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Applying for a Grant of Probate and collecting and distributing the estate assets
Our fees for dealing with the administration of an estate from start to finish tend to be charged on a 'time spent' basis and will depend on various factors, including the complexity of your case. As a broad estimate, such cases tend to last between 26 and 52 weeks. At between £200 and £295 an hour (plus VAT and depending on the fee earner instructed), our fees for probate services tend to be in the region of £2,500 - £5,000 (plus VAT).
Our exact fees will depend on the circumstances of your matter. For example, if there is one beneficiary and no property, costs are likely to be towards the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will higher.
For estates over £100,000 in value, we can offer you the option of choosing to elect for our fees to be charged on the basis of the percentage value of the estate. The percentage that will apply will depend on the circumstances of your case, but usually will be in the range of 1.75% - 2.25% of the gross value of the estate plus VAT.
We can also offer you the option of instructing us to extract the Grant of Probate only, where you provide full information in relation to the composition and value of the estate as at the date of death. Our fees for this service start at £1,000 plus VAT where an Inheritance Tax Account is not required, and from £1,500 plus VAT in other cases.
Vat payable at 20%.
We can handle the full probate process for you. This estimate is for estates where:
- There is a valid will.
- There is no more than one unencumbered property.
- There are no more than 3 bank or building society accounts.
- There are Premium Bonds.
- There are no other assets, including shareholdings or personal effects of value.
- There are no more than 5 beneficiaries overall and no more than 2 residuary beneficiaries.
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs.
- There is no Inheritance Tax payable and the Executors do not need to submit a full account to HMRC.
- There are no claims made against the estate.
Potential additional costs
The above estimates may be exceeded, particularly if:
- There is no will and it is necessary to apply for a Grant of Letters of Administration.
- There is more than one Executor.
- It is necessary for us to arrange an unoccupied buildings insurance policy.
- It is necessary for us to undertake any work outside our offices.
- Dealing with the sale or transfer of any property in the estate is not included.
As part of our services we will:
- Provide you with a dedicated and experienced probate lawyer to work on your matter
- Identify the legally appointed executors or administrators and beneficiaries
- Accurately identify the type of application you will require
- Obtain the relevant documents required to make the application
- Complete the Probate application and the relevant HMRC forms
- Prepare a Legal Statement for you to sign
- Make the application to the Probate Court on your behalf
- Extract the Grant of Probate
- Collect in and distribute all assets in the estate
Disbursements
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. These include:
- Probate application fee of £273 plus £1.50 for each sealed copy of the Grant.
- Land Registry fees
- £3 for each copy of Register of Title required.
- £2 for a bankruptcy search on the names of the deceased and each applicant for a Grant.
- AML Search Fee - £6 plus VAT for each applicant for a Grant.
- Bankruptcy-only Land Charges Department Searches (£2 per name searched).
- London Gazette Only - £87.30 plus VAT.
- London Gazette & local newspaper - £250 (approximately) plus VAT.
- VAT payable 20%.
- VAT only payable where shown.
How long will this take?
On average, estates that fall within this range are dealt with within 6-12 months. Typically, obtaining the Grant of Probate can take up to 6 months. Collecting assets then follows, which for assets other than property can take between 2-6 weeks. Once this has been done, any debts and liabilities can be settled and the deceased’s tax position and any tax liability arising in the administration period can be agreed and settled before we distribute the assets, This can typically take 6-26 weeks.
