Laura Stafford
Private Client Solicitor
Phone: 01423 564551
Email: ls@powell-eddison.co.uk
Our Wills, Probate & Trusts Charges Explained
Our Pledge: We always discuss the basis of our charges with you at the beginning of the case and we will ensure that you are constantly updated on costs as the matter progresses.
It is sometimes necessary for us to do some initial work to assess how much work is required in any particular matter. Where possible we will give you an estimate of the likely overall costs involved.
We will also ensure that you are aware of the different types of funding available for paying for our services. Some of our clients prefer to be billed monthly as a matter progresses, others prefer to agree a fixed fee at the beginning. We are able to look at all options with you before we commence work on your file and will send you a letter of engagement before we commence work.
As a useful guide we have set out how our charges are worked out in every different area of law as required by our Regulator the Solicitors Regulation authority.
Fixed Fee Probate Work
Our team of experienced private client Solicitors can help you through this difficult process by obtaining the Grant of Probate on your behalf. We will also collect in and distribute the assets to the relevant beneficiaries.
Based on the value of the estate we can give you a fee quotation based on between 1% to 2% of the value of the estate. This means that you will have the peace of mind of knowing that our professional fees will not be higher than the quote given.
For example, if our fee is agreed with you as being 1% of the estate and the value of the estate is £500,0000 the fee will be not more than £5,000 *
TOTAL: fixed fee of £5,000 (+ VAT).
This typically includes: obtaining the grant, collecting assets and distributing them.
Breakdown of costs:
Legal professional fees £5,000
VAT on legal fees £1,000
Disbursements (£741.40 in total):
£155 to £160 – Probate application fee to the court
£7 – Fee on swearing of the oath (per executor)
£2 – Bankruptcy-only Land Charges Department searches (£2 per name)
£127 (+VAT) – Post in The London Gazette – Protects against unexpected claims from unknown creditors.
£250 to £350 (+VAT) – Post in a Local Newspaper – The exact fee is dependent upon the size of the advertisement placed. This also helps to protect against unexpected claims.
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 the process runs smoothly.
As part of our fixed fee we will:
Provide you with a dedicated and experienced probate solicitor to work on your matter
Identify the legally appointed executors or administrators and beneficiaries
Accurately identify the type of Probate application you will require
Obtain the relevant documents required to make the application
Complete the Probate Application which would include completing the IHT 400 on your behalf.
Draft a legal oath for you to swear
Make the application to the Probate Court on your behalf
Obtain the Grant of Probate from the Probate Registry
Collect all assets in the estate
Administer the estate on your behalf
Complete the IHT 400 or IHT 205
Complete the income tax return for the estate
Complete Form R185 for the beneficiaries
File further tax returns required by the inland revenue if there have been capital gains during the administration period
Draw up the estate accounts for approval
On average, estates that fall within this range are dealt with within 9 months to 2 years. Typically, obtaining the grant of probate takes 4 months. Collecting assets then follows, which can take between 6 to 9 months depending on the complexity of the estate. Once this has been done, we can distribute the assets.
*Any costs estimate we give at any time is a guide to assist you in budgeting. It is not intended to be fixed, unless that is specifically agreed in writing.
Any fixed fee, capped fee or other fee arrangement we agree with you, or any costs estimate we give you, is based on the scope of the work anticipated and our assumptions about the matter at the time it is agreed or given. If the scope of the work changes or the assumptions change it will no longer apply. In that case we will discuss a revised fee arrangement or estimate with you.
Non-Fixed Fee Grant of Probate Work
The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no land or buildings, the cost will be at the lower end of the range. If there are multiple beneficiaries, a property to sell and multiple bank accounts or charity beneficiaries, costs will be at the higher end of the scale.
We will always give you a verbal indication of our costs in the initial meeting with our Solicitor.
We anticipate that the administration of a simple estate will take between 12 and 15 hours work at £195 per hour.
Total costs estimated at £2340.00 to £2925.00 (+VAT). *
We will handle the full process for you. This quote is for a typical small estate where the will leaves all assets to the husband/ wife and:
There is a valid will
There is no more than one property
There is no more than one account from a financial institution
There are no other intangible assets
There is one beneficiary
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
Disbursements
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.
Disbursements that you have to pay as part of the Probate expenses that are not included in the above fee:
£155 to £160 – Probate application fee to the court
£7 – Fee on swearing of the oath (per executor)
£2 – Bankruptcy-only Land Charges Department searches (£2 per name)
£127 (+VAT) – Post in The London Gazette – Protects against unexpected claims from unknown creditors.
£250 to £350 (+VAT) – Post in a Local Newspaper – The exact fee is dependent upon the size of the advertisement placed. This also helps to protect against unexpected claims.
Potential Additional Costs
If there is no will or the estate consists of any share holdings (stocks and bonds) there will 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 estimate once we have more information.
If any additional copies of the grant are required, they will cost 50p for each additional copy (1 per asset usually).
Dealing with the sale or transfer of any property in the estate is not included. Our conveyancing team will give you a separate quote for this.
On average, estates that fall within this range are dealt with within 9 to 12 months.
Typically, obtaining the Grant of Probate takes 4 months. Collecting assets then follows, which can take between 6-9 months. Once this has been done, we can distribute the assets.
* Any costs estimate we give at any time is a guide to assist you in budgeting. It is not intended to be fixed, unless that is specifically agreed in writing.
Any fixed fee, capped fee or other fee arrangement we agree with you, or any costs estimate we give you, is based on the scope of the work anticipated and our assumptions about the matter at the time it is agreed or given. If the scope of the work changes or the assumptions change it will no longer apply. In that case we will discuss a revised fee arrangement or estimate with you.
