Uncontested Probate – Price Information
The firm charges for work in relation to obtaining a Grant of Probate and administering an estate on the basis of the time spent. We also charge a “value element” related to the value of an estate.
The prices referred to below are for estates where all the assets of the deceased individual are in the UK. Where the estate contains assets outside the UK, we will provide a detailed costs estimate when we know the details of the estate and whether or not we need to instruct lawyers in other countries on your behalf.
If the value of the estate is over £325,000, unless the spouse or charity exemption applies, the balance of the estate over £325,000 will be liable to UK inheritance tax at 40%. The exempt amount will be higher in certain circumstances which we will explain to you in detail if they apply. We will provide specific advice about the inheritance tax position of the estate when we are instructed. The inheritance tax has to be paid to H M Revenue & Customs (“HMRC”) and is not part of the firm’s fees.
In a straightforward estate, we will do whatever work you would like us to do on your behalf. Some clients require us to apply for the Grant of Probate but prefer to deal with the actual administration of the estate themselves, as they do not wish to pay the firm to do work that they can do themselves.
The firm has a range of hourly charging rates for Probate, depending on the complexity of the estate. For straightforward estates, the hourly charging rate is £375 plus VAT at 20% and for more complex estates that are liable to inheritance tax the hourly charging rate is £450 plus VAT at 20%.
The value element is 1% of the gross value of the estate, other than the deceased’s residence, and .5% of the gross value of the deceased’s residence. If you instruct the firm to obtain the Grant of Probate and correspond with HMRC but you propose to deal with the actual administration of the estate yourself, the value element charge is one sixth of 1% of the gross value of the estate.
We also make a small charge for the incidental disbursements incurred, such as telephone, postage and copying fees. This charge is subject to VAT.
Estimate of fees in a straightforward estate
If the firm is to deal with the entire Probate process for you, we anticipate that in a relatively straightforward estate it will take between ten and twelve hours of work at £375 per hour plus VAT at 20%, together with the value element charge referred to above. This will give a total fee of between £3,750 and £4,500, plus the value element plus VAT. This fee will include obtaining the Grant, collecting in the assets, paying any debts and the legacies in the Will, transferring shares or other assets to the beneficiaries and distributing the estate. It will not include the sale of the deceased’s residence or any other property. The firm does not do any property work and, if a property in an estate needs to be sold, we will recommend another firm of solicitors for this work or you can of course instruct a firm of your choice. You will need to speak to that firm about their fees for doing the property work.
The estimate above is for estates where:-
- The deceased died resident and domiciled in the UK.
- There is a valid Will.
- There is no more than one property.
- There are no more than three bank or building society accounts.
- There are no more than four shareholdings.
- There are no other assets other than personal effects.
- There are up to four beneficiaries.
- There are no disputes between beneficiaries about the Will or the division of assets. If there are disputes, this will almost certainly lead to an increase in costs.
- There is no inheritance tax payable and the Executors for not need to submit a full Inheritance Tax Account to HMRC.
- There are no claims made against the estate.
In a more complex estate and in an estate where inheritance tax is payable to HMRC, we will give you a detailed estimate of our fees when we know the details of the estate.
Timescale
For the timescale of a straightforward estate, it can take the firm between four to six weeks to establish full details of the estate. At that stage we will prepare the short HMRC form, which will have to be signed by the Executor(s). We will then submit the Probate Application to the Probate Service, who are at present very slow in issuing Grants. We would hope to receive the Grant of Probate within two months of submitting the application to the Probate Service but this timescale is out of our control and depends on the workload at the Probate Service.
After we have received the Grant of Probate we would expect that it will take between three to five months to collect in the assets, pay the debts and the legacies in the Will and ultimately distribute the estate between the beneficiaries entitled to it under the Will. Included in our fee is the preparation of a simple set of Estate Accounts showing the funds received and paid in the estate and the distribution of the estate between the beneficiaries.
All work in connection with obtaining Probate will be carried out by Cliona O’Tuama. Cliona originally qualified in Ireland and was admitted as a solicitor in England and Wales in 1991, so she has over thirty years’ experience of doing Probate work in London.
In addition to the fees charged by the firm, in a Probate matter there are other sums payable:-
Fee payable to the Probate Service £155.00
Sealed copies of the Grant, per copy £1.50
Bankruptcy searches, for each beneficiary £2.00 plus VAT at 20%
Statutory notices to creditors £200.00 to £300.00 plus VAT at 20%
Land Registry search, per property £3.00
If you would like to instruct the firm in other matters, such as the preparation of a Will or setting up a trust, we will provide you with an estimate of our fees for this.