The figures below are intended to give you an estimate of the fees you should expect when administrating an estate.
In order to understand what fees you will pay you will need to know “how to value the estate”
The ‘Estate Value’ specified in the tables below will be the gross estate at the date of death.
For the purposes of the calculation, the ‘gross estate’ is the gross estate in the UK passing by Will or the Intestacy Rules. The calculation does not include the value of any assets held in joint names that pass by survivorship for example the family home, or the value of any assets held overseas.
We use the figures included in the inheritance tax return. We will let you have details when the valuations have been ascertained.
ESTATE VALUE | OUR PRICES |
---|---|
£0 – £200,000 | Fixed fee – £3,950 (Excluding VAT) |
£200,001 – £325,000 | Fixed fee – £4,750 (Excluding VAT) |
For example – if your estate value exceeds a band, you will incur the charge of each band. (If you have a £3m estate, your fee will be £22,500. (1.5% on the first 1.5m) plus £18,750 (1.375% on the next £1.5m). Total £41,250)
ESTATE VALUE £ | OUR COSTS (FIXED PRICE %) |
---|---|
£325,000 – £1.5m | 1.50% |
£1.5m – £3m | 1.25% |
£3m – £6m | 1.00% |
£6m – £9m | 0.75% |
£9m and above | 0.5% |
Should any work outside the scope of the ‘Full administration service’ be required, a charge will be made by reference to an hourly rate between £120 to £300 per hour (Excluding VAT). The rate you will pay depends on the seniority and expertise of the Solicitor that is helping you. For an accurate figure, please do not hesitate to contact us so we can advise further.
There may be occasions when the full administration of the estate is likely to be unusually time-consuming for example where there are a large number of legacies or beneficiaries, farming or business interests or unusual assets. In this case, the fixed prices may not be appropriate and an alternative charging structure would be discussed and agreed with you at the earliest opportunity.
We also offer a more limited service, where you only require assistance with application for a Grant of Representation, as follows:
All prices exclude VAT
LIMITED SERVICE | FIXED PRICE | Timescale |
---|---|---|
Obtaining a Grant of Representation only (To include completing the oath and HMRC ‘short’ (IHT 205) tax form (if required) using complete information supplied by you) |
£995 | On average, applications for a grant of probate only in a simple estate are dealt with within 2-3 months. Typically, obtaining the grant of probate once an application has been submitted takes 2-3 weeks. |
Obtaining a Grant of Representation only
(To include completing the probate application and HMRC ‘short’ (IHT 205) tax form (if required and claiming transferable nil rate band using complete information supplied by you) |
£1,250 | On average, applications for a grant of probate only in a simple estate are dealt with within 2-3 months. Typically, obtaining the grant of probate once an application has been submitted takes 2-3 weeks. |
Obtaining a Grant of Representation only
(To include completing the probate application and HMRC ‘long’ (IHT 400) tax form using complete information supplied by you) |
£2,750 | On average, applications for a grant of probate only in a complex estate are dealt with within 3-6 months. Typically, obtaining the grant of probate once an application has been submitted takes 2-3 weeks. |
Obtaining a Grant of Representation only
(To include completing the probate application and HMRC ‘long’ (IHT 400) tax form and claiming transferable nil rate band and/or residence nil rate band and/or transferable residence nil rate using complete information supplied by you). This service includes the option of a meeting of up to one hour post the issuing of the grant was a spectator or beneficiary to consider planning the next steps. |
£3,950 | On average, estates that fall within this range are dealt with within 12-18 months. Straightforward estates may even be dealt with within 9-12 months. Typically, obtaining the grant of probate takes 2-3 weeks.
PLEASE NOTE THAT THERE ARE CURRENTLY SEVERE DELAYS AT THE PROBATE REGISTRY NATIONWIDE. APPLICATIONS ARE CURRENTLY TAKING 2-3 MONTHS TO PROCESS APPLICATIONS. Collecting assets then follows, which can take between 4-6 weeks. Once this has been done, we can finalise the income/capital gains tax position during the period of administration. This can sometimes take quite some time, as we are reliant upon HMRC considering the matter. Once all tax matters have been finalised we can distribute the assets, which will normally take 2-3 weeks. In cases where the sale of a property is involved, the winding up of the estate is dependent on the sale of that property. |
Please note our Limited Service is execution only using complete information supplied by you. Should any work outside the scope of the service be required a charge will be made by reference to an hourly rate details of which will be supplied by the person helping you.
Disbursements (Costs of third parties such as court fees)
Timescales
It is not unusual for estate administration to take up to a year to conclude. An estate where inheritance tax is an issue or there are other complications can take much longer.