Where Personal Representatives require more assistance, or do not want to deal with the administration themselves, we can do this for them.
In a more usual estate, perhaps where there is one property and other assets, such as bank accounts and investments, we anticipate this will take between 7 and 20 hours work at £200 – £225 + VAT per hour (depending on the seniority of the Solicitor). Total costs would therefore be estimated at £1,400-£3,000 + 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 much lower but if there are multiple beneficiaries, a property and many more bank accounts or stocks and shares, costs will be in the higher range suggested above.
We will handle the full process for you. This range of fees is for estates where:
- There is a valid will.
- There is no more than one property.
- There are not considerable bank or building society accounts.
- All assets are physical assets, i.e. there are no copyrights or other non-physical etc.
- There are a small to medium number of 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.
- No variations of the estate are required.
There will be fees that have to also be paid to third parties (we call these disbursements) and these are currently:-
- Probate court application fee of £155.00.
- Copies of the Grant – £1.50 per copy. (We recommend 1 copy per asset in the estate).
- Bankruptcy searches against each Executor and Beneficiary’s name – £2.00 per name
- Post in The London Gazette and in a local newspaper – Protects against unexpected claims from unknown creditors – approximately £150 + VAT.
We will 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 bonds) 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.
- If a Deed of Variation is required.
- The above costs do not include the sale or transfer of the property.
How Long Will It Take?
On average estates which fall in this range are dealt with within 6-12 months. Typically, obtaining the Grant of Probate takes 6-8 weeks. Collecting assets then follows, which a further 6-8 weeks. Once this has been done, we can distribute assets which normally takes a further 2-3 weeks. If there is a property in the estate which is to be sold, this is the part of the estate which can take the longest as it will entirely depend on the market. However we can complete much of the rest of the estate work whilst the property is on the market, or being prepared for sale.