Applying for the Grant, collecting and distributing the assets
The exact cost of this work will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be lower. If there are multiple beneficiaries, one or more property and multiple assets, costs will be higher. If a dispute arises over the validity of the Will, or the division of assets, or between Personal Representatives, this is likely to increase costs. If there is no Will there may be further costs and time involved in creating a family tree to ascertain who is entitled to benefit from the estate, and other factors may also increase our charges. We estimate that our fees to handle the entire estate administration may be anywhere from £1500 plus VAT upwards depending on the work required. We can give you a more accurate quote once we have more information. Dealing with the sale of any property in the estate is not included.
Our charges are calculated mainly by reference to the time that we spend on the matter. The costs, as laid down by the Law Society, our governing body, fall into two parts:- a charge for the person doing the work – you will be advised of the hourly rate of your Probate practitioner when you instruct us; and a charge for care and control. The Law Society has laid down rules on what we charge for this, being 0.5% of the value of real property (this is called realty and consists of all land and residential dwellings and/or commercial property) owned by the deceased at the date of death and passing under their Will. In addition, if we are acting as Personal Representatives we charge 1.5% of the value of the remainder of the estate (the remainder is known as personalty and includes everything that is not land, residential dwellings and/or commercial property) but if we are not Personal Representatives we charge 1%. This element of the cost is to provide for our professionalism, knowledge, responsibility etc in carrying out the work. We add the two parts of the costs together to make the final bill, to which VAT is added.
Disbursements are costs related to your matter that are payable to third parties, such as Court fees, which will be shown in the estate accounts and may also be added to your bill. We handle the payment of the disbursements on your behalf to ensure a smoother process. Our fees may therefore include the following disbursements:
· Probate Court application fee - currently £155 plus 50p for each sealed copy
· Swearing of the Oath – from £5 (per Personal Representative)
· Bankruptcy-only Land Charges Department searches - £2 (per UK beneficiary)
· Notice in the London Gazette to protect against unexpected claims from unknown creditors – from around £80
· Notice in a local newspaper which also helps to protect against unexpected claims – from around £70 depending on the newspaper
How long will this take?
On average, estates without complex factors such as multiple assets, multiple beneficiaries or foreign assets are dealt with within six to twelve months. Typically, obtaining the Grant of Probate takes two to four months. Collecting assets then follows, which can take a further few months, and may take longer if there is a property to be sold. Once this has been done, and the estate accounts are approved by the Personal Representatives, we can pay the liabilities and distribute the assets.
As part of our estate administration fees we will:-
· Provide you with a dedicated and experienced Probate practitioner to work on your matter
· Identify the legally appointed Executors or Administrators (“Personal Representatives”) and beneficiaries and verify their solvency
· Accurately identify the type of Probate application you will require
· Obtain the relevant documents required to make the application
· Complete the Probate application and the relevant HMRC forms
· Draft a legal Oath for you to swear
· Make the application to the Probate Court on your behalf
· Deal with payment if inheritance tax arises and complete tax returns if necessary
· Obtain the Grant of Representation
· Collect and distribute all assets in the estate
· Pay all liabilities and debts
· Settle any administration period income or capital gains tax liabilities
· Prepare estate accounts for the Executors and all residuary beneficiaries
We can also help you by obtaining the Grant of Probate only on behalf of the Personal Representatives so that they can then complete the estate administration. Our fee for this will range from £650 to £1500 plus VAT and disbursements, depending on the forms that have to be completed, whether there is an inheritance tax liability arising and any allowances that can be claimed to mitigate this.
Please do not hesitate to contact us for further information or to give your instructions.
We offer a fixed rate for our fees to handle to conveyancing work. This included Purchase, Sales and Re-mortgages.
Our Legal fees - Freehold Purchase / Sale
Property Value Our Fee
|£0||£130,000||£600 + VAT|
|£131,000||£250,000||£650 + VAT|
|£250,000||£350,000||£750 + VAT|
|£351,000||£400,000||£800 + VAT|
|£401,000||£500,000||£850 + VAT|
|£500,000||£1,000,000||£900 + VAT|
|Over £1,000,000 Negotiated|
Our Legal fees – Leasehold Purchase / Sale
Property Value Our Fee
|£0||£130,000||£700 + VAT|
|£131,000||£250,000||£750 + VAT|
|£250,000||£350,000||£850 + VAT|
|£351,000||£400,000||£900 + VAT|
|£401,000||£500,000||£950 + VAT|
|£500,000||£1,000,000||£1000 + VAT|
|Over £1,000,000 Negotiated|
We offer a fixed price for simple re-mortgages of £300 + VAT for our legal fees. If the work requires a Transfer of Equity as well then please contact us for a quote.
We aim to keep all our additional fees upfront with our customers. There are only a few instances were additional costs will be incurred.
Assisting with a Help to Buy ISA £50 + VAT per ISA
Assisting with a Bridging Loan £150 + VAT
Bank Transfer Fee £30 + VAT
Disbursements are additional costs that are not related to our fee. These can vary from case to case and are difficult to calculate until all information on the property is received. We will ask for a certain amount on account to begin searches for the property. The standard £250 for Purchases and £100 for Sales. Fees needed for third parties such as Management Packs from Management Agents can range from £150 - £500. There will also be Stamp Duty, which can be worked out here and Land Registry Fees that can be worked out here.
In average cases from receiving the memorandum of sale from the Estate Agents the matter can be completed within 2-4 months. Whilst we will always try to progress your matter as efficiently as possible sometimes this time frame will not be reached. If there are any circumstances that will lengthen the process, we will always keep you informed.