Probate – Range of Costs & Fixed Fees
Applying for the grant
The fees outlined below relate to work for uncontested cases where all the assets are in the UK. It is the firm’s practice to charge a fixed fee of 1% which attracts VAT at the rate of 20% of the gross value of the estate plus disbursements up to obtaining the Grant whether the estate is required to pay inheritance tax or if no inheritance tax is payable and the executors do not need to submit a full account to HMRC.
The fixed fee is for estates where:
- There is a valid will
- There is no more than one property
- There are no more than six bank or building society accounts
- There are no other intangible assets
- There are between 1-4 beneficiaries
- There are no disputes between beneficiaries on the division of assets. If disputes arise, this is likely to lead to an increase in costs.
- There are no claims made against the estate
Disbursements included in this fee:
Probate application fee of £273 plus £1.50 for each sealed copy of the Grant required. We usually suggest that at least five sealed copies are obtained;
£7 swearing of the oath (per executor)
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
We may advise other disbursements are required (some but not limited to those referred to below) should we also be instructed to deal with the collecting in and distributing of assets after the Grant has been obtained.
Potential other additional costs (not intended to be exhaustive)
If there is no will or the estate consists of any shareholdings (stocks and bonds), there is likely to be additional costs that could range significantly depending on the estate and how it is dealt with. We can give you a more accurate quote once we have more information together with any applicable VAT at 20%.
Dealing with the sale or transfer of any property in the estate is not included.
Any inheritance tax payable.
You may wish to consider the potential inheritance tax liability in relation to the estate by visiting the government online inheritance tax calculator.
Collecting and distributing the assets after the Grant
If the firm is instructed to collect and distribute the assets after receipt of the Grant of Probate, this will include discharging the liabilities and dealing with the distribution of the estate to the beneficiaries.
Our costs for dealing with the administration of the estate following receipt of the Grant will be charged at the hourly rate of £350.00 and this rate attracts VAT at the rate of 20% (Director), £300.00 and this rate attracts VAT at the rate of 20% (Senior Solicitor/Legal Executive) or £250.00 and this rate attracts VAT at the rate of 20% (Solicitor) and disbursements.
However, our costs will be dependent upon a number of factors – a number of beneficiaries, amount of assets (e.g. where these are held – bank accounts, shareholdings, savings bonds, ISAs etc.) and the amount and nature of any liabilities. We will be able to provide you with our likely costs for dealing with this part of the administration of the estate should you wish to instruct the firm.
Bankruptcy – only – Land Charges Department searches – £2 for each beneficiary
£96 inclusive of VAT at the rate of 20% fee for placing a notice in The London Gazette – this protects against unexpected claims from unknown creditors
£144 – £410 +VAT fee for placing a notice in a Local Newspaper – this also helps to protect against unexpected claims.
Other potential costs (not intended to be exhaustive):
Inheritance tax (where payable)
Preparing and filing tax returns
The above prices shown are those quoted as standard, but these may be subject to amendment in the event that the estate becomes complex or there are additional unexpected or un-anticipated requirements from you or third parties.
How long will this take?
On average, obtaining the Grant is likely to take between 3-6 months although this is very much dependent on any delays with HMRC where inheritance tax is relevant and the Probate registry.
Should the firm also be instructed to deal with the full administration – collecting and distributing the assets -, this will take on average between a further 4-6 months. However, this is dependent on how complex the estate is or additional unexpected or unanticipated requirements from you or any third parties.