Probate Costs

Once you have an idea of what the Estate consists of (by listing all the assets) you will have a better idea of what the eventual Probate costs will come to. This is an overview of the costs involved when applying for Probate.

Legal Costs

Firstly, you must consider whether to instruct a Probate Specialist to assist you

with applying for Probate or whether you wish to submit a personal application. Admittedly, your costs will be reduced if you submit a personal application but there is every chance your stress levels will go up! If the Estate is large, the deceased died Intestate (ie without leaving a valid Will), was domiciled abroad or trusts are involved, or there are complicated issues, it is worth considering instructing an experienced Probate specialist to assist you. However, the fees that are charged for Probate and Estate Administration vary greatly.

Be careful about Probate Costs!

Solicitors will either charge their fees on the basis of a percentage of the Estate, or at an hourly rate - or both!  It is not uncommon for them to charge £200 per hour Plus 1% or 1.5%.  This can result in fees of over £10,000 for quite modest Estates.

Some Banks have been known to charge 4%.  So if the Estate contains a house worth £250,000 that's £10,000 straight away.  Plus the Estate might have to pay to value it, sell it (Estate Agents fees, Conveyancing fees) etc..

Our recommendation is to find a Probate Specialist that offers Fixed Probate Fees quoted up front.  Ideally get a full quote for Probate costs before they visit you as they will often use the visit as an opportunity to try on a 'hard sell'.  Make absolutely sure that there are no hidden extras.

After all, the intention of the Will writer was to leave your money to the Beneficiaries, not to Solicitors and Estate Agents!

Disbursements (Third party costs)

There are always costs which will be charged to the Estate.  Some of these are as a result of the Probate process and are unavoidable.
 

Estate is worth £5000 or below

If the Estate is worth £5000 or less then no fee is payable and a Grant of Probate is generally not required.

Probate Application fee

If you apply for Probate through a Probate specialist, the actual fee for submitting the application is £40 plus £1 per additional official copy of the Grant of Probate (or Grant of Letters of Administration where there was no valid Will).

If you are submitting a personal Probate application then the fees are £90 for the Grant plus £1 per official copy.

 It is always advisable to obtain several official copies since they must be sent to all the asset holders.

Share Valuation

Where the deceased had a shareholding, it is advisable to obtain a formal valuation from a specialist company of the value of the shareholding as it can be quite complicated if attempting to do it by yourself, especially in the case of a large portfolio. The figures must be included in the IHT return.

Valuation of Property

Where the deceased owned a property, a formal valuation must be obtained for Probate purposes. This is different to the valuation provided by an estate agent and the figure is usually less. The valuation must be carried out by a qualified surveyor. The valuation figure must be included in the IHT return. In some cases HM Revenue & Customs will undertaken an independent valuation of the property if they believe the figure is unrealistic. During the recession this was very common since property prices fluctuated.

Translation Costs

If the deceased held property abroad or there are any documents that need to be translated into English then these costs may also arise.

Transfer of Property

Fees are payable to Land Registry for the transfer of property into a beneficiary’s name or into the Personal Representative’s name. This is done on Form AS1, by an Assent. You should check with Land Registry to see what the correct fee will be.

Indemnity for lost Share Certificate

Sometimes, a fee for an indemnity is payable to a shareholding company in the event the original share certificate relating to the shares owned by the deceased are lost. The relevant company will advise you of their fees.