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 lower than if there are multiple beneficiaries, a property and multiple Bank Accounts.
If we are simply instructed to obtain a Grant of Probate (when there is a Will) or a Grant of Letters of Administration (where there is no Will) without then also dealing with the administration of the estate, then our fees are likely to be in the region of £600.00 plus VAT.
In more complex cases and also where we are dealing with the administration of an estate we will base our charges on the hourly rate of the fee earner dealing with the matter and in addition, we will make a charge of 1% of the value of the estate including all assets involved in the estate.
The Solicitor dealing with the matter will also charge his chargeable rate on a matter depending on their seniority. For example our lowest fees are
- hourly rate in this firm is £146.00 plus VAT;
- £14.60 plus VAT per 6 minute telephone calls;
- £14.60 plus VAT per correspondence sent/received.
In addition to the above legal costs, there will be disbursements payable such as the Probate Registry fee which currently stands at £155.00 together with a fee for swearing the Oath which currently stands at £11.00 per person excluding any enclosures which would be an extra £2.00 per enclosure.
Disbursements are costs relating to your matter which are payable to third parties such as Court fees and payments made to the London Gazette and/or a local newspaper which can be needed to protect against unexpected claims from unknown Creditors. We handle the payment of disbursements on your behalf to ensure a smoother process.
It is extremely difficult to give precise quotations for the overall process of dealing with the administration of an estate as it will completely depend upon each individual case and the complexity involved. If there is no Will, if the estate consists of shareholdings including stocks and bonds, if there is Inheritance Tax payable in the estate of other tax likely to be payable then there are likely to be additional costs which could range significantly depending upon the estate and how it has to be dealt with. We can give you a more accurate quote once we have full information however, an estimate of the total costs payable in dealing with a non-complex Administration would normally be in the region of £2,000.00 to £4,500.00 exclusive of VAT and disbursements.
On average, estates that fall within this range are dealt with within 4 to 10 months. Typically obtaining the Grant of Probate takes 10-16 weeks. Collecting assets then follows which can take between 4 to 6 weeks. Once this has been done, we can distribute the estate, which normally takes 2 to 3 weeks. Again however, the time taken to deal with each estate will very much depend upon the complexities involved, on a case to case basis and further information will be provided when we have had sight of the relevant documentation.