The exact cost for the Probate work we undertake will depend on the individual circumstances of the matter. Each matter varies in complexity and our experienced team will provide the expert advice needed in each case. The type of assets and their value have a significant effect on the work involved and the risk and responsibility that we accept. This is taken into account by charging for our services based on both the time spent working on the matter (the time element) and the value of the estate (the value element).
Time element costs will vary depending on the size and complexity of the estate and we will provide a bespoke estimate in each case. The information below illustrates a range of potential costs. For example, if the estate is not complicated, there is only one beneficiary, no property, and limited assets to collect, time element costs are likely to be at the lower end of the range. If there are multiple beneficiaries, a property, multiple bank accounts, and other assets, the time element costs will be at the higher end.
There are features which make a matter particularly complicated and as such cost more. Examples of this may include if the estate is liable to inheritance tax, includes assets abroad, trusts, lifetime gifts or assets for which it is necessary to claim Business Property or Agricultural Property Relief.
The information below gives an example of costs for simple estates where:
• There is a valid Will
• All assets are in the UK
• There is no more than one property
• There are no more than 4 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
• There are no claims made against the estate and the estate does not include a business, farms, farmhouses or farmland, an interest in another estate, loans or mortgages payable to the deceased, foreign assets, assets held in trust, national Heritage assets or unlisted stocks and shares and control holdings.
Legal Fees and Disbursements
Applying for the grant, collecting and distributing the assets
This work will usually take between 15 and 25 hours work and our Probate team charge between £220 and £290 per hour plus VAT. The range of hourly rates applied will vary according to the seniority and qualifications of the people handling the matter and are reviewed on annual basis. The charge attributed to the time element could usually therefore be between £3,300 and £7,250 plus VAT.
EXAMPLE: If the work takes 25 hours to complete and the hourly rate of the person handling the matter is £230 plus VAT, the charge attributed to the time element will be £5,750 plus VAT.
In addition to our hourly rate, we charge a value element. The value element we charge is calculated as a percentage of the gross value of the estate that falls under the control of the Executors.
The value element we charge is calculated in two parts. Part 1: We charge a value element fee of 0.5% of the gross value of the Deceased’s residential property (or their share of it if the residential property is owned as tenants in common). This value element increases to 0.75% if the Directors of Thornton Jones Solicitors act as the Executors of the estate. Part 2: For the remainder of the Deceased’s estate (which excludes their Residential property), we charge a value element as per the following table. These percentages follow court approved guidelines.
Gross Estate Effected Percentage Charged
Up to £1,000,000 1% (or 1½% if our Directors act as Executors)
£1,000,001 to £4,000,000 ½ of one percent
£4,000,001 to £8,000,000 1/6th of one percent
£8,000,001 to £12,000,000 1/12th of one percent
Over £12,000,000 1/24th of one percent
EXAMPLE: If the estate (excluding the Deceased’s residential property) had a gross value of £700,000 then the value element we charge would be £7,000 (1% of the gross value). If the Directors of Thornton Jones Solicitors also acted as the Executors of the estate then the value element we charge would be £10,500 (1.5% of the gross value).
When you instruct us, we will send a letter to you setting out the basis upon which we will charge our fees.
It may be possible for us to agree a fixed fee for the work involved in certain circumstances. If this is something that you wish us to consider, please let us know and if possible, a bespoke fixed fee will be provided for your matter.
Additional costs – Known as ‘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. Below are some of the possible disbursements which may be payable during the estate administration, this list is not exhaustive and additional disbursements may arise:
• Probate application fee of £300 plus £1.50 per additional copy of the Grant of Probate
• Bankruptcy search (£7.50 plus VAT per person)
• Land Registry office copy entries and plan £17 plus VAT per property
• S27 Trustee Act Notice Post in The London Gazette and a local newspaper – this protects against unexpected claims from unknown creditors – approximately £200-300 plus VAT. This price will vary depending on location and the exact amount will be confirmed to you.
• Certainty Will search £105 plus VAT
• Identity check per executor and beneficiary £20 plus VAT per person
• Valuation fees – for properties, house contents or personal possession – fees vary depending on the type of asset and extent of items to be valued
• Accountancy fees- this will vary depending on the work required and may not be necessary in all cases. Examples of when this might be necessary are if the deceased completed tax returns during their lifetime, or was not up to date with their tax affairs or where capital gains arise or gross income is received in the administration period
• Landmark Financial Asset search – search for lost and dormant and unclaimed assets – £155 plus VAT
What services does this estimate include?
The following steps are included:
• Identifying the legally appointed executors or administrators and beneficiaries
• Establishing the extent of the estate by identifying the various assets and liabilities
• Preparing the application for the Grant of Probate and submitting this to the appropriate Probate Registry together with the Will,
• Preparing and submitting the Inheritance tax form IHT205 or IHT400 and any associated schedules (as appropriate)
• Once the Grant is received from the Probate Registry, submitting this to the various organisations with whom assets are held in order to start the process of encashing the assets or transferring the assets into the beneficiaries’ names as appropriate
• Settling the estate liabilities
• Reporting any income or capital gains tax in the administration period (an accountant’s services may be required depending on the complexity)
• Preparation of the Estate accounts
• Distribution of the estate in accordance with the terms of the Will.
Potential additional costs include:
• If there is no Will or the estate consists of any share holdings (stocks and bonds) there are likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. If it is necessary to make an application to claim the transferrable Nil Rate Band or the Residential Nil Rate Band then additional costs will apply. We can give you a more accurate estimate once we have more information.
• If the estate is a taxable estate, then costs will be higher than estimated above, we will provide an estimate of costs once we have full details of the size and complexity of the estate
Dealing with the following ancillary matters are not included however we would be pleased to assist you with this and an estimate of costs can be provided where necessary:
• The sale or transfer of any property in the estate
• Deeds of Variation/Redirection of Inheritances/Disclaimers of Inheritances
• Winding up a Will Trust or making transfers of assets from a Will Trust
• Establishing Will Trusts or making changes to a Will Trust
• Registration of a Will Trust with HMRC
The figures cited above are purely illustrative and the likely cost of our fees and of the necessary disbursements will be estimated once the Solicitor dealing with your matter has had the opportunity to review the Will, the assets and liabilities of the estate and to ascertain whether there are any potentially complicating factors. Estimates are not fixed quotes and are subject to review throughout the course of a matter.
The typical timescales and key stages of the transaction:
• On average, for non-taxable estates as detailed above it takes approximately 3 to 4 months to gather the information required to apply for the Grant of Probate. In the current climate it is taking approximately 2 to 3 months for a Grant to then be issued, assuming that an online application can be made. If a paper probate application is necessary, then this is taking approximately 5 to 6 months due to current backlogs within the Probate Registry.
• For taxable estates submitting the IHT400, paying the Inheritance tax and obtaining the Grant usually takes approximately 5 months in the current climate for an online application or longer if a paper application is required.
• Following issue of the Grant is usually takes approximately 6 months for a straightforward estate to be administered although this can take longer. Complex estates can take 18 months or longer to be administered after the Grant has been issued.
• We do not advise that any assets are distributed to the beneficiaries until 6 months has passed from the date of the Grant of Probate, to protect against any claims against the estate.
We can help you through this difficult process by obtaining the Grant of Probate on your behalf based on a fixed fee. This information about costs is for estates where there is a valid and simple Will and no more than 5 assets.
In order for us to prepare the application for the Grant you will need to provide us with all information regarding the estate such as the date of death balances on all accounts held and a probate valuation for any property. We will let you know at the time what other information is required. The fixed fee is based on us being provided with all requested information to enable the application to be prepared and does not include the gathering in of any assets nor the distribution of the estate or preparation of estate accounts. Please note that each case is different and once we have spoken with you, we will provide a bespoke quote to meet your individual circumstances. We will aim to provide a fixed fee for this service which depends on the complexity of the estate.
The fixed fees we charge are as follows:
• For a for a non-taxable estate where an online probate application is possible – £1,275 plus VAT*
• For a for a non-taxable estate where a paper probate application is necessary – £1,500 plus VAT*
For a taxable estate or an estate which may be non-taxable but for which a form IHT400 is required, fixed fees start from £2,500 plus VAT and will be confirmed on a case by case basis.
In addition to our fees there will be an application fee payable to the Probate Registry of £300 plus £1.50 for each copy of the Grant of Probate required.
When you instruct us we will send a letter to you setting out the basis upon which we will charge our fees.
What services does this fee include?
• Providing you with a list of all information required for the Probate application for you to gather together;
• Upon receipt of that information, we will prepare the application for the Grant of Probate and submit this to the appropriate Probate Registry together with the Will;
• We will then provide you with the Grant of Probate for you to deal with the administration and distribution of the estate.
What this service does not include:
• This fixed fee is for a limited piece of work to obtain the Grant of Probate for you;
• Once the Grant has been obtained our involvement ends and it will be for you to deal with the estate administration to include dealing with any income tax, capital gains tax, paying any debts, identifying beneficiaries, drafting estate accounts and distributing to the beneficiaries.
Potential additional costs include:
• If there is no will or if it is necessary to make an application for the transferrable nil rate band or residence nil rate band then additional costs will apply and the fixed fee will be higher. We can give you a more accurate quote once we have more information;
• Dealing with the sale or transfer of any property in the estate is not included, we can assist with this and a quote can be provided where necessary.
The typical timescales and key stages of the transaction:
On average, for a fixed fee application we aim to prepare the application for the Grant of Probate within 2-3 weeks from receipt of all documentation from you required to us to prepare the application. In the current climate it is taking approximately 2 to 3 months for a Grant to be issued if an online application can be made. If a paper probate application is necessary, then this is taking approximately 5 to 6 months due to current backlogs within the Probate Registry.
