that goes far beyond simply correcting spelling errors, typos, grammatical errors and usage errors.
There may be provision to have a call to discuss the work, or it may purely be the delivery of a structural report or a line edit or proofread manuscript. I've worked with professional editors for the last ten years and have never had a call to discuss, but if you're the type of person who wants that, then make sure you put that into the contract upfront along with anything else you are concerned about.
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These reference choices will all be recorded on a style sheet – an essential editing tool. A style sheet contains notes on spelling and punctuation, as well as rules for using numbers and numerals, and even a list of characters and story details that help maintain consistency throughout the book. When the book is passed off to a proofreader, the style sheet communicates the book’s individual style to the proofreader.
The price you’re going to pay an editor depends on a lot of different factors. You may just want an editor to proofread your book to catch minor errors and typos. Or you may want to work with an editor to help you overhaul your book. Getting familiar with the kind of editing options available will help you choose the right editor. Typical book editing services are:
Regarding your last question, I know of no editor who gives a money-back guarantee for occasional errors that happen to slip through or for a different opinion by a later editor. I’m afraid such things are just the nature of the publishing beast. But by having a shorter portion edited first, you will get a decent feel for whether someone is the right editor for you, and will be able to be confident in his or her work on your entire book.
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