Our Pricing
Each probate matter will be different but there are some areas we are able to be more indicative. In accordance with the Solicitors Regulation Authority (SRA) Guidance on Price Transparency, City Lawyers have published our prices and service information where possible to be upfront about charges without knowing all the details of the matter.
For applying for the grant, collecting and distributing the assets
We anticipate that a straightforward probate matter will take between 5 - 15 hours work at £250 per hour (+ VAT). Total costs estimated at £1,250 - £3,750 (+ VAT). We add VAT at the rate (currently 20%) that applies when the work is done. If there is one beneficiary and no property, costs will be at the lower end of the range. If there are up to four beneficiaries, a property and two to three bank accounts, costs will be at the higher end. This quote is for estates where:
There is a valid will
There is no more than one property
There are no more than 2 - 3 bank or building society accounts
There are no other intangible assets
There are 1 - 4 beneficiaries
There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
There is no inheritance tax (IHT) payable and the executors do not need to submit a full account to HMRC
There are no claims made against the estate
Possible disbursements during a probate matter:
Probate application fee of £155
If any additional copies of the Grant are required, they will cost £0.50 (1 per asset usually).
Swearing of the Oath (per executor) £7
Advert for Creditors. Protects against unexpected claims from unknown creditors. £200 approximately
Land Registry Search fee £3
Bankruptcy Search Fee (per beneficiary) £2
Potential additional costs:
If there is no will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information
Dealing with the sale or transfer of any property in the estate is not included
How long will this take?
Louise Stradling will give you an estimated time frame of how long the probate will take at the first appointment. On average, a straightforward probate is usually dealt with within 3 - 6 months. Typically, obtaining the grant of probate usually takes 6 - 8 weeks. Collecting assets then follows, which can take between 2 - 4 weeks. Once this has been done, we can distribute the assets and finalise Income Tax/Capital Gains Tax and produce final estate accounts, which normally takes 5 - 10 weeks. Unfortunately, as a result of the Covid-19 pandemic, we have experienced significant delays as a result of the probate registry suffering significant backlogs.
Inheritance Tax
If the estate requires Inheritance Tax (IHT) guidance this will usually involve the following: (For more information on this visit HMRC's website)
Assessing lifetime gifting in the 7 years pre-death
In depth valuation of assets to ensure that the HMRC Account is as accurate as possible
Claiming IHT reliefs available, how to best raise and pay the IHT
Paying the full balance of IHT and obtaining IHT clearance
Preparing longer and more detailed estate accounts
We suggest this will take between 20 - 40 hours work at an hourly rate of £250 (+ VAT) per hour.
Why use a Solicitor?
They are thoroughly trained and rigorously tested in their knowledge of the law. They have to abide by a professional code of conduct. They have insurance - Professional Indemnity Insurance - in case something goes wrong. They are regulated by an independent body (the SRA) to ensure that they act in an ethical and professional manner. They will probably have dealt with the same or a very similar issue to the one you have, so will have experience in how to handle the situation.Louise Stradling