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We calculate our fees according to the amount of work that we do. These are calculated using an hourly rate charging rate, whereby you will be charged for each hour of work undertaken. Hourly rates vary according to the person dealing with the work.
The fees will vary and are dependent upon individual circumstances. For example, if there is one beneficiary and no house, costs will be at the lower end of the range. If there are multiple beneficiaries, a house, several bank accounts and some shares or other investments, costs will be at the higher end. Another factor that will affect fees is whether or not the estate is chargeable for Inheritance Tax and whether the more detailed IHT forms are needed.
We also make a small charge based on the value of the estate. This is added to reflect the differing levels of complexity and responsibility that are apparent in estates with a higher value. The ‘value element’ is calculated as 0.50% of the gross value of the estate, to be charged at the conclusion of administration when values are known as far as possible. In relation to land or property, if the firm is instructed to act in the sale or deal with a transfer to a surviving joint tenant, then we would reduce the charge to 0.25% on that part of the estate.
Disbursements are costs related to your matter that are payable to third parties, such as fees payable to the Probate Registry, Land Registry fees, costs for confirming the identity of the executors and beneficiaries. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Example of fees
By way of an example of a range of possible fees, if we handle the full process for you for an estate where:
- There is a valid Will
- There is no more than one property
- There are no more than 3 bank or building society accounts
- There are no other intangible assets
- There are 1 -3 beneficiaries
- There are no disputes between beneficiaries on the division of assets. If disputes arise this will lead to an increase of costs
- Where there are no trusts in the Will
- Where there are no missing beneficiaries
- 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
The fees for our time spent are likely to be in the range of £2-4,000 plus VAT and costs payable to other parties (“Disbursements” - see below). This is only a guide. Please call us for a detailed estimate specific to the estate that you are dealing with.
Office Copies for the Grant of Probate (per copy) - for example, 6
Commissioners fees for swearing Oath (per person)
Land Registry copy fee
Bankruptcy Search fee (per beneficiary)
Confirmation of identity (per person)
Advert in the London Gazette and local paper (est)
There are various factors that will affect any Inheritance Tax due on an estate, including the size of the estate and any measures that were put in place by the deceased to limit the tax liability.
We do not believe that it would be sensible to attempt to provide at this stage an estimate of any tax that may be payable. We would advise you to look on the HMRC website to calculate Inheritance Tax which may be due, the calculators can be found at: https://www.gov.uk/guidance/hmrc-tools-and-calculators#inheritance-tax-and-bereavement
In the event that there is no Will or the estate consists of any share holdings (Stocks and Bonds), there are likely to be an additional costs that could range significantly depending on the estate and how it is to be handled. We can give you a more accurate estimate once we have more information.
Should further assets be discovered in the course of the administration additional costs will arise.
The cost of selling or transferring a property is not included in this price, if you require this service, please let us know and we will provide you with an estimate in that regard.
Where there is likely to be any additional or unusual costs, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Additional services that will require the assistance of a third party at additional cost include:
- Accountancy services and tax advice
- Valuations for property, savings, investments or other assets
If you would like to discuss your specific matter and obtain an estimate of charges relevant to the estate for which you have responsibility, please contact Ian Lipscombe or Brian Vandervilt for a free, no obligation chat today