What does probate cost?

Grant Of Probate/Letter of Administration Only

All services provided by Napthens LLP are subject to VAT at the current rate of 20%

This includes:

• Instruction meeting
• Completion of HMRC 205 and Oath
• Attendance upon executors for swearing
• Submitting papers to Registry
• Obtaining Grant
• Forwarding Grant to Executors

Estate Less than £325,000 £900 plus VAT

Estate more than £325,000 – no claim for IHT relief £1,500 plus VAT

Estate more than £325,000 and claim for IHT reliefs £2,000 plus VAT
e.g. Agricultural Property Relief or Business Property Relief

Simple Administration

This includes:

• Instruction meeting
• Obtaining date of death values for all assets & liabilities
• Arranging property valuations
• Arranging payment of funeral director invoice
• Completion of HMRC papers and drafting Probate Registry Oath
• Contacting all non-charitable beneficiaries
• Drafting estate accounts
• Collection of all assets
• Payment of liabilities
• Obtaining receipts from all beneficiaries

Estate Less than £325,000 £2,500 plus VAT

Estate more than £325,000 – no claim for IHT relief £4,000 plus VAT

Estate more than £325,000 and claim for IHT reliefs £5,000 plus VAT minimum fee negotiations
e.g. Agricultural Property Relief or with HMRC post filing on time
Business Property Relief incurred plus VAT

Full Administration

This includes:

• Instruction meeting
• S27 Trustee Advert – this legal notice advertises for unknown debtors to come forward within a specific time period and provides legal protection for the executors from personal liability for unknown debts
• Certainty search – a search of a National Register to check if a later Will has been made by the deceased
• Unknown asset search
• Obtaining date of death values for all assets & liabilities
• Arranging property valuations
• Contacting utility providers
• Arranging payment of funeral director invoice
• Processing Tell Us Once
• Finalising income tax records
• Completion of HMRC papers and drafting Probate Registry Oath
• Contacting all non-charitable beneficiaries
• Drafting estate accounts
• Collection of all assets
• Payment of liabilities
• Bankruptcy searches on individuals
• Obtaining receipts from all beneficiaries

Estate Less than £325,000 £3,500 plus VAT

Estate more than £325,000 – no claim for IHT relief £5,000 plus VAT

Estate more than £325,000 and claim for IHT reliefs £5,000 plus VAT minimum fee with total
e.g. Agricultural Property Relief or fee to be agreed with client or on
Business Property Relief time incurred basis plus VAT

Disbursements

On each administration there are usually the following fees:

• Oath fee for swearing Probate Registry papers – £7 per Oath and £2 each annexation per signatory (VAT not applicable)
• Probate Registry Application fee – £155 per application and 50p per copy (VAT not applicable)
• Bankruptcy search against beneficiary £2 per person (VAT not applicable)

Napthens Executor’s Service

Clients frequently request that a solicitor is the Executor. A senior partner of Napthens LLP shall be the proving executor or administrator. This is a full administration service with additional work to ensure full compliance and wider checks to ensure no assets, debts or beneficiaries are missed.

Estate less than £325,000 £4,000 minimum fee plus VAT

Estate more then £325,000 IHT reliefs to claim £7,000 minimum fee plus VAT total fee and/or IHT to pay to be agreed with the client or on time incurred basis

What the packages do NOT include

These prices do not include:

  • any costs for the sale of any property on the open market. Our conveyancing colleagues would open a new file and provide separately a confidential quote to you;
  • any charges levied by legal representatives outside the UK in relation to assets in another jurisdiction;
  • charges should the involvement of the Court be required or any mediation

Additional Services which can be added to any of the above packages

• S27 Trustee Act Notice £100 plus VAT
This legal notice advertises for unknown debtors to come forward within a specific time period and provides legal protection for the executors from personal liability for unknown debts

• Drafting R185 £250 plus VAT
• Completing HMRC 217 to transfer unused NRB relief £500 plus VAT
• DWP claims – providing inventory of assets & liabilities £200 plus VAT
• DWP Claim obtaining historical financial information £500 plus VAT
• Deeds of Variation £500 plus VAT
• Deeds of Renunciation for Napthens LLP to renounce £250 plus VAT
• Appointment of Attorney on behalf of the Executor  £250 plus VAT

 

Napthens Property Care Services

Property Care Service is when we are asked to deal with anything in relation to the property and you will see from the following that there are 3 levels of service as these are generally the 3 camps into which clients instructions regarding property fall. Where we are the executors then it is usually Property Gold where we have to do everything with the property.

Property Simple £500 plus VAT
Property Gold £1000 plus VAT
Property Premier £1500 plus VAT

Property Care Services include:

Property Simple

  • Obtaining valuations
  • Notifying utility providers

Property Gold

  • Obtaining valuations
  • Notifying utility providers
  • Arranging house clearance
  • Obtaining final meter readings

Property Premier

  • Obtaining valuations
  • Notifying utility providers
  • Arranging house clearance
  • Obtaining final meter readings
  • Arranging House Insurance
  • Arranging regular property checks for compliance with house insurance for unoccupied property

 

Additional Information

Factors which may alter any price quoted or result in a fixed fee not being applicable are (not an exhaustive list); inconsistent instructions from executors, disagreement between instructing parties, additional assets being located, multiple beneficiaries, beneficiaries residing outside the UK.

 

 

Timescales & Deadlines

Generally people underestimate the amount of time required to administer a person’s estate. If inheritance tax is payable papers must be filed and a first instalment of tax paid within 6 months, commencing on the fist day of the month following the death.

 

As a guide:

6 weeks to ascertain all values of assets and liabilities if the identities of all of these are known

8-10 weeks for HMRC to provide authority to apply to the Registry if tax payable

3-4 weeks for the probate registry to issue a Grant of Probate/Letters of Administration*

6-8 weeks to collect or transfer assets once papers received from the Probate Registry

8-10 weeks for the sale or transfer of shares

*As of September 2019 the Probate Registry had a nation wide delay issuing papers due to a computer upgrade. It was taking 10-12 weeks for papers to be issued.

 

Taxes

 

Inheritance tax – payable on estate in excess of £325,000 but additional reliefs may be available.

Capital Gains Tax – If assets increase in value during the course of the administration capital gains tax may be payable when sold or transferred by the estate. There are many options available to reduce or prevent Capital Gains Tax arising and Napthens LLP will provide advice in this if instructed to do so.

 

Online tax calculator

There are online tax calculators is available at https://www.gov.uk/guidance/hmrc-tools-and-calculators#inheritance-tax these calculations are not binding and require a large amount of information, Napthens LLP will be happy to provide a bespoke Inheritance Tax calculation for an agreed fee.