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We always provide a quotation, or estimate, which will give you a more precise guide to how much your work will cost you. It is not possible for us to maintain competitive rates most of the time and give completely fixed fees. However, the figures below provide a good guide. Added to our own fee, there are other costs to you, called disbursements, usually the fees of other companies (for example, a water search in a property purchase, or the Probate Registry fee in a probate), and these will usually not vary at all regardless of which solicitor you use.
There are two elements to our own fees, in a probate matter. We charge an hourly fee: this varies, currently, between £230 and £260
per hour for work we perform, depending on the seniority of the solicitor. We also charge according to the size of the estate: 0.5% of the size of real property (house, flat), and 1% for other assets. However, if the probate is for a high net worth individual, we will arrange a highly customised quotation or ‘agreed fee’ to minimise the action of the percentage charge.
The total cost of estate work will vary with the volume of paperwork, the number and complexity of assets, whether we have to account to HMRC for Inheritance Tax (there is a longer form) or Capital Gains Tax (if a property sells for more than its value at the date of death, for example). One case may contain a lot of publicly funded shares that need selling; another may simply contain a house; another may have only have a couple of bank accounts and the odd pension refund to deal with.
However, in practice, it is unlikely to be less than £4000, and on average around £7000. Vat is added at the prevailing rate (currently 20%) and disbursements will be added on to this. Disbursements will vary but can include:
£273 – Probate Registry fee
£1.50 – For each copy of the grant
£346 – Notices (Gazette and local newspaper) **
** This is not always required.
Sales & purchases
Our own fees, for residential property sales and purchases, start at £900 (ex VAT) and vary according to complexity, the amount of work likely to be required, and any complicating factors. If you do require a very speedy turnaround, we may have to chase other parties, and, if this is quite substantial, then it will incur an additional cost.
Other property work
Other types of property work can vary greatly in fees and can only be assessed on an individual basis. You may pay as little as £250 or more than £1,500 for detailed and lengthy advice, over a period of months, for a complex matter.
Please, contact us for a quotation.