Applying for the grant, collecting and distributing the assets
Our charges take into account two elements namely the time we spend in dealing with the administration of the estate (the Time Element) and an element for the responsibility for dealing with the assets (the Value Element). We are however under a duty to ensure the costs are fair and reasonable in consideration of all factors of the matter.Our prices are based on an hourly rate and for a standard Probate you could expect to pay between £3,000 and £8,000 +VAT. An estimate of our costs will always be provided once we have assessed the complexity of the estate.
The process can take between 6-12 months and the exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end. For example, if the circumstances were similar to those below then you could expect to pay around £3,000 – £4,000 + VAT.
- There is a valid will
- There is no more than one property
- There are no more than 3 bank or building society accounts
- There are no other intangible assets
- There are 2-3 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
Disbursements included within this cost:
- Probate application fee of £155.00
- Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
- Post in The London Gazette – Protects against unexpected claims from unknown creditors: £100-£200
- Post in a Local Newspaper – This also helps to protect against unexpected claims: £100-£200
How long will it take?
In the above example, obtaining the Grant of Probate should take around 3 months. Collecting assets then follows, which would take 2 months. Once this has been done, we can distribute the assets, which in this example would take between 1-2 months.
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.
As part of our fixed fee we will:
- Provide you with a dedicated and experienced probate solicitor to work on your matter
- Identify the legally appointed executors or administrators and beneficiaries
- Accurately identify the type of Probate application you will require
- Obtain the relevant documents required to make the application
- Complete the Probate Application
- Draft a legal oath for you to swear
- Make the application to the Probate Court on your behalf
- Obtain the Probate and securely send two copies to you
- Collect and distribute all assets in the estate
Factors which would typically increase the cost of the service (excluded from the above cost):
- Inheritance tax is payable and a HMRC account needs to be completed. There is an additional cost for preparing tax returns
- There is no Will
- There is contention between the beneficiaries on division of assets.
- There is contention between the executors and the beneficiaries
- There are multiple bank or building society accounts
- Claims are made against the estate
- If any additional copies of the grant are required, they will cost £0.50 (1 per asset usually).
- Dealing with the sale or transfer of any property in the estate.