What costs are involved?
Our fees for applying to the Probate Registry and administering an estate are charged at £240 per hour (including VAT) subject to a minimum fee of £600 and a maximum fee of 2.5% of the value of the net estate. 10 hours is a typical amount of time we would take in total.
In addition there will be payments to third parties such as:-
- Probate application fee of £155. (please note that the Government intends to change the fee structure in the near future)
- 50p per copy of Grant
- Fees paid to the Land Registry relating to property.
- Bankruptcy-only Land Charges Department searches
- Post in The London Gazette – Protects against unexpected claims from unknown creditors.
- Post in a Local Newspaper – This also helps to protect against unexpected claim
This fee does not include:-
- Dealing with disputes about the terms of the Will or other claims against the estate. You would have to instruct a different firm that deals with contentious probate.
- Inheritance tax might be payable on estates worth more than £325,000.
How long will probate and administration take?
Typically, obtaining the grant of probate or representation takes 10 to 12 weeks. Collecting assets then follows, which can take between 2 to 4 months. Once this has been done, we can distribute the assets, which normally takes 2 to 4 weeks. This does not include the time it takes to sell any property that forms part of the estate.