We anticipate this will take between ten and twelve hours work at between £225 per hour and £300 +VAT per hour, depending on the level of lawyer involved. Total costs are estimated at between £2,000 and £3,000 plus VAT of £400 – £600 bringing total charges to between £2,400 and £3,600.
In addition to the above, it is necessary for us to carry out client verification/ID checks in relation to some beneficiaries. The cost of this will be an additional £25 plus VAT and involves the “triple check” electronic/biometric verification system.
Hourly charging rates are as follows:
£300 plus VAT of £60
£225 plus VAT of £45
£225 plus VAT of £45
The exact costs 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.
We will handle the full process for you. This estimate is for estates where
- There is a valid Will
- There is no more than one property
- There are no more than two bank or building society accounts
- There are no other intangible assets
- There are between one and three beneficiaries
- There are no claims made against the estate
- 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
In some circumstances, where the estate is of high value, high risk or otherwise complex, we may charge a “value element” or “responsibility” charge. We would of course inform you in our letter of engagement, having discussed the matter with you. These charges are based on a percentage of the value of the estate. Percentage values are as follows:
Where we are appointed as executors:
- 0.5% of the value of the freehold property and/or leasehold property comprising the estate; and
- 1.5% of the remainder of the estate.
Where we are not appointed as executors:
- 0.5% of the value of the freehold and/or leasehold property comprised in the estate; and
- 1% of the remainder of the estate.
These figures are usually in addition to our hourly charges.
Disbursements
Disbursements are not included in the above fees and are likely to include but are not necessarily limited to:
- Probate application fee £273
- Bankruptcy only Land Charges Department searches (£2 per beneficiary)
- Notice in the London Gazette and notice in the local newspaper – this helps protect against unexpected claims upon the estate
Disbursements are costs related to the matter and are payable to third parties, such as Court fees. We handle the payment of disbursements on your behalf to ensure a smoother process.
Potential Additional Costs
- If there is no Will or the estate consists of any shareholdings (stocks and bonds) there are likely to be additional costs which could range significantly depending on the estate and how it will be dealt with. We can give you a more accurate quote once we have more information
- If any additional copies of the Grant are required they will cost £1 (one per asset usually)
- Dealing with the sale or transfer of any property in the estate is not included
If there is no Will, the estate will be regarded as “intestate” and a slightly different application will need to be made for Letters of Administration (instead of a Grant of Probate). This is unlikely to increase costs significantly but we would advise you before commencing work if we felt this was likely.
In some cases, Inheritance Tax (IHT) will be payable. It is impossible to give an accurate idea of IHT without a detailed understanding of the extent and history of the estate. However, we would advise you to seek guidance from the helpful HMRC guides that can be accessed from the link below.
https://www.gov.uk/guidance/hmrc-tools-and-calculators.
How Long Will This Take?
On average a straightforward estate will take between eight and twelve months to conclude. Typically the Grant of Probate takes eight to twelve weeks from the date the application is submitted. It is impossible to give an accurate guide as to how long it will take to collect the assets. If the estate includes a property, then it will be dependent upon the sale of the property which, in turn, is dependent upon the market conditions and the length of any chain. Please note that where we are professional executors we will not be able to distribute the same for a period of six months from the date of the Grant.
Contact Our Friendly Legal Experts Today
For general enquiries or to discuss more specific needs in personal or commercial law please get in touch with a friendly member of our team today.
Client Testimonials
Alice was amazing from start to finish, gave me accurate and sound advice. She always kept my expectations to a realistic level, and I would recommend her to anyone in a similar position to me, a credit to George Ide solicitors. I always felt I was dealing with a friend not just a solicitor.
I would just like to thank you for all your hard work in settling my father’s case and in coming to an agreeable settlement with the insurers. Thank you for being so patient with us, and taking time to explain things in layman’s terms. You have led us through this process with ease and my father is very happy to have reached a conclusion in this matter . All your efforts are very much appreciated. Wishing you all the best.
I don’t have enough words to describe how helpful, professional and supportive you have been, at a very stressful time for me. I feel really lucky to have had you as my solicitor. Your service was superb; it just could not have been better.
I want to take this opportunity to thank you all at George Ide so much, for all the help and support you have given to the family down the years and in particular of course whilst acting for us as professional executor. This is an emotional period for all families I’m sure. It has been no different for us. You have handled everything with consummate professionalism throughout and especially so in our more fractious moments.
For the sale and purchase of our properties we found the service we received throughout the conveyance to be exemplary. A clear, efficient and professional service from Nicholas Smith and his team.
I would look no further for any future property conveyance and as a result of this experience with George Ide I will consider them, first and foremost, for future legal matters.
I have worked with George Ide’s residential tenancy team for over 15 years. The team are always the quickest, most efficient and competent at everything they do. I am extremely satisfied and would have no hesitation in recommending them.
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