At Wheelers Solicitors in Newport, Isle of Wight, we make our probate prices as clear as possible from the outset of every matter. Because every probate matter is individual and highly specific to the circumstances of the person who has passed away we provide a free half hour consultation to discuss your matter, make a plan of action of how to proceed and provide you with an accurate estimate of the time involved to complete the work.
Our standard charging rate for probate work is £190 per hour + VAT. This is broken down as follows:
We can assist with all aspects of Probate (Estate Administration) including obtaining the valuations of the assets, applying for the Grant of Probate and subsequently collecting in and distributing the estate to the beneficiaries.
In an estimate for a ‘typical’ probate administration for an estate which is not subject to Inheritance Tax and may include a property, some bank and savings accounts, a small shareholding, pension income and ‘typical’ liabilities (i.e. utility bills) our estimate would be in the range of 7 – 10 hours of chargeable time: £1,330 – £1,900 + VAT
We will be able to advise you whether the Estate will be subject to Inheritance Tax and you can find further information on the subject on HMRC”s website.
Disbursements are costs paid to third parties on your behalf. We handle the payment of those costs in the first instance to help the whole process run more smoothly. We do not ask for any funds upfront for Probate administration, instead these are repaid when funds become available to the estate
On average, estates that fall within this range are dealt with within 2-3 months. Typically, obtaining the Grant of Probate takes 6-8 weeks. Once this has been done we can collect in the assets and distribute them which takes a further 6-8 weeks.
Timescales can be affected where there is a property to be sold, which will depend on the property market conditions at the time. Shareholdings can take longer to collect in than assets held in banks due to the registration process of the share registrars involved.
If there are any disputes in the family regarding the estate then these can significantly affect the timescales involved.
Although many executors prefer us to handle all aspects of the Estate Administration, some people only require us to help with the ‘legal’ aspect of obtaining the Grant of Probate. In these arrangements the executors will obtain all the financial information required and then collect in the assets and distribute them to the beneficiaries. This can save significant costs and reduces our probate pricing accordingly.
We can prepare an application to apply for the Grant of Probate if all the financial information is obtained for us by the executors for a fixed fee of £760 + VAT. Relevant disbursements, from the list above will also be payable (typically the Grant application fee of £157 and £7 swearing fee per executor).
On average obtaining Probate for you for estates that fall into this range will take 2 – 4 weeks.
Your Probate matter will principally be handled by Lewis Wheeler, our Probate Practitioner, under the supervision of Paul Wheeler (Director – Solicitor). Lewis has run our Probate department for 3 years and is studying to become a Chartered Legal Executive with CILEx. Lewis has managed over 120 Probate matters since January 2016. Lewis also writes regularly for the Isle of Wight County Press on matters related to Probate and Will writing. Lewis is supported by his dedicated legal assistant Poppy Bushell. You can read more about our staff here.