On 5th November legislation was laid before Parliament to implement a new banded structure of fees for obtaining a Grant of Probate.
The change has been hinted at since February 2017, with the initial plans having since been revised so that the fee will never be more than 0.5% of the value of the estate.
The new bandings mean that rather than a flat fee of £215 (or £155 if applying through a Solicitor), the fee charged will be based on a sliding scale according to how much the estate is worth. Under the current fee structure, no fee was charged if the estate was worth up to £5,000 but this threshold is to be increased to £50,000 which lifts an estimated 250,000 out of the fee structure entirely. However, it is estimated that in 80% of cases the fee will be £750 which is a considerable increase.
The new fees are as follows:
|Value of Estate||Fee|
|From £50,000 to £300,000||£250 (increase of £35)|
|From £300,000 to £500,000||£750 (increase of £535)|
|From £500,000 to £1m||£2,500 (increase of £2,285)|
|From £1m to £1.6m||£4,000 (increase of £3,785)|
|From £1.6m to £2m||£5,000 (increase of £4,785)|
|From £2m over||£6,000 (increase of £5,785)|
At Gepp Solicitors, we are well placed to offer a full probate service which incorporates all of the work required after someone's death. This includes obtaining the Grant of Probate, administering the estate and accounting to HMRC in respect of tax. Unlike some other firms, our fees for this work are charged on a time spent basis rather than a percentage of the value of the estate. Our large Private Client team incorporates Solicitors, Tax Advisers and Probate Executives with a sliding scale of hourly rates to ensure that you receive the best possible advice at a fair price.
This is not legal advice; it is intended to provide information of general interest about current legal issues.