Probate & Administration
Who will deal with this matter?
All the fee earners involved in dealing with probate are fully qualified Solicitors with many years’ experience and are authorised by the Solicitors Regulation Authority.
How much does it cost to apply for Probate?
OBTAINING GRANT ONLY SERVICE
If you wish us to simply apply for a Grant of Probate for a simple estate we are happy to draft the paperwork to lead to the Grant (or Grant of Letters of Administration) using information provided by the family. This service is only available where no Inheritance Tax is due and the family will be responsible for dealing with the estate once the Grant has been received
Our Grant only fees are:-
• Where a simplified estate form (IHT205) is submitted - £450+VAT of £90
• Where a full estate form (IHT400) is submitted - £750+VAT of £150
Our full administration service will provide you with expertise throughout the entire Probate process. This could include:-
• Providing initial advice
• Gathering the necessary evidence need for the Probate application
• Applying for the Grant of Representation
• Collecting in the estate assets
• Paying the tax liabilities and legacies
• Dealing with HMRC negotiations
• Preparation of full estate accounts and tax returns
• Distributing the residue of the estate to the entitled beneficiaries
We can confirm that in all our cases charges are raised on the basis of two elements as follows:
1. Time incurred at an hourly rate of £210+VAT
2. A Discretionary Law Society approved “value element” added mark up
An added value element plus VAT will be charged as approved by the Law Society to reflect the type and value of the assets comprised in the estate and the complexity of administrating it. The Law Society value element which is between 1 and 1.5% of the gross estate less the residence and between 0.5 and 0.75% of the residence.
We appreciate that all of this can be complicated and therefore in order to provide a general guide to the costs that will be incurred on dealing with the administration of the estate we would estimate that I most cases our charges will be between 1% and 3% of the gross estate plus VAT. We would try to give you an accurate as possible estimate prior to commencing the work and would confirm with you as soon as possible whether our fees were likely to be outside of the these bands.
Ordinarily estate administrations in which no Inheritance Tax is payable incur between 5 and 50 hours of time with usual charges for the time incurred therefore falling between £975 and £9,750 (exclusive of VAT). An example at the lower end of the scale would be an extremely straightforward estate where an individual has died leaving everything to his/her spouse. There are only two or three assets to administer, and very simple estate accounts to prepare.
An example at the higher rate of the scale may involve an estate in which a deceased retained few records, had numerous personal possessions, assets were unknown and required thorough investigation at the outset of the matter, and/or the estate was required to be varied, there may also be a large number of beneficiaries.
Please note that the value element will be charged as mentioned in addition to the time costed element.
Estate administrations which require a full Inheritance Tax return (and payment) to be made to the HMRC will usually require between 10 and 100 hours of time, with charges totalling therefore between £1,950 and £19,500 (exclusive of VAT). Please note that in addition to the time charges as mentioned there will be a value element in addition.
An example at the lower end of the scale would likely involve an estate in which assets were not numerous, could be ascertained and calculated in a straightforward manner, with corrective accounts being required following payment of the Inheritance Tax bill. It would also likely involve only one or two beneficiaries.
An example at the higher end of the scale may involve an Estate in which the deceased made extensive life time gifts, had not settled his/her tax affairs to the date of death, had numerous properties which required maintenance and/or realised Capital Gains on sale, and involved multiple beneficiaries or a variation to the terms of the Will.
Assumptions on which the above information is provided.
The fee ranges we have set out above are based on several assumptions, as follows:
1. There is either a valid Will held by the deceased, or all relatives to inherit the Estate by the Intestate rules are known and traceable. Evidence of their eligibility in relation to the deceased is readily available.
2. It is agreed between all relevant parties at the outset who will act as our client and obtain a grant, with no dispute or challenges to this arising in the course of the matter.
3. If the Estate is to be varied, then the terms of the variation is agreed by all relevant parties at reasonable time.
4. There are no disputes between the beneficiaries as to the division of the deceased assets, or any claims made under the Inheritance Tax ( provision for family and dependents) Act 1975.
5. There are no foreign or intangible assets which are required to administer.
Disbursements. We have outlined some of the disbursements (fees payable to third parties) that are likely to apply during the course of any administration, although again some of the disbursements are specific to individual cases which are not listed. It will sometimes be necessary for example to engage third parties like valuers, house clearance firms, auctioneers, genealogists, Estate Agents etc the fee for which cannot be quoted at present and will be on an individual basis.
We believe however that the following disbursements will be incurred routinely in most cases.
Land Registry fees – if the property is comprised within the Estate we will be required to check the Title at a fee of £6.00.
Probate Registry fee - The fee is £273.00 and there is also a charge of £1.50 for each additional office copy Grant of Probate.
Telegraphic Transfer Fee - this is a fee for a same day funds transfer and applies at a rate of £25.00 plus Vat per transfer if required by the beneficiary.
Please note these fees do not include the costs for the transfer/sale of any property and this will be charged at the normal rates for such matters.
How long does Probate take?
All estates differ in the length of time taken to finalise and will depend upon the complexities involved in the individual cases. We would however estimate a normal administration of estate to take between 6 and 9 months to finalise.
If we are obtaining the Grant of Probate only, we would estimate this to take around 8-10 weeks.
We would of course keep you informed as the matter progresses.
All our lawyers are fully qualified with many years’ experience each in acting for buyers and sellers of property and we are proud to have achieved the standards of practice and integrity required to be accredited by the Law Society's Conveyancing Quality Scheme. This scheme's logo is your guarantee that our practice will provide you with a professional and quality conveyancing service.
We are happy to provide you with a quote over the telephone or via email, so please contact one of our friendly team at our Scarborough or Filey office. However, if we are not available or you would like an indication as to fees outside of our office hours, our fee estimates are below.
Our residential conveyancing fees are based on a fixed cost basis as shown below. Please note however that these costs will be for a standard residential conveyancing and there may be additional costs involved if the matter becomes more complex. We would discuss this with you before carrying out any further work so that you can decided whether or not to proceed. We can confirm that our hourly rate for any additional work would be £210+VAT per hour.
Our fees cover all of the work required to complete the purchase of your new home including dealing with the registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
FEES (based on property value)
Up to £125,000 - £695 to £795 plus VAT @ 20%
£125,001 to £200,000 - £795 to £895 plus VAT @ 20%
£200,001 to £300,000 - £895 to £995 plus VAT @ 20%
£300,001 to £400,000 - £995 to 1095 plus VAT @20%
£400,001 to £500,000 - £1045 to £1145 plus VAT @ 20%
£500,001 to £600,000 - £1,295 to £1,395 plus VAT @ 20%
£600,001 to £700,000 - £1,350 to £1,450 plus VAT @ 20%
£700,001 and above - Please telephone either our Scarborough or Filey office for a quote
Re-Mortgage legal fees - £295 to £350 plus VAT @ 20%
Re-Mortgage and Transfer of Equity legal fees - £395 plus VAT of £79
Please be aware that the following additional fees will be added to the above fees should any of the matters below be relevant to your sale, purchase or re-Mortgage:-
Purchasing with a Help to Buy ISA - £75 plus VAT of £10
Purchasing with the assistance of the Help to Buy Scheme - £150 plus VAT of £30
Leasehold property sale or purchase - £100 plus VAT of £20
Right to Buy - an additional £75 plus VAT of £10
If your Mortgage company requires us to use the LMS Stars portal, then they may make a charge of £18 inclusive of VAT which is payable by you.
Fee for each Telegraphic transfer - £25 plus VAT of £5
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Disbursements in additional to the above (fees payable to others). Some or all of these may apply to your matter:
Land Registry Official Copy Entries - £6.00
Land Registry Index Map Search - £4.00 (for properties not registered at the Land Registry)
Land Registry priority search - £3.00
Bankruptcy search - £2.00 per name
Initial searches - £5.00 inc VAT per name
Stamp Duty online fee - £8.40 inc VAT
Search fees for a purchase are dependent upon the area and which searches you and/or your Mortgage company require but could range from £50 to £290 approx. Please contact us for a quote for the area you are purchasing in.
Land Registry Registration fee - Based on the property value so please follow this link: https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
Stamp Duty or Land Tax will depend on the purchase price of the property. You can calculate the amount you will need to pay using the HMRC website (www.tax.service.gov.uk) or if the property is located in Wales by using the Welsh Revenue Authorities website.
As we are not tax experts, if you have any concerns regarding the amount of Stamp Duty Land Tax payable for your transaction, please seek the advice of your Accountant or other Tax expert.
Please be aware that the above figures are estimates. If your sale, purchase or re-Mortgage is likely to be more complex or involved than a usual standard conveyancing transaction, then our fees may increase from the above due to the additional work involved. Please contact one of our friendly team at our Scarborough or Filey office and we will offer guidance as to what the additional fees may be.
How long will my house purchase take?
How long will it take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 8 to 10 weeks but this can be a lot longer if there are any issues with the matter.
It can be quicker or slower on the parties in the chain for example if you are a first time buyer, purchasing a new build property with a mortgage in principle it could take around 10 weeks. However if you are buying a leasehold property that requires an extension of the lease this can take significantly longer and possibly between 3 to 6 months. In such a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property may vary according to circumstances however below we have suggested some key stages that you may wish to include.
• Take your instructions and give you initial advice
• Check finances are in place to fund the purchase and contact lenders solicitors if needed
• Receive and advise on contract documentation
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of sellers solicitors
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send final contract to you for signature
• Agree completion date (date from which you will own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from lender and you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at the Land Registry
We look forward to hearing from you.
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