Before you instruct us to act on your behalf in a probate/estate administration transaction, we will provide you with our cost estimate based on the information we have at the time. Should the information change since the issuing of the costs estimate and or anything occurs during the transaction that was not foreseen at the time of making the initial costs estimate, it may be necessary to revise the estimate.
Example of our Costs for a Simple Probate Transaction
This would include applying for the Grant, collecting and distributing the assets within the estate.
We anticipate this will take between 10 and 20 hours work at £230 per hour. Total costs estimated at £2,300 – £4,600 plus VAT and disbursements*. In addition to this we will in most cases add a value factor of up to but not exceeding 0.5% of the value of the property or the deceased’s share in a property (if any) and up to but not exceeding 1% of the gross estate (less the value of the property).
Additional costs will depend on the individual circumstances of each matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end. If our firm have been appointed as professional executors within the will then our value factors be up to but not exceeding 0.75% of the value of the property or the deceased’s share of the property (if any) and 1.5% of the gross estate (less the value of the property).
We will handle the full process for you and your matter will be handled from beginning to end by our Partner, Kate Perry. This quote is for estates where: –
- There is a valid will
- There is no more than one property
- There are no more than 4 bank or building society accounts
- There are no other intangible assets
- There are between 1 and 4 beneficiaries
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to increased costs.
- There is no inheritance tax payable and the executors do not need to submit a full account to HMRC (please note that in certain circumstances a full account is required even if no inheritance tax is payable).
- There are no claims made against the estate
Disbursements Not Subject To VAT
|Bankruptcy Search Fees||£2.00 each|
|Identification Search Fee||£7.50 each|
|Probate Court Settling Fee||£10.00|
|Probate Court Fee||£155.00|
|Oath swearing Fee (per Executor)||£5.00|
|Additional exhibits (per Executor)||£2.00 each|
Disbursements Subject To VAT
|Financial Asset Search||£2.00 each|
|Post in the London Gazette & Local Newspaper
(protects against unexpected claims from unknown creditors)
|£150 – £200|
|Certainty Combined Will Search||£90.00|
Potential Additional Costs
- Where there is no will, or the estate consists of any share holdings (stocks and/or bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
- Handling the sale or transfer of any property in the estate is not included. We can give you a quote for this on request.
- If this matter does not proceed to completion, or if this firm does not complete the work, we will charge you for the work that we have carried out on the basis referred to above. Our bill will also include VAT and any other expenses that have already been incurred. This charge will be payable within 30 days.
On average, estates that fall within this range are dealt with within 3 – 12 months. Typically, obtaining a grant of probate takes 8 to 16 weeks. Collecting the estate assets will follow which can take between 4 and 12 weeks. Once this has been done, we can distribute the assets which normally takes 2 to 4 weeks. (Please note however if statutory advertisements are placed this can delay the asset distribution by up to 8 weeks.
* Please note that the total amount of fees, VAT, and other payments may be subject to alteration if the rates are changed after 6th December 2018.