When you think of the cost that may come with legal matters, such as obtaining a grant of probate, can often seem like a losing battle. There’re so many variations and ‘it depends’ factors to take into account, making it impossible to find a correct answer. It’s no different when asking about a grant of probate. But this blog post aims to at least give you a budget idea.
The grant of probate (or grant of representation) is required if there is a valid will. It’s a legal document that confirms the executor’s identity and authority. Thus allowing them to deal with the deceased’s bank accounts, property, and other assets. The grant of probate is often needed before any access to these kinds of accounts can be given.
So what is the cost for a Grant of Probate
The cost of a grant that you need (and bear in mind, it is not always required). As each bank has its own limits on how much money an account needs to have in it before they need to see this document. Which depends on whether you choose to apply for the grant yourself, or whether you have professional help to do it. You will need to complete to correct application form (PA1P) which can be found on the government website. The standard court fee for a grant of probate is currently £215. But if the estate is worth less than £5000, there is no need to pay for the grant.
Additional costs will involve administration charges, and this will depend on the solicitor that you choose to use. It is entirely your choice whether you work through the process yourself. Just remember that it can take many months, it’s hard work, and if you make any mistakes you are personally liable. Although it costs more, hiring a professional can be the best move in the end.
And again, it depends on which type of professional advice you take as to how much you will need to pay. Solicitors often charge by the hour, and sometimes they charge on a percentage rate on the total value of the estate (this can be anywhere between 1.5% and 5%). This can obviously take a large amount out of the estate, but you may consider if worth doing. Remember to check whether VAT is included, or whether it will be added to the final bill.
How long does it all take?
They can vary in how long they generally take until fully settled and complete. Therefore no hard or fast rules are set in stone regarding how long things take. Usually anywhere between 3 to 5 weeks. This is, if no problems arise and everything goes as smoothly as possible. On the other hand the process can take years to be completed fully.
If you require further help regarding this process, its as simple as picking up the phone and call us on 0203 985 9554.
