PROBATE FEES
We have been assisting Clients to obtain Grants of Probate and Administration of Estates since we were founded in 1985. We recognise that this is a very difficult and sensitive time.
Our charge rates are as follows:
Partner
£225 - £250 per hour plus VAT
Senior Assistant Solicitor
£200 - £225 per hour plus VAT
Assistant Solicitor
£180 - £200 per hour plus VAT
Trainee Solicitor / Paralegal
£125 - £175 per hour plus VAT
fees are subject to VAT at 20%
All the Probate services you need, all in one place.
At Laderman & Co we offer the expertise and support to assist in administering of the Estate in accordance with the wishes expressed in the Will or pursuant to the Rules of Intestacy if there is no Will. Sometimes it is not necessary to obtain probate and we can provide initial advice on whether this is required in your case.
In administering an Estate, you as Personal Representative, are taking on a great deal of responsibility. At Laderman & Co we can ensure that you fulfil those obligations correctly.
The majority of our probate work is charged on the basis of a formula recommended by the Law Society in that we charge a reduced hourly rate plus a value element based on the gross value of the Estate for tax purposes.
Both our hourly rate and the value element are plus VAT, which at the current time is 20%
The "Value" Element Explained
The “value” element is charged at ½% of the value of the main residence and 1% of the gross value of the residue of the Estate for tax purposes but where we are the appointed Executors of the Estate, the fee is ¾% of the value of the main residence and 1.5% of the gross value of the residue of the Estate for tax purposes.
Both our hourly rate and the value element are plus VAT, which at the current time is 20 percent.
It is difficult to estimate the costs for administering an Estate and give accurate timescales as Estates do vary greatly and much depends upon the number and type of assets involved, the terms of the Will and number and identity of the beneficiaries. Once we have obtained from you full details of the assets and liabilities in the Estate, we will be able to give you a reasonably accurate estimate of likely time involved and costs.
As a guide however, where issues are not complex, our costs for administering straight forward Estates are likely to be in the region of £3,500.00 to £7,500.00 plus VAT and £7,500.00 - £15,000.00 plus VAT at 20% for more complicated Estates involving payment of inheritance tax and preparing and filing longer form IHT Estate Accounts. For larger and more complicated Estates involving inheritance tax, numerous beneficiaries and/or assets, business or foreign assets, then our costs can be upwards of £15,000.00 plus VAT at 20%.
The above costs do not include any disbursements that we may have to pay to third parties on your behalf, for example, probate (currently £155.00 application fee and £1.00 for each extra office copy of the Grant) and Land Registry fees which are not subject to VAT at 20%, but fees payable to other professionals (eg, accountants and stock brokers) or conveyancing fees in the sale of property could be subject to VAT at 20%.
The time involved in obtaining a Grant of Probate and administering the Estate will be subject to the complexity of that Estate, the value and number of assets and beneficiaries. As a guide however, we would hope to have collected in the information to prepare the IHT Forms and be ready to apply for a Grant of Representation within 2-4 months, then being able to obtain the Grant of Probate from the District Probate Registry within 14-28 days thereafter. We can then collect in the assets and discharge liabilities within 1-2 months.
Complex Estates
If the Estate is classed as complex, it may be necessary to register with HMRC and file Estate Tax Returns.
Please note that the estimates for probate pricing referred to above are averages and are intended as guidelines only. They do not take into account any unusual or unexpected or unforeseen circumstances.
Court fees referred to on our website are correct as at August 2019. We endeavour to update our website regularly to detail any changes but you should visit: https://www.gov.uk/willsprobateinheritance/applyingforagrantofrepresentation for up to date details of probate fees.