Introductory note: The following information is an illustrative guide only and is not a quote or an estimate. Individual costs will depend on individual cases.
VAT: Where vat is chargeable the rate will be in accordance with current tax rules https://www.gov.uk/vat-rates
Applying for the grant, collecting and distributing the assets
We anticipate this will take between 6 and 10 hours work at an average hourly rate of £250 per hour (plus vat). Total costs estimates at £1,500 - £2,500 (plus vat).
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.
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 four 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 an Inheritance Tax account to HMRC or claim the transferable nil rate band for Inheritance Tax purposes
- There are no claims made against the estate
Probate application fee of £155. Additional copies cost 50p (one per asset is usually required).
Bankruptcy-only Land Charges Department searches (£2 plus 40p VAT per beneficiary)
£155 approximate fee for posts in The London Gazette and local newspapers – protect against unexpected claims from unknown creditors
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.
Potential additional costs:
If there is no will or the estate consists of any share holdings (stocks and shares), life policies, National Savings, e.g. Premium Bonds and Savings Certificates, bonds or other investments and additional properties, there are likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
The same will apply if the estate is subject to Inheritance Tax and in circumstances where an Inheritance Tax account needs to be submitted.
Dealing with the sale or transfer of any property in the estate is not included and nor is finalising Income Tax affairs for the period to the date of death or the administration period.
Dealing with the deceased’s pensions are not included and nor are paying bills other than the funeral account and disbursements.
How long will this take?
On average, estates that fall within this range are dealt with within 6-12 months. Typically in a simple estate, obtaining the grant of probate takes approximately 3 months. Collecting assets then follows, which can take between 6-8 weeks for encashments and the sale of any property will take longer. Once this has been done, we can distribute the assets, which normally takes a further month or so.