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Applying for the grant, collecting and distributing the assets
We anticipate this will take between 10 and 25 hours work at £200.00-£260.00 per hour (+VAT at 20%). Total costs estimated at £2,000.00-£6,500.00 (+VAT at 20%) to extract the grant. This does not include estate administration (collection and distribution of the assets) which is generally charged at an additional 1% of the gross value of the estate.
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 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 costs estimate is for estates where:
- There is a valid will
- There is no, or only one property
- There are no more than 4 bank or building society accounts
- There are no other intangible assets such as investments
- There are 1-4 beneficiaries
- There are no disputes between beneficiaries on division of assets. If disputes arise they are 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 other than funeral expenses and household bills
In addition, necessary disbursements will be charged, including VAT of 20% where applicable. 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, once placed in funds, to ensure a smoother process:
- Probate application fee of £273 (for estates valued at more than £5,000) [Arthur are you sure of the current fee?]
- £3 for bankruptcy-only Land Charges Department searches (per beneficiary)
- £100-£300 for notifications posted in The London Gazette and a local newspaper (costs will vary depending on size of the notification and local rates)
Potential additional costs
- If there is no will or the estate includes any share holdings (stocks and bonds) or other intangible assets there is likely to 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 £1.50 (1 per asset usually).
- Dealing with the sale or transfer of any property in the estate is not included.
How long will this take?
On average, estates that fall within this range are dealt with within 3-9 months. Typically, obtaining the grant of probate takes 6-12 weeks. Collecting assets then follows, which can take between 1-3 months. Once this has been done, we can distribute the assets, which normally takes a further 1-3 months.
The above are estimates, not fixed fees. Nothing above is an offer or intended to create a legal relationship. Nothing above constitutes legal advice.
