Applying for the grant, collecting and distributing the assets
We anticipate this will take between 6 and 10 hours work at £325 per hour plus VAT at 20%. Total costs estimated at £1,950 - £3,250 plus VAT at 20%. Where VAT is chargeable the rate will be in accordance with the current VAT rate of 20%.
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 4 bank or building society accounts
- There are no other intangible assets
- There are no more than 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 Inheritance Account to HMRC or claim the transferable nil rate band for Inheritance Tax purposes
- There are no claims made against the estate
Disbursements payable (where applicable VAT is included at 20%):
- Probate application fee of £300. Additional copies of the Grant of Probate cost £1.50 (one per asset is usually required)
- Bankruptcy-only Land Charges Department searches (£2 plus VAT of 40p per beneficiary)
- £300 - Posts in The London Gazette and a local newspaper – 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 (Premium Bonds and Savings Certificates), bonds or other investments and additional properties there is 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.
- If any additional copies of the grant are required, they will cost £1.50 (1 per asset usually).
- Dealing with the sale or transfer of any property in the estate is not included and nor is finalising the income tax affairs for the period to the date of death or the administration period.
- Dealing with a deceased person’s pension is not included and nor is 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 and 12 months. Typically, in a simple estate, obtaining the grant of probate takes 6 months. Collecting assets then follows, which can take between 6 and 8 weeks for encashments and the sale of property will take longer. Once this has been done, we can distribute the assets, which normally takes a further month or so.