Nantes Solicitors
Probate Fees and Information About Our Services
When it comes to administering an estate we provide two separate services. One for the full administration of the estate and one for obtaining the grant of representation only.
Full Administration of the Estate
If you instruct us in the full administration of the estate we will:-
- Identify the assets and liabilities of the estate.
- Notify the various organisations such as banks, building societies and investment advisors of the death and obtain valuations of the assets and liabilities.
- Obtain valuations of any property and personal items.
- Identify and inform beneficiaries of their entitlement, check their addresses and obtain evidence of identity.
- Advise on whether any Inheritance Tax is payable and how this may be paid.
- Prepare the appropriate form for submission to HMRC giving details of the estate and arrange payment of any Inheritance Tax due.
- Prepare the papers to submit to the Probate Registry to obtain the Grant of Probate.
- On receipt of the Grant of Probate, gather in the assets as agreed. Settle outstanding debts and liabilities of the estate including the funeral account and our firm’s interim accounts.
- Complete or instruct accountants to prepare tax returns up to the date of death and for the period of the administration of the estate.
- Subject to instructions, sell investments or transfer them to beneficiaries.
- Subject to instructions, arrange the sale of any properties or arrange their transfer to beneficiaries. This work will be undertaken by our conveyancing department and will be billed separately.
- Prepare estate accounts for approval by the personal representatives and the residuary beneficiaries.
- Calculate any Capital Gains Tax liabilities which may have arisen during the course of the administration of the estate.
- Prepare clearance certificates and calculate any further inheritance tax due to or from the estate
- Arrange for the distribution of the estate.
Every estate is different and therefore it is impossible to provide a precise fee, but based on the team’s expertise, we have provided details below of the likely costs relating to certain types of administration. We generally charge our time on an hourly basis and our mid-range rate is £210 +VAT (£252.00)
Also, noted are the likely timescales, but as much of the administration involves dealing with third parties, this is for guidance only.
A simple estate
This could include where there is a valid Will, no more than one property, no foreign or business assets, only a couple of beneficiaries and no Inheritance Tax to pay.
This might take between 15 to 20 hours, amounting to £3,975 – £5,300 +VAT (£4770.00 – £6,360).
Complex fees
This might include some of the examples provided above but also include foreign assets and business or/and agricultural property, multiple properties and there is Inheritance Tax to pay.
We anticipate this process will take between 30 and 50 hours of work at £210 per hour, with our total fees estimated at £7,950 – £13,250 +VAT (£9,540 – £15,900), but some complex estates exceed this. The team will be happy to provide further guidance on this.
Obtaining Grant of representation only
If you instruct us in obtaining the Grant of Representation only we will:-
- Obtain information from you regarding the assets and liabilities of the estate.
- Prepare the appropriate form for submission to HMRC giving details of the estate (if applicable)
- Prepare the papers to submit to the Probate Registry to obtain the Grant of Probate/Letters of Administration.
- Provide the personal representatives with the Grant of Representation on receipt from the Probate Registry
This service relies on the personal representatives providing us with all information about the estate.
Our fees for obtaining the Grant of Representation in an estate depend on whether or not a full Inheritance Tax form needs to be submitted and whether Inheritance Tax is payable.
If no Inheritance Tax forms need to be submitted and no Inheritance Tax needs to be paid our fees will be £1500 plus VAT (totalling £1800).
If there is no valid will and/or Inheritance Tax needs to be paid and/or Inheritance Tax forms need to be submitted then our fee would be based on our hourly rate as above. At the mid-rate range these fees are likely to be in the region of £2,100 – £3150 plus VAT (totalling £2520 – £3780).
Other Costs
There are other costs related to the administration of an estate, such as the Probate Court Fee and Land Registry. We have provided details of the most common costs below:
- Land Registry Fee for official copies of the title to any property – £7.00 +VAT (£3.60) each
- Probate Court Fee – £300 (no VAT)
- Copies of the Grant – £1.50 (no VAT) per copy
- Statutory Notices – from £180 +VAT (£216)
- Bankruptcy Searches:
- UK Executors and Beneficiaries – £2.00 +VAT (£2.40) per person.
- Overseas beneficiaries – bespoke quote required.
How long will the work take?
It is always difficult to know how long an administration will take as each estate is different, but from experience, most straightforward estates are wound up within 12-18 months. Complex estates can take 18 months+ and we would advise you if this was likely depending on the complexity of the estate.
Banks and other asset holders can take several weeks (usually up to 6 weeks) to provide details of the estate which will be required before the relevant papers can be drafted. If Inheritance Tax forms need to be submitted and/or Inheritance Tax needs to be paid we must wait for a code from HMRC before applying to the Probate Registry which can take up to 15 working days. The Probate Registry will then process the forms and they advise their current timescale is 12 weeks to issue the grant of representation. Once the Grant of Representation is received the assets must be collected in, properties sold and liabilities paid. If an application for a Clearance Certificate is required this must be sent to HMRC and can take several months (usually up to 3 months) to be finalised by HMRC.
As the probate process relies on third party agencies there may be delays that are out of our control. The Probate Registry, HMRC and Land Registry are all currently experiencing delays to their services.
We would use again, thank you
Solicitors in Bridport, Dorchester, Portland & Weymouth
Why Choose Nantes Solictors
Choose Nantes Solicitors for your legal needs in Dorset and benefit from our reputable law business. With a history extending back to the 1800s, we have established ourselves as a leading authority in the region, famous for our legal knowledge and great client service.
We can customise solutions to our clients thanks to our considerable business and local experience. With offices in Bridport, Dorchester, Weymouth, and Portland, we are easily accessible throughout the region.
Each department at Nantes Solicitors is overseen by an experienced Director, ensuring competence and insight in every case. We simplify difficult legal issues with our forward-thinking guidance.
We prioritise your objectives, actively listening and collaborating with you to obtain the desired results. Our expert solicitors deal with any concerns that arise and provide thorough help throughout the procedure.
Nantes Solicitors is known for its legal quality, local knowledge, convenient locations, forward-thinking approach, and uncompromising dedication to customer satisfaction. We are your reliable legal partner in Dorset, ready to help you with all of your legal needs.
Enquire Today!
For a no-obligation discussion for your conveyancing matter, please fill out the form below: