Probate Pricing
Coping with the death of a person can bring a mixture of emotions and the legal side of dealing with a person’s death can often be overwhelming and confusing. Having compassionate, experienced legal advice can make this difficult situation much easier on you and your loved ones.
Whether the deceased person left a Will or whether there is substantial wealth and property involved, the sense of burden can increase. Where a Will is in existence the Executors will need to apply for the grant of probate which will give them the legal right to administer the estate. Where there is no Will in existence, the Will is invalid, or it does not specify an Executor, an Administrator will need to be appointed.
Why Us
We have an experienced team who can assist you with every aspect of the probate process, reducing the administrative burden and advising sensitively on key decisions which need to be made when managing an estate. We are aware that administering an estate comes at a time of grief and high emotion, and that most people do not know the processes and legal requirements involved.
We will give you a clear time frame of how long probate should take and will keep you informed throughout.
You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have. Fees are generally paid out of the estate, so there may not be
a need for you to fund the administration.
Key Milestones and Timescales
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Applying for Grant of Probate
- Obtaining Grant of Probate
- Settling Liabilities
- Collecting funds ready for distribution
- Distributing funds
- Producing Estate accounts
On average, probate for the typical estate will take between 3 – 12 months. Generally, the time taken to obtain the Grant of Probate will be between 3 - 6 months, followed by the collection of assets and distribution which can take a further 3 - 6 months, on average. The range takes into account handling everything from straightforward estates through to more complex estates.
Pricing
For estates with a value less than £100,000, we charge at an hourly rate of £350.00 +20% VAT. This is dependent on the complexity of your case and the individual circumstances.
For estates worth more that £100,000 we charge 1.2% + 20% VAT of the whole estate.
For larger and more complex estates which could include assets abroad we will provide a more detailed quotation once we are aware of the full facts and complexities of the estate.
Disbursements
- Probate Fee - £300.00
- Office Copies for the Grant of Probate - £1.50 (per copy)
- Land Registry Search fee - £7.00
- Bankruptcy Search fee (per beneficiary) - £7.00
- Electronic ID Check (per person) - £15.00
Exclusions
Our fees include items detailed above; however there may be factors which would typically increase the cost of the fees involved. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Additional services that will require the assistance of a third party at additional cost include:
- Tax advice
- Valuations for property, savings, investments or other assets
Inheritance Tax
There are various factors that will affect any Inheritance Tax due on an estate, including the size of the estate and any measures that were put in place by the deceased to limit the estates tax liability.
We do not believe that it would be sensible to attempt to provide at this stage an estimate of any tax that may be payable. We would advise you to look on the HMRC Website to calculate Inheritance Tax which may be due, the calculators can be found at: https://www.gov.uk/guidance/hmrc-tools-and-calculators#inheritance-tax-and-bereavement
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1) Probate and Estate Administration Costs (Uncontested with all assets in the UK)
Our costs and timescales are dependent upon the complexity of the matter and size of the estate, but in most cases, we are able to provide you with a fixed fee for the work to be carried out, before we proceed.
If we are unable to offer with a fixed fee, we will provide you with our hourly rates together with an estimate of the time it will take to complete the matter.
All our fixed fee costs are plus VAT (currently 20%) and disbursements.
Disbursement are costs incurred during the process of the matter, which we pay on your behalf to third parties i.e. Court fees and Land Registry Fees.
The below estimates are for guidance purposes only as each estate varies.
1.1) Solely Obtaining the Grant of Probate or Letters of Administration
This is a limited service and is execution only and relies on you providing valuations and all relevant information to us, to enable us to solely obtain the Grant of Probate.
In these circumstances we will usually charge a fixed fee as set out as follows for undertaking the work detailed:
| 1. Our fees for a basic application for a Grant of Probate or Letters of Administration are £950 plus VAT of £190, making a total of £1,140 and an additional fee for disbursements i.e. the court fee. This is a basic application where we will complete and submit the probate application to the Probate Registry but where no claim is required for Residence Nil Rate Band and the HMRC long form application IHT0 is not required. |
| 2. Our fees for an application where there is no inheritance tax payable but the estate requires a residence nil rate band application and or a long form HMRC application (IHT 400) is 1% of the gross value of the estate plus VAT and and disbursements. We will complete and submit the probate application to the Probate Registry and prepare and submit the IHT400 and supporting schedules to HMRC. Please note, this does not include work required if agricultural relief or business property relief is to be claimed which will incur additional fees. |
| 3. Our fees for an application where there is inheritance tax payable is 1% of the gross value of the estate plus VAT and disbursements. We will complete and submit the probate application to the Probate Registry and prepare and submit the IHT400 and supporting schedules to HMRC, including those to claim transferable nil rate band and residence nil rate band where applicable. We will also complete form IHT423 if applicable to arrange payment of inheritance tax. Please note, this does not include work required if agricultural relief or business property relief is to be claimed which will incur additional fees. |
Once the Grant of Probate or Letters of Administration are obtained this is forwarded to the Executors to enable them to administer the estate and our involvement ceases.
1.2) Full Estate Administration
In most cases we are able to provide a fixed fee, subject to the circumstances of each case as follows:
| 1. Estates with a gross value under £250,000 – our fees are normally £3,000 plus VAT of £600, making a total of £3,600 plus disbursements. |
| 2. Estates with a gross value up to £325,000 – our fees are normally £4,000 plus VAT of £800 making a total of £4,800 plus disbursements. |
| 3. Estates with a gross value between £325,001 – £1,500,000 our fees are normally 1.5% of the gross value of the estate plus VAT and disbursements. For instance if the gross value of the estate was £750,000, our fees would be £750,000 x 1.5% = £11,250 plus VAT of £2250, total £13,500 plus disbursements. |
| 4. Estates with a gross value between £1,500,001 to £3,000,000 our fees are normally 1.35% of the gross value of the estate plus VAT and disbursements. For instance if the gross value of the estate was £1,800,000 our fees would be £24,300 plus VAT of £4860, making a total of £29,160 plus disbursements. |
1.3) Disbursements
These include but are not limited to:
| Probate fee | £273 plus additional copies of the Grant £1.50 each |
| Bankruptcy searches | £2 for each beneficiary if based in the UK |
| Statutory advertisements | Approximately £200 plus VAT of £40.00 (total approximately £240) |
| Land Registry Fees | From £3 but dependent on the Estate |
| Electronic Identity Search Fees | £18 plus VAT of £3.60 per person (if based in UK), total £21.60 |
| Financial Assets Search | Approximately £185 plus VAT of £37 (approximately total £222) |
| Property Valuations & Share Valuations | Dependant on the fees charged by the Valuer |
The average hourly charging rate for team members is: £300 plus VAT of £60 per hour.
Full details of individual’s charge out rates are included in the client care pack that is sent to you following instruction.
We can either act to obtain the grant of probate and letters of administration or we can act in the administration of the entire estate.
1.4) Timescales
Obtaining the Grant of Probate will usually take between 12-20 weeks once all information has been received to enable the application to be prepared and you have signed and returned the application to us.
Estate administration can take between 3-18 months depending on the complexity of the estate.
1.5) Stages of Probate – full estate administration service (not included in Grant Only Service)
- Provide you with a dedicated and experience probate solicitor to work on your matter.
- Identify the legally appointed executors or administrators and beneficiaries.
- Advise the executors or administrators of the work that is required to administer the estate.
- Liaise with you and obtain details and valuations of all of the assets and liabilities of the estate as required for the Probate Registry application and any HMRC inheritance tax Applications.
- Obtain the relevant documents required to make the application and apply for an IHT reference number if required.
- Draft and submit the Probate Application and any relevant HMRC forms after they are approved by you.
- Obtain the Grant of Probate or Letters of Administration as the case may be and provide you with a copy.
- Collect in all of the assets / transfer assets – as applicable.
- Discharge all estate liabilities from funds available.
- Advise separately on any trust arising under the Will or intestacy.
- Prepare estate accounts showing full details of all assets, liabilities, financial transactions and distribution of the estate.
- Distribute the estate in accordance with the terms of the Will or the intestacy rules.
1.6) Matters not included in our fees:
- Registering the death.
- Arranging the funeral.
- Administering assets outside of England and Wales.
- Administration of an estate which is or become insolvent.
- Work involved in any dispute in connection with the estate. For instance, disputes between executors / beneficiaries, claims made against the estate by creditors or by an individual who claims that the deceased did not make adequate financial provision for them, or that the Will is invalid.
- 6Property work such as conveyancing involved with the sale of property or the transfer of property to beneficiaries or updating Land Registry records.
- Work arising from gifts made by the deceased during his or her lifetime.
- Any work required re the rectification or variation of a Will or variation of intestacy laws.
- Preparation and submission of income tax or capital gains tax returns.
- Registering a trust on the HMR Trust Registration Service.
- Work involved in tracing missing beneficiaries or executors.
All work will be carried out by our probate and estate administration team. For further information about the team please see Legal Services.
1.7) WILLS
For Wills, we offer a fixed price of £ 200 Plus VAT of £40 for a single Will or £300 plus VAT of £60 for Mirror Wills. We charge an additional £30 for home visits.
1.7.1) Time Scales
We aim to provide you with a draft for approval within 7 working days of taking your instructions. Please note that the above timescales are variable due to a number of factors.
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