Probate fees
Our charges for dealing with an Estate will be calculated according to the time we spend on the matter. The current charging rate is:
£ 235 per hour (plus VAT) or
£ 23.50 per telephone call or item of correspondence (plus VAT).
Every person is different; and as a consequence the work needed to administer every Estate is different as this is dictated by the circumstances of the person who has died. It is therefore difficult to give anything more than a general indication of how long the process is likely to take or how much it will cost until we have full information about any particular Estate. However, by way of illustration:
- Simple non-taxable Estate
Where the total value of the estate is below the Inheritance Tax Threshold and there is a house and several bank accounts or similar investments to be dealt with, and only several beneficiaries entitled to the Estate, the total cost is likely to be in the region of £1500 to £2500 plus VAT. There will also be a Probate Court fee* to pay and, if a property is being transferred to the beneficiaries, a Land Registry fee (the amount of this fee will depend on the value of the property).
An estate of this nature should be concluded within 3 to 6 months of the date we receive instructions.
*The Probate Court fee is presently a fixed sum of £273 if the value of the estate is over £5,000 plus £1.50 (no VAT on either sum) for each official copy of the Grant requested. There is no fee if the value of the estate is £5,000 or less.
- Complex non-taxable Estate
Sometimes, even if there is no Inheritance Tax liability, dealing with an Estate is more complex, for example because special reliefs from Inheritance Tax have to be claimed, such as Business or Agricultural Property Reliefs, or the Residence Nil Rate Band. Higher value estates are also likely to include a wider spectrum of assets, such as Investment ISAs, Life Policies and even directly held Shareholdings. There may also be a larger number of beneficiaries to be located and accounted to (including paying legacies of fixed amounts).
As a consequence more work is required to deal with the administration and the total cost of dealing with this type of Estate is likely to be between £2,000 and £3,500 plus VAT. There will also be the Probate Court fee to pay and, if a property is being transferred to the beneficiaries, the Land Registry fee.
An estate of this type can take approximately 12 months to conclude.
- Complex taxable Estate
Where there is a liability to pay Inheritance Tax it is usually because a person’s affairs were fairly complex and involved a relatively high value. There may also be significant lifetime gifts to be brought into account As a consequence, a significant amount of work is usually required to administer their Estate. There will also be communication with H M Revenue & Customs concerning the tax liability, which is likely to prolong the length of time taken to conclude matters.
There are many variables with this type of Estate, and the usual total cost can be anything between £2,500 and £5,000 plus VAT. There will also be the Probate Court fee to pay and, if a property is being transferred to the beneficiaries, the Land Registry fee.
This type of Estate can take as long as 18 months to conclude, or even a few years depending on the level of complexity.