In a standard transaction with all assets in the UK, and no IHT payable, where the client has obtained all values and date of death balances, our basic fee is £750 plus VAT to obtain a Grant of Probate only. In addition, there is a court fee which is £155 and a £7 swear fee per executor where applicable.
To provide a full administration service where we are instructed to obtain all of the information regarding values and date of death balances for all of the assets and liabilities and then to obtain the Grant of Probate, then administer the estate, our standard charging rate is £180 plus VAT per hour. Letters Out are charged at 1/10th of the hourly rate (£18 plus VAT) and Letters In are charged at 1/20th of the hourly rate (£9 plus VAT). Telephone calls In and Out are timed and charged at our standard hourly rate.
In addition to the above, we charge a small percentage on the assets in the estate. This is known as the “Value Element” and is calculated at 0.5% of the value of the house and 1% on the balance of the rest of the assets in the estate (Bank Accounts, Shares etc).
For example, the average cost of winding up an estate where there is one house valued at £200,000, a couple of bank accounts and a few shares totalling, say £80,000, and takes twelve hours to complete with all associated correspondence In and Out ranges from £4,000 plus VAT to £6,000 plus VAT.