We set out below our typical costs in relation to probate matters. As you will see there are various options available to you, from fixed fee to time costing, with the most appropriate option for you depending upon your individual circumstances and the nature/complexity your case.
Low Cost Guarantee
One size for Probate doesn’t fit all. The traditional time costing and value element method, used by many firms, is appropriate for some estates but not for others. Similarly, a fixed fee quote can be best for clients but for the more straightforward Estates this method may result in clients being charged more than if the time costing and value element method was used.
We have therefore developed the Ison Harrison Low Cost Guarantee.
By applying the Ison Harrison Low Cost Guarantee you are not forced to agree a specific fee structure at the start. You will be charged the lower of either the time costing and value element basis or the fixed fee which effectively means that we will cap our fees at the outset.
The time costing/value element method is calculated by charging for the amount of time that is carried out in accordance with our hourly rates which currently range from £170.00 – £210.00 plus VAT (at 20%), and a value element of 1% of the gross value of the estate, excluding the value of the deceased’s house where the rate will be 0.5%. A fixed fee is agreed at the outset and takes into account the amount of work that we expect to have to undertake on your behalf. Our standard range of fixed fee quotes and some worked examples are set out below.
Price Range for Fixed Fees on Simple Estates
Typical Costs for Simple Estate Values:-
- Up to £300,000 – Typical fixed fee is 2% of the value of the Estate
- Up to £499,999 – Typical fixed fee is 1.5% of the value of the Estate
- Over £500,000 – Typical fixed fee is 1% of the value of the Estate
We will handle the full process for you. This quote is for simple estates where:
- There is a valid will
- There is no more than one property
- There are no more than a handful of bank or building society accounts
- There are no other complex assets
- There are 3-4 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 payable and the executors do not need to submit a full account to HMRC
- There are no claims made against the estate
*If the Estate does not fall into the above categories please give us a call on 0113 284 5000 for an informal chat and a detailed quote.
Example Price for a Simple Estate worth £300,000
Legal fees £6,000
VAT on legal fees £1,200
Probate court fee £273
Total costs £7,473
Prices for Fixed Fees on Complex Estates
Not all Estates are simple and can often include multiple properties, savings and investments and / or beneficiaries. Where the Estate is less straightforward it may be appropriate to undertake work on your behalf on a bespoke fixed fee basis. Dealing with an estate with one bank account containing £150,000 (simple Estate) would involve less work that dealing with an estate with 17 bank accounts adding up to £150,000 and the fixed fee quoted at the outset will take that into account.
Example of Simple and Complex Fixed Fees:-
Estate 1 – Simple
Property worth £150,000
1 Bank Account containing £20,000
Breakdown of costs:
Legal fees £1,500
VAT on legal fees £300
Probate court fee £273
Total costs £2,073
Estate 2 – Complex
Property worth £350,000
Savings & Investments of £350,000
No tax payable
Breakdown of costs:
Legal fees £7,000
VAT on legal fees £1,400
Probate court fee £273
Total costs £8,673
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as court fees and are in addition to the above fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
- Probate application fee of £273.00 (+£1.50 per copy)
- Adverts in The London Gazette and post in a Local Newspaper (protects against unexpected claims from unknown creditors) – if required, which is rare, this will be circa £350.00
Potential additional costs
- If there is no will or the estate consists of any shareholdings (stocks and bonds) there are 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
- As part of our fee we will:
- Provide you with a dedicated and experienced probate solicitor to work on your matter
- Identify the legally appointed executors or administrators and beneficiaries
- Accurately identify the type of Probate application you will require
- Obtain the relevant documents required to make the application
- Complete the Probate application and the relevant HMRC forms
- Draft a legal oath for you to swear
- Make the application to the Probate Registry on your behalf
- Obtain the Probate and securely send two copies to you
- Collect and distribute all assets in the estate
Timescales
This generally depends on the value of the estate and whether it is subject to inheritance tax, which can be a lengthy process. Processing an application with the probate registry is only a small part of the process, the granting of probate is then reliant on the case load of that court and the complexity of the deceased’s estate. Estates under the inheritance tax threshold typically take between three and four months for probate to be granted, but above that it can take around six months. Please note if there is no will in place these timescales will be significantly extended. Current wait times at the court are 26 weeks or more.
If you have any queries about any of our fees listed on this page, please do not hesitate to call our friendly team on 0113 284 5000.
