Pricing

PROBATE AND ESTATE ADMINISTRATION FEE STRUCTURE.

At Thompson Budd we provide a personalised and tailored service to our clients who welcome the sensitive and supportive role we undertake to remove the  burden and stress- and sometimes distress- that dealing with these  sensitive matters can cause.

We are a small team who have a wealth of experience and work collegiately to ensure someone is always available to address our client’s needs. All cases are supervised by Alan Thompson

Your case will be allocated to one of the following members of the team who will be your first point of contact.

  • Lucy Tammar

  • Judith Long

  • Amy Francis


The following work is included that we will undertake upon your behalf included in the administration of an Estate:

  • We will obtain the original Will where there is one and advise you on its terms and legitimacy.

  • Where there is no Will we will advise you on the steps necessary under the law relating to Intestate estates and guide you through this process.

  • We will need to obtain detailed information on the assets and liabilities of the estate, in other words what the deceased owned and what may have been owed to others.

  • Advise you on whether there is a potential liability to inheritance tax and claim any exemptions and reliefs available

  • Prepare the inheritance tax account for HM Revenue & Customs.

  • We will obtain information in relation to whether the deceased had made any relevant lifetime gifts.

  • We will prepare the application for a Grant of Probate or Letters of Administration that may be suitable for some estates.

  • We will arrange for all estate assets to be valued and redeemed and/or the transfer or sale of the assets within the estate

  • We will ensure that all estate liabilities are paid.

  • We will file or arrange filing of income tax returns for the period of administration.

  • We will provide interim and final estate accounts detailing all financial transactions since the date of death

  • We will distribute the estate to the entitled beneficiaries.

 

The administration of an estate can be a straightforward matter which takes just a few months or it can be lengthier if the estate affairs are complex, if HMRC raise enquiries or delays at the Probate office waiting for the application to be processed. We understand the frustration this can cause and will use our expertise to expedite matters.

At the outset of a case we try to give an accurate as possible idea of what the work will cost. Fees and ancillary costs including VAT and disbursements are all paid for out of the estate.

Disbursements

Disbursements are costs which are related to your matter but are payable to third parties, such as the Probate Registry. We handle the payment of the disbursements from either estate funds or from your deposit.

  • Probate application fee of £155

  • Additional copies of the Grant of Probate £0.50 each

  • Bankruptcy-only Land Charges Department searches (£2 + VAT per beneficiary)

  • £50 - £150 plus VAT (£60 - £180) Advertisement in the London Gazette – this protects executors against unexpected claims from unknown creditors

  • £50 - £150 plus VAT  (£60 - £180) Advertisement in a local newspaper – this also helps to protect executors against unexpected claims

 

We ask for a deposit to meet initial administrative costs of £500.00. There are several factors that will affect costs. Some of these are obvious from the outset and we will advise you accordingly.  Other matters only become apparent as the work proceeds. The following are examples of matters that can complicate an administration and increase fees:

 

  • Are there trusts created by the Wil?

  • HMRC raise queries.

  • If a Deed of Variation is needed.

  • If there is a challenge to the validity of the Will.

  • Should someone make a claim against the estate.

  • Work involving the location and transfer or sale of foreign property.

  • Executors who are not resident in the UK.

 

We will discuss any anticipated additional costs or fees with you as they arise.

The exact costs will depend on the individual circumstances of any matter but we do  appreciate that our clients need some guidance and certainty as to the likely costs involved in this process. In our experience, the legal fees for administering an estate are approximately 2% plus VAT of the value of the assets within the estate. Occasionally, this can vary due to the factors we have listed above but in our experience this is a good indication of our likely fees. We will give you a more accurate estimate once we have more information taking into account any of the factors below as appropriate.  

There are various tasks which must be done when administering an estate so a variety of fee earners may be involved; we try to match experience and knowledge to the complexity of the task. The time spent by the different fee earners is recorded at their different hourly charge rates which in our regional offices range from £125 plus VAT (£150) (paralegal) to £280 plus VAT (partner) (£336.00). We base our charges on the time spent and this may result in the fees being below or above the 2% plus VAT (currently at 20%) we have estimated above.

Once the scope of work is clear, we can provide a fixed price for completing the work in most cases

FEES AND COSTS.

Freehold and Leasehold Property only.

Our Team.

Our specialist team is headed by Alan Thompson who has more than 30 years of experience in all aspects of conveyancing and property law.

 

Alan is supported by Sarah Trigg his assistant who also has experience of dealing with all aspects of the purchase, transfer or sale of freehold and leasehold property.

 

The work we will undertake for you for conveyancing matters is as follows and includes freehold and leasehold buying and selling:

  • Take your instructions and give you initial advice

  • Completion of the Property Information Forms

  • Advise you about any mortgages and contact the necessary parties to ensure matters proceed expeditiously.

  • Draft the contract documents

  • Liaise with the other party’s solicitors and third parties such as estate agents

  • Exchange contracts at the agreed time and deal with any deposit payments.

  • Provide you with a completion statement showing the amounts due to you once all mortgage and other costs have been paid

  • Complete the sale

  • Discharge the mortgage and related payments

  • Send the net sale proceeds to you

  • Send all final documents to the seller

 

 How long will it take?

Whilst there can be unforeseen delays, our experience is that most straightforward purchases or sales take approximately 10-14 weeks. Should there be complications that affect this time frame we will always advise you and keep you up to date with developments. The issue most likely to cause delay is where there is a long “chain’ of buyers and sellers or mortgage/third party issues.

 

 

Legal Fees.

Our costs (the legal fees) are calculated based on the value of the property you are selling.

 

  • If the property value is Up to £250,000 the cost payable is £965 + VAT (£1,158)

  • If the property value is £250,001 to £350,000 the cost payable is £1,100 + VAT (£1,320)

  • If the property value is £350,001 to £500,000 the cost payable is £1,265 + VAT (£1,518)

  • If the property value is £500,001 to £750,000 the cost payable is £1,500 + VAT (£1,800)

  • If the property value is £750,001 to £1,000,000 the cost payable is £1,930 + VAT (£2,316)

  • If the property value is £1,000,001 to £2,000,000 the cost payable is £3,245 + VAT (£3,894)

  • If the property value is Over £2,000,000 the cost payable is On application

In the event that the matter aborts before we have raised enquiries then we will charge a fixed sum of £250 + VAT. If the transaction does not proceed to an exchange of contracts then we will charge you for the work actually carried out but limited to 75% of the base fee due and the full amount of any disbursements incurred. In the unlikely event that the transaction does not complete following exchange then we will charge the full amount of our fee and any disbursements incurred.


In addition, there may be supplemental legal costs, to be added to the fees mentioned above.  Examples of these are as follows (the list is not exhaustive):

 

Costs Payable for Additional Items - 

Leasehold Supplement - £475 + VAT (£570)

Property subject to a First Land Registry Registration - £1,000 + VAT (£1,200)

Notice of Charge (leasehold only) - £175 + VAT (£210)

Deed of Variation (of the Lease) - £350 + VAT (420)

 

In addition, we will incur disbursements on your behalf. Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.  We handle the payment of the disbursements on your behalf to ensure a smoother process.

Please note that VAT is payable on our costs and on some disbursements.  In addition, we also charge a bank transfer fee for sending money through the electronic bank system.

Disbursements may include the following:-

Search Indemnity Insurance

Local Authority search

Drainage search

Environmental search

Chancel Repair indemnity policy

Mining search

Land Registry searches

Land Registration fee*

 

*Details of the land Registry fees payable can be viewed at https://www.gov.uk/guidance/hm-land-registry-registration-services-fees.

 

Assumptions

Our fee assumes that:

The property is registered with the Land Registry

 

Our investigations do not reveal any unexpected legal issues which must be resolved prior to exchange

 

Mortgages

Please note we do not act for lenders, so rarely act for buyers who need a mortgage