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What Will it Cost?

What Will it Cost?

The Probate Process

We can help you through this difficult process by obtaining the Grant of Probate on your behalf. We will also undertake the collecting and distributing of assets.

How much does this service cost?

We offer fixed fee service where our fees will be 1% of the value of the gross (total) estate plus vat (currently 20%)

This includes: obtaining the grant, collecting assets and distributing them.

Example breakdown of costs:
Legal fees £600.00
VAT on legal fees £120.00

Disbursements
• Probate court fee of £155.00
• Bankruptcy-only Land Charges Department searches (£3.90 per beneficiary).
• £400.00 Post in The London Gazette – Protects against unexpected claims from unknown creditors. – these are recommended but the decision to place these adverts would be yours
• £400.00 Post in a Local Newspaper – This also helps to protect against unexpected claims. – these are recommended but the decision to place these adverts would be yours.

Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

As part of our fixed fee we will:
• Provide you with a dedicated and experienced probate solicitor to work on your matter – this will be either mark cook a solicitor with over 30 years experience OR Catherin Reynolds a solicitor with over 15 years experience
• Identify the legally appointed executors or administrators and beneficiaries
• Accurately identify the type of Probate application you will require
• Obtain the relevant documents required to make the application
• Complete the Probate Application and the relevant HMRC forms
• Draft a legal oath for you to swear
• Make the application to the Probate Court on your behalf
• Obtain the Probate and securely send two copies to you
• Collect and distribute all assets in the estate

On average, estates that fall within this range are dealt with within 4-9 months. Typically, obtaining the grant of probate takes 8-12 weeks. Collecting assets then follows, which can take between 4-8 weeks. Once this has been done, we can distribute the assets, which normally takes 2-3 weeks.

These fees are on the following assumptions
• There is a valid will
• There is no more than one property
• There are no more than 4 bank or building society accounts
• There are no other intangible assets
• There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
• There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
• There are no claims made against the estate

Fees

House purchase

Our fees cover all the work* required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

Conveyancer’s fees and disbursements on a Purchase

• Legal fee £600.00 including vat for a freehold purchase
• Electronic money transfer fee £36.00 including vat
• ID checks £24.00 including vat
• Fee for acting on behalf of the mortgage lender £NIL
• Search fees – these can vary depending on where you are buying the property but are likely to be between £160.00 – £240.00
• HM Land Registry fee this will depend on the value of the house you are buying and are set by the government but are between £20.00 and up to £950.00 for properties valued over £1,000,000.00 – our charges include vat at the current rate at the time or writing (20%) but will be charged at the rate applicable at the time of the transaction

Conveyancers Fees and disbursements on a Sale

• Legal fee £480.00 including vat for a freehold sale
• Electronic money transfer fee £36.00 including vat
• ID checks £24.00 including vat

In addition to the above we will need to obtain copy of the title documents from the land registry – usually these charges are around £20.00

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below.

This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Additional Leasehold costs and disbursements

If you are buying a leasehold property then in addition to the costs and disbursements mention above there will be an additional charge by us of £120.00 including vat
• Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 – £250.00.*
• Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00 – £250.00.*
• Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150.00 – £400.00*
• Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £150.00 – £350.00*

If the property you are selling is leasehold then there will be additional legal fees of £120.00 including vat and we will need to get a Leasehold information pack from the Freeholder and Management company – these fees are unregulated and not fixed but can be between £150.00 -£400.00 per pack

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

Stamp Duty Land Tax

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

What is included in our charges?

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that would be included, on a purchase
• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact lender’s solicitors if needed
• Receive and advise on contract documents
• Carry out searches
• Make any necessary enquiries of seller’s solicitor
• Give you advice on all documents and information received
• Go through conditions of mortgage offer
• Send final contract to you for signature
• Draft Transfer
• Advise you on joint ownership
• Obtain pre-completion searches
• Agree completion date (date from which you own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from lender and you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at Land Registry
On a sale:-
• Take your instructions and give you initial advice
• Obtain title documents and prepare and issue contract documents
• Obtain a redemption figure on any mortgage
• check information you have provided on the Property Information form and advise on any additional documentation or indemnity policies which may be needed
• Give you advice on all documents and information received
• Send final contract to you for signature
• Check the draft Transfer
• Agree completion date (date from which you cease to own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies to be sent to your mortgage lender and to you
• Complete sale

How long will my house sale or purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6-8 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, with a mortgage in principle, it could take 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 – 6months. In such, a situation additional charges would apply.
* Our fee assumes that:
a. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
b. this is the assignment of an existing lease and is not the grant of a new lease
c. the transaction is concluded in a timely manner and no unforeseen complication arise
d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e. no indemnity policies are required. Additional disbursements sill apply if indemnity policies are required and we make a charge of £30.00 plus vat to arrange each policy

Who will be doing the work for me?

Our team are extremely experienced in dealing with property conveyancing.
Mark Cook – Mark is the practice principal and is a solicitor with over 30 years experience and deals with property matters both residential and commercial and wills and probate.
Catherine Reynolds – Catherine is a Solicitor with over 15 years experience and deals primarily with property matters.
Graeme Tenant – Graeme is a paralegal and deals exclusively with property matters and has over 10 years experience in that area.

Contact Us Today

If you would like a FREE no obligation discussion with us then please call us on 0191 567 7244 and we’ll be happy to help you.

If you would rather contact us online, you could email us on info@cooklaw.co.uk or complete our Free Online Enquiry and we will be in touch with you shortly.