Probate Fees How much does our Probate service cost? The exact cost of probate will depend on the individual circumstances of the matter.
In order to keep our fees to a minimum you can instruct us to apply for the Grant of Probate or a Grant of Letters of Administration only. These applications are referred to as 'Grant Only' applications, whereby you have already established the value of the deceased assets and liabilities and are happy to close down any bank accounts, discharge the liabilities and distribute the estate yourself once the Grant has been issued.
We offer fixed fees for such applications depending on whether the estate is taxable for inheritance tax (IHT) or not and whether a claim is required for the Residence Nil Rate Band (RNRB) or the Transferable Nil Rate Band (NRB).
FIXED FEES FOR GRANT ONLY APPLICATIONS
The FIXED FEES are as follows are inclusive of VAT:
A straightforward non-taxable estate where only HMRC Form IHT205 is required our fees will be £960.00. A straightforward non-taxable estate where only HMRC Form IHT205 is required but also with a claim for RNRB or NRB our fees will be £1260.00. In respect of Non Taxable estate but a full IHT400 is required our fees will be £2100.00. In respect of a Taxable Estate where a full IHT400 is required our fees will be £2800.00 Disbursements
In addition to our Fixed Fees, there will be fees paid to the District Probate Registry as follows:
Application fee £155 plus £1.50 per additional sealed copy of the grant.
FIXEED FEES include the following:
An interview with you to advise of the terms of the Will and discuss the duties of an Executor. Go through the assets and liabilities as detailed by you. Prepare the appropriate IHT forms and Statement of Truth for your approval and signature. If appropriate submit an application to HMRC and pay any IHT if applicable. Submit an application to the District Probate Registry Once probate is received hand over sealed copies of the Grant to the Executors for them to collect in the assets and administer the estate. Deal with any enquiries raised by HMRC, obtain formal clearance if applicable. Timeline
Estimated timeline for the above
Steps 1 through 3, should take 4 - 6 weeks
Steps 4 through to 7, should take 6 - 12 months
The estimated timeline runs from when we receive your full instructions to proceed with the matter, which includes a signed copy of our client letter plus full identification.
Please note this timeline is our best estimates only as there many aspects of the probate procedure over which we have limited or no control.
It is important for you to appreciate that the above fees are quoted on the understanding that: -
We are instructed to make a Grant Only Application With your assistance able to identify all assets and liabilities of the estate There are no issues with the Will itself If no Will all beneficiaries have been identified There are no claims against the estate There are no disagreements amongst the beneficiaries and executors. If any issues do arise, we will need to provide you with a revised scope of work, fixed fee and timeline.
For the avoidance of doubt set out below is what we are not providing advice on in our within our Fixed Fees Grant Only Applications.
Sale of property Collecting in assets and payment of liabilities Distribution of the estate Settlement of any income tax with HMRC Deeds of variation Selling or transfer of assets or investments. If there is a property to be sold a solicitor who has conveyancing experience can be instructed by this firm. A typical legal fee for handling the sale of a property will be in the region of £450.00 plus VAT and disbursements.
FULL ESTATE ADMINISTRATION APPLICATIONS
This includes the following: -
An appointment with you to advise on the terms of the Will or Intestacy. Discuss duties of Executor If necessary undertake a Will Search with Certainty the National Will register Prepare and submit Statutory notices in the London Gazette and local press Write to beneficiaries to advise them of their entitlement. Write to banks building societies and asset providers to obtain information. Obtain valuations on assets of the estate in addition to liabilities. Arrange sale of property with local solicitors dealing with conveyancing matters. Consider value of assets to complete IHT forms. Provide Statement of Affairs for Executors to consider. Consider and calculate any Transferrable Nil Rate Band and or Residential Nil rate band available. Once the value of all assets has been received prepare the relevant IHT forms and Statement of Truth and arrange for the documents to be signed. Submit IHT to HMRC and pay any inheritance tax if appropriate and deal with any enquires raised. Submit application to the Probate Registry. Once grant of probate or administration has been received, collect in assets, pay outstanding liabilities and reimburse any expenses incurred on behalf of the Estate. Coordinate sale of property with local appointed solicitors. Correspond with Executors/Beneficiaries regarding distribution of the estate. Prepare Estate accounts for approval by Executors Distribute Estate in accordance with the Will or Intestacy rules. Timeline
Estimated timeline for the above
Steps 1 through to 10 - Should take approximately 8 -12 weeks
Steps 11 onwards - An estimated completion time of 10 -18 months.
Fees for Full Estate Administration Applications
There are two pricing options available with Full Estate Applications plus Disbursements. Billing in accordance with time spent (Hourly rate) or Fixed Fees
If you would like to be billed in accordance with time spent, the fee may vary according to the actual time spent. You will benefit if the time spent is lower because you have carried out some of the tasks yourself or the matter is less complicated than originally anticipated.
Fees are charged on an hourly rated and billed in 6-minute units. For example a short telephone call, email or letter out or in will be charged at 6 minutes, which is 1/10th of the hourly rate.
Hourly rates as of 1 November 2019 are £210.00 inclusive of VAT.
An overview of the fees involved when charging on an hourly rate basis is set out below. Please note these are only an indication of our fees.
For a relatively simple estate where:
There is no IHT to pay and a full IHT400 is not required There is no dispute between beneficiaries There are no claims against the estate There is only one property which is based in England and Wales There are no more than 2 bank accounts There are no more than 4 beneficiaries The time spent will be between 15 and 30 hours, which equate between £3150.00 and £7020.00 inclusive of VAT.
For a more complex estate where:
There is no IHT to pay and a full IHT account is required There is no dispute between the beneficiaries There are no claims against the estate There are more than 3 properties based in England & Wales There are more than 3 bank/building society accounts There is a portfolio of investments and shareholding held in England & Wales There are more than 4 beneficiaries. The Time spent will be between 40 and 80 hours, which equates to fees between £8400.00 and £18,720 inclusive of VAT.
Fixed Fees as of 1 November 2019:
We can provide you with a bespoke Fixed Fee proposal document upon request
Fixed Fees are based on the value of the gross value of the estate and the complexity of it will be taken into consideration. Once a fixed fee has been agreed, if there is additional unforeseen work that was not agreed, the Fixed Fee will have to be re-negotiated or charged separately.
Fixed Fee Full Estate Administration
Value of the Estate up to £100,000.00 (2.75%)
Fixed Fee between £1800.00 - £3,300 inclusive of VAT. Please note our minimum charge is £1800.00 inclusive of VAT.
Value of the Estate between £100,001.00 and £250,000.00 (2.5%)
Fixed Fee between £3000.00 - £7500.00 inclusive of VAT.
Value of Estate between £250,001 and £500,000 (2%)
Fixed Fee between £6000 - £12,000 inclusive of VAT
Value of the Estate between £500,001 and £1,000,000.00 (1.5%)
Fixed Fee between £9000 - £18,000 inclusive of VAT.
In addition to the above-mentioned fees there are also disbursements.
Disbursements comprise of the following:
Probate court fee of £155.00 plus £1.50 per addition copy of the Grant Bankruptcy only searches with Land Charges Department searches £1.00 per beneficiary £101.52 inclusive of VAT Advert in the London Gazette - this protects against unexpected claims for unknown creditors; and £227.00 inclusive of VAT Advert in Local Newspaper - this also protects against unexpected claims and is used when the deceased owns a property. £100.00 approximately miscellaneous expenses. It is very important that the fees quoted for Full Administration are based on the following:
You are able to quickly identify all of the assets and liabilities of the estate. There are no technical issues with Will. All assets are based in England & Wales. There are no claims against the estate by relatives, creditors or others. No caveats are lodged at the court. All beneficiaries reside in the UK and can be identified, traced. There are no disagreements between the beneficiaries, executors and trustees. To avoid any misunderstanding about what we are going to do, we set out below what we are not providing advice on in the approved Fixed Fee:
Sale of any property (conveyancing charges) Tax returns. Deeds of Variation Advice on selling/transferring assets/investments. If you do require advice on any of the above we can obtain additional advice that is required by suitably qualified third parties.
Karen Gorton, who is the Principal and owner of the Practice, has been qualified, as a solicitor since 2001, will handle your matter.
