Our fees are calculated according to:-
1. The time spent by Solicitors and legal staff in dealing with the estate.
2. A “value element” . This is a percentage of the gross value of the estate as the monetary value involved is one measure of the extent of responsibility falling on the firm.
It is difficult at the beginning of the administration of most estates to say how much work will be involved but on a simple Probate, we anticipate that costs will range between £1,500 and £4,000 plus VAT and disbursements Our hourly rates range between £160 and £225 dependant upon the level of fee earner with conduct of the case. The exact cost will depend on the individual circumstances of the matter. We will be able to give you a more accurate estimate after we have met with you and discussed your requirements but 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.
We will handle the full process for you. This quote is for estates where:-
There is valid will.
There is no more than one property.
There are no more than three bank or building society accounts.
There are no other intangible assets.
There are no more than three 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.
The value element is calculated as follows:
1.5% on the gross value of the estate (excluding the value of the deceased home)
0.5% on the value of the deceased’s home.
Other necessary expenditure involved in dealing with the estate which are not included in the costs quoted above:-
Probate application fee £155 plus 50p for each additional copy.
£7.00 swearing of the Oath (per Executor).
Bankruptcy only – Land Charges department search £2.00 plus VAT (per beneficiary).
Circa £200 Statutory Notices in the London Gazette and local press.
More complicated estates
Whilst the hourly rate and value element remain unchanged, costs will increase for more complex estates, simply because more work is required and the level of responsibility on our part is greater. We anticipate that our costs for a medium complexity case will be between £4,000 and £7,000 (exclusive of value element) and a highly complex case between £7,000 and £10,000 (exclusive of value element).
Factors that could make the matters more complex include:-
The estate value, the number of assets and beneficiaries.
Any complications encountered when proving the will or any challenges to its validity.
Deeds of Variation
Disputes between Executors and Beneficiaries
Claims from third parties against the estate
How long will it take
Estates that fall within the straightforward Probates are likely to be dealt with within 6-8 months. Typically, gathering the information necessary to apply for Probate and obtaining the Grant of Probate takes 10-12 weeks. Collecting assets then followS which can take between 4-6 weeks. If Statutory Notices have been lodged, following the issue of the Grant, the estate cannot be distributed until the Notices expire (2 months from date of publication). Once Notices have expired, assuming no claims are received, we can then distribute the assets which normally takes between 1-2 weeks.
Clearly, the time estimate for more complex estates will be greater dependent upon the factors listed above.