Denney King – Private Client fees

Estate Administration

Denney King is unique in its delivery of legal services and this is reflected in our approach to estate administration.  When dealing with estates we are client focused and believe in delivering a bespoke personal service.  Our fees are therefore based on the time we spend working with you on your matter and the expertise that we deliver during the process.

Before we start work for you, we will spend time with you to understand what work is to be done on your matter, who is to be responsible for completing the work and any areas of complexity.  We will write to you before starting work on the estate and provide you with a budget for our fees, based on the information that you have given to us.

Given the complexities of some estates we cannot always know in advance the full extent of the work involved in order to bring the matter to a conclusion and therefore we will give you the best estimate possible about the likely overall cost of the matter at the outset and will update you as the matter progresses.

Charging basis

Our fees will be charged based on the time spent working on a matter.  This is calculated by reference to any hourly rate.  The hourly rate will depend on the level of expertise and seniority of the fee earner working on the matter and may also reflect the value of the assets involved.

Before we start work for you, we will write to you with details of the hourly rates of each of the fee earners that are likely to work on your matter, but as a guide, our current hourly rates are as follows:-

Directors                            £285-325

Senior Associate               £250-285

Associate                            £225-250

Assistant Solicitors           £175-225

Paralegal                            £130-175

Admin                                  £70

These hourly rates are subject to VAT.

Value element

In addition to our hourly rate, we reserve the right, where we are instructed on particularly complex estates, to charge a value element of the deceased’s estate.

In these circumstances our charges will be within the Law Society’s guidance on probate charges and currently stand at 0.75 % of the value of the deceased’s real property and 1.5% of the value of the remainder of the estate plus VAT.

Before we start work for you, we will agree with you any value element to be charged.

Disbursements

During the administration of the estate we will incur costs on your behalf. These are payable by you, in addition to our charges.  Examples of such costs are set out below:-

HMCTS probate registry fees:                    £273 for the application fee

£1.50 for every sealed copy of the Grant of Representation required

Land Registry office copy entries:              £3 each

Bankruptcy searches:                                    £2 each

Third party costs

In more complex matters, it may be necessary to appoint third party professionals and experts to advise on elements of the estate.  For example, a formal valuation of property may be required, especially where reliefs from Inheritance Tax are being claimed.  Other examples include:-

Instructing a barrister or specialist solicitor

Instructing a financial adviser

Instructing an estate or land agent/valuer/surveyor

Fees associated with statutory notices

In addition to our charges and Disbursements you will be responsible for these third party costs.

Additional costs

The administration of the estate may require additional legal services associated with the transfer of property or other assets such as shares and chattels. Our charges set out in the paper do not include any work carried out for you in association with this additional work and we will advise you separately on such matters as and when they arise.

Every estate is different and we will spend time with you before commencing work, to understand what work is to be done on your matter and try to identify any complex issues which will impact on the timescale and price of your matter.

When assessing what work is to be undertaken for you it is important that we understand whether you want us to assist in the full administration of the estate or just assist with certain elements of the process, for example just obtaining the grant of probate or representation.

To give you an idea of what our charges are likely to be, below we have set out some examples below of matters and the typical charges associated.

Full Administration of Estate

We can only act in the full administration of an estate, to include the following:-

1. obtaining values of all assets as at the date of death
2. preparing the Probate Registry and HMRC application forms, submitting the application for a Grant of Representation
3. registering the Grant with the asset holders and collecting in estate assets
4. liaising with other professionals over income and capital taxes
5. discharging liabilities of the estate
6. preparing estate accounts
7. distributing/transferring assets to beneficiaries

Some examples of our charges for our full estate administration service are given below:-

1. An estate valued between £500 000 and £1 000 000

£14 250 – £18 000 (reflecting 50-60 hours)

2. An estate valued between £1 000 000 and £2 500 000

£17 100 – £22 500 (reflecting 60-75 hours)

3. An estate valued between £2 500 000 and £5 000 000

£21 375 – £30 000 (reflecting 75-100 hours)

4. An estate valued at over £5 000 000

£28 500 – 39 000 (reflecting 100-130 hours)