What costs are involved?
Our fees for applying to the Probate Registry and administering an estate are calculated solely on the basis of the time we spend dealing with the administration and are charged at £240 per hour (including VAT). A straightforward estate would take in the region of 10-20 hours in total, amounting to £2,400-£4,800 (including VAT). The final fee is dependent of the size and complexity of the estate, but we shall provide an estimate of our fees at the outset based on the information provided and will review this throughout the matter.
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.
- Conveyancing costs associated with selling or transferring a property that forms part of the estate.
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.