Cost illustration – full administration
Applying for the grant, collecting and distributing the assets
Based on an estate where there is one residential freehold property with a value of £250,000, 3 bank or building society accounts and one private pension, we would anticipate it to take between 10 and 15 hours work at £225 per hour. Total costs estimated at £2,250 to £3,375 plus VAT – Current VAT rates.
An additional charge may also be made in respect of the value of the estate. Please contact us if you would like a full explanation as to how these charges are calculated.
We will handle the full process for you. This quote is for estates where:
- There is a valid will with a non professional executor
- There is no more than one property
- There are no more than 3 bank or building society accounts
- There are no other intangible assets
- There are 1- 4 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. For further information about inheritance tax, please see https://www.gov.uk/inheritance-tax
- There are no claims made against the estate
Disbursements included in this fee:
- Probate application fee of £155 plus 50p per sealed copy of the Grant (1 per asset usually)
- £5 – 7 Swearing of the oath (per executor)
- Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
- Post in The London Gazette – Protects against unexpected claims from
unknown creditor https://www.legalads.co.uk/
- Post in a Local Newspaper – This also helps to protect against
unexpected claims https://www.legalads.co.uk
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 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.
- Professional fees such as accountants’ fees for preparing and submitting tax returns, surveyors’ fees for valuation of property, auctioneers fees for dealing personal belongings etc.
- Dealing with the sale or transfer of any property in the estate is not included.
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.
How long will this take?
On average, estates that fall within this range are dealt with within 6-12 months. Typically, obtaining the grant of probate takes 12 – 16 weeks. Collecting assets then follows, which can take between 6 – 8 weeks, depending on any associated property sale. Once this has been done, we can distribute the assets, which normally takes 3 – 6 weeks.
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