It is often difficult to be precise about the total level of charges that will be rendered in a Probate matter due to various factors that cannot be fully assessed at the beginning of the administration of an estate.
However, we can estimate that our total likely costs for full Probate administration work (including applying for the Grant, collecting and distributing the assets) will be between £1,225 to £14,750, plus VAT and disbursements (which are explained below).
This process can take between 5 and 50 hours work and will be charged at £245 to £295 per hour, plus VAT, dependent on the member of our team which we will assign to your case. Our team is made up of Clive Burrell, Chris Kelly, Jane McIlroy and Jenna James.
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.
Our charges are based on the time spent dealing with a matter. Time spent will include meetings with you and perhaps others; considering, preparing and working on papers; correspondence; and making and receiving telephone calls.
Routine letters written and received, routine emails sent and received and routine telephone calls made and received will be charged in units of six minutes. Other letters, emails and calls will be charged for on a time basis.
Disbursements will include, but not exhaustively:
- Probate application fee (£157.50 plus £1.50 for each copy of the Grant)
- Swearing of the oath fee (£5 – £7 per executor)
- Bankruptcy searches – Land Charges searches only (£2 per beneficiary)
- Adverts in The London Gazette and a Local Newspaper to protects against unexpected claims from unknown creditors (£150 – £250)
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.
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 five bank or building society accounts
- There are no other intangible assets
- There are no more than six 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
Potential additional costs
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. Some examples of these include, but not exhaustively:
- If there is no Will.
- If there are multiple properties.
- If there are business or agricultural assets.
- If the estate consists of any shareholdings (stocks and bonds).
- If the estate consists of foreign assets.
- If there is Inheritance Tax to pay in the estate.
- If a full Inheritance Tax Account (IHT400) is required in the estate.
- If the Will creates any trust.
- If there are Income Tax returns required for pre-death or during the estate administration period.
Please note that dealing with the sale or transfer of any property in the estate is not included in this costs estimate and would be provided by our Conveyancing Department separately.
How long will this take?
On average, estates that fall within this range are dealt with within 3 – 24 months.
Typically, obtaining the Grant of Probate takes 8-16 weeks following an initial meeting. Collecting assets then follows, which can take between 4-8 weeks. Once this has been done, we can distribute the assets, which normally takes 4-8 weeks. If we are acting as professional Executors in an estate we are required to wait for 10 months from the date of the Grant of Probate before distributing funds fully.
Book an appointment today
To book an appointment to instruct Leonard Gray, or to arrange an initial free telephone consultation, call Lisa Bennett on 01245 504904 or book online.