Costs

Applying for the Grant, collecting and distributing the assets.

The hourly rates applicable to private client work depend on which fee earner is working on the file.  The normal charge out rates for the fee earners within the department are:

Partner – £250.00 per hour and

Solicitor – £200.00 per hour.

You will be provided with an estimate in relation to the fees specific to the transaction we are dealing with.  However, to give an idea of the likely fees we confirm an average transaction where we are dealing with the whole estate administration would be based on the following charges:

We anticipate this would take between 10 to 12 hours work at the hourly rates.  This would make total costs estimated at £2,500 to £3,000 (+VAT) based on a Partner’s rates.

The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs would be at the lower end of the range or lower than the range provided.   If there are multiple beneficiaries, a property and multiple bank accounts, costs would be likely to be at the higher end of the estimate or above the estimate.

If you ask us to deal with the full administration of the estate, we will handle the full process for you. This quote is for estates where:

• There is a valid will
• There is no more than one property
• There are no more than 6 bank or building society accounts and no complicated or offshore assets.
• There are no other intangible assets
• There are no more than four beneficiaries
• There are no disputes between beneficiaries as to the 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 required in additional to the quoted fees:

• Probate application fee of £157.50
• Settling fees – pre-approval of documentation ahead of them being sworn to ensure a swift processing of application – £15.00 per document settled.
• Copy document fees from the Probate Registry, including standing searches for copies of any earlier Grants issued which may be relevant to claims made for transferrable nil rate bands/residence nil rate bands or similar claims – £15.00 per document.
• Swear fees for documents £5.00 (per executor) plus £2.00 per exhibit (per executor) to the Oath
• Bankruptcy-only Land Charges Department searches (£2.00 per beneficiary/Executor)
• £350.00-£400.00 plus vat for advertisement in The London Gazette and local newspaper (which may be displayed online) to protect against unexpected claims from unknown creditors (Section 27 Act Notices).  Fees are dependent upon the newspaper charges/area in which the notices are required.
• Land Registry fees for copies of titles to property if comprised within the estate £4.00 per document and any other Land Registry fees which may be required during the transaction.  If the property is unregistered then there will be search fees with the Land Registry and fees for copies of documents if required which are usually £4.00 per document/search required.
• Any other fees which may be required by third parties to facilitate the transaction proceeding – such as valuation fees charged by a stock broker/estate agent or professional valuations, sale costs of assets etc.

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, but we will request a payment on account to cover the disbursement costs.

Potential additional costs

• If there is no valid Will in place (the estate is intestate) or if the estate is particularly complicated there are likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with.
• Dealing with inheritance tax with HMRC.
• Dealing with the sale or transfer of any property in the estate is not included and further fees will be payable in this regard.
• If a Deed of Variation is required/proposed or further advice is required in this regard further fees will be payable.

We can give you a more accurate quote once we have more information about the particular estate.

You may ask us to provide a more limited service where you have collated much of the information yourself and only need us to help with obtaining the Grant.  An estimate can be provided if you would like us to have more limited involvement in respect of the matter.

If a claim was to be made against the estate but disappointed beneficiaries or other parties and we are acting on behalf of the executors, we would be obliged to advise the executors to seek advice regarding the claim.  We would signpost you elsewhere for this advice to be obtained.

How long will this take?

A typical estate failing within this range can take anything from a few months to more than a year to be dealt with.  This is dependent to some extent on how quickly we can gather information, from you and third parties.  It will also depend on who are appointed as the executors and how quickly assets such as houses, or other investments can be sold.  If the estate is subject to paying inheritance tax, then there is usually a further time period while the taxation issues are resolved with HMRC.   We will keep you up to date with progress throughout the matter.