Compliance

Legal Notices
Ventura Law is a limited company registered in England and Wales with registration number 4621905 with its registered office at:

83 Baker Street
London
W1U 6AG

A list of the members of Ventura Law is open to inspection at its registered office.

References to ‘partner’ or ‘partners’ of Ventura Law are references to a director or directors of Venture Law and no such reference indicates that they carry on business in partnership under the Partnership Act 1890.

Regulatory information
Ventura Law is authorised and regulated by the Solicitors’ Regulation Authority of England and Wales (with SRA Number 372124) and a professional code of conduct can be accessed at www.sra.org.uk/solicitors/handbook/code/content.page

Professional indemnity insurance
We maintain Professional Indemnity Insurance and we are covered in excess of the minimum SRA requirement of £3 million. This insurance covers all of our legal practice and work undertaken from any of our offices located in the UK.

Website and Social Media Content
Any content or commentary published on this website or on any of our social media platforms is for information purposes only and does not constitute specific legal advice. The information contained in this website is a non-exhaustive overview of a number of legal issues and specific legal advice should be sought should you require personal or business advice on a client-professional services relationship basis.

Every effort is made to ensure that any information is correct at the date of publication. However, any reliance on the information is solely at the user’s own risk.

Please note that Ventura Law omits all liability for the content of any third party website that is linked to its website.

Diversity Data
We have a strong commitment to creating a diverse workforce. Rather than scrutinise an individual’s background, our goal is to attract the best talent creating an outstanding working environment that people want to be part of and remain with throughout their careers.

The people at our firm come from a range of backgrounds, which we embrace. We treat everyone equally regardless of gender, race, colour, religion, nationality, ethnic origin, age, or sexual orientation.

Moreover we pride ourselves on our flexible working for employees to accommodate wide ranging personal circumstances.

Complaints Procedure
We are sure you will be happy with the service you receive at Venture Law however you are entitled to complain if it becomes necessary, including in relation to our bills. The firm has a formal Complaints Procedure which is available upon request. If you are still not satisfied at the end of our own complaints process, you are entitled to contact the Legal Ombudsman. The address to write to is:

Legal Ombudsman
PO Box 6806
Wolverhampton
WV1 9WJ

Telephone – 0300 555 0333
email – enquiries@legalombudsman.org.uk
Website – www.legalombudsman.org.uk

You may also have a right to object to the bill by applying to the court for an assessment of the bill under Part III of the Solicitors Act 1974. If you apply for an assessment, the Legal Ombudsman may not deal with your complaint.

Probate Pricing Policy

PROBATE PRICING

The aim of our price transparency is to ensure our clients have the information they need to understand what our fees may be.

The prices quoted on our website will not be binding in that separate and personalised quotes and estimates will be provided to clients once they are formally engaged and provided with a Client Care Letter and Terms and Conditions of Business.  The rate of VAT is currently 20%.

All fee quotes and estimates will be subject to review depending on the nature of the matter as it progresses.

 

Obtaining Probate and the Administration of an estate – Estimate of Costs

The following fees are price guides for the applying, collecting and distributing of assets for an Estate.

1. We can handle the full process from start to finish for you. 2. We do not charge a percentage of the Estate. 3. All our work is based on the number of hours spent on the matter at our hourly rate and are estimated as follows:

 

Taxable Estate

  • For the work carried out up to and including the Grant of Probate – £2,500.00 – £3,750.00 plus VAT; and
  • For work carried out post obtaining the Grant of Probate to finalising the administration of the Estate – £2,000.00 – £4,000.00 plus VAT.

 

Non-Taxable Estate

  • For the work carried out up to and including the Grant of Probate – £900.00 – £1,200.00 plus VAT; and
  • For work carried out post obtaining the Grant of Probate to finalising the administration of the Estate – £750.00 – £1500.00 plus VAT.

 

The quotes above cover Estates where:

  • There is a valid will;
  • There is no more than one property;
  • There are no more than 5 bank or building society accounts;
  • There are no other intangible assets;
  • There are 1 – 5 beneficiaries;
  • There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs; and
  • There are no claims made against the estate.

 

We are also happy to discuss capping our fees at a fixed fee level to provide certainty to you if you prefer (this will usually fall in the middle to upper level of the relevant price sum).

 

Summary of work we would carry out in the full administration of an Estate:

  1. Meet with you to advise on the terms of the deceased’s Will and discuss the duties of the executors.
  2. Obtain valuations of the estate assets and liabilities.
  3. Write to utilities, council tax, house insurance and share registrars if applicable.
  4. Once the value of the assets has been received, prepare the Inheritance Tax form (either IHT400 and Schedules or IHT 205), Oath for Executors (application for the Grant) and ascertain the Inheritance Tax payable in the Estate.
  5. Submit the Inheritance Tax to HMRC, or directly to the court if an non-taxable estate and arrange the first payment of Inheritance Tax from the assets of the estate.
  6. Once the IHT receipt is received from HMRC (if a taxable estate), submit the application to the Probate Court and lodge the papers to obtain the Grant of Probate.
  7. Send the Grant of Probate and letters of authority to the financial institutions, collect the assets in and pay any liabilities.
  8. Any correspondence with HMRC regarding the Inheritance Tax Account, in particular the property valuation, liaising with the District Valuer, ensuring the Inheritance Tax is discharged and obtain a clearance certificate from HMRC (if applicable).
  9. Arrange Statutory notices for creditors in the London Gazette/Local magazines
  10. Correspond with beneficiaries regarding the distribution of the estate, pay any interim legacies or any pecuniary legacies that are due under the Will.
  11. Prepare Estate Accounts for executors.
  12. Carry out Bankruptcy checks for beneficiaries.
  13. Distribute the final amounts from the estate.

 

Disbursements will also apply in this matter:

  • Probate application fee of £155
  • Copy of Grant of Probate £0.50 per copy
  • £7 – 9 Swearing of the oath (per executor)
  • Bankruptcy-only Land Charges Department searches
  • Advert in The London Gazette – Protects against unexpected claims from unknown creditors – estimated circa £100
  • Advert in a Local Newspaper – This also helps to protect against unexpected claims.
  • 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.

 

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.

 

How long will this take?

On average, a non taxable estate that fall within the range are dealt with within 3- 9 months.

On average, taxable estates that fall within the range are dealt with within 6-12 months. Typically, obtaining the grant of probate takes 3- 6 months.  Collecting assets then follows, which can take up to 5-8 months. Once this has been done, we can distribute the assets, which normally takes 2-4 weeks.

 

Exclusions to the above:

  1. Any legal work relating to the sale of the deceased’s main house.
  2. Any interest in the property owned by the deceased outside the jurisdiction of England and Wales.
  3. Changes to legislation during the course of estate administration.
  4. Trusts in which the deceased was a beneficiary at the date of death.
  5. Trusts set up by the deceased under the Will.
  6. Deeds of Variation for the beneficiaries.
  7. Financial advice on the suitability of the disposal of assets in the estate.
  8. Personal Taxation of estate beneficiaries.
  9. The sale of the deceased’s interest in a business or farm.
  10. Restitution for long term care funding incorrectly paid by the deceased.
  11. Income tax returns/tax declarations up to the date of death and during the administration period.

 

If the nature or extent of your instructions changes or we consider that your objectives will not be achievable in the time frame you wish us to work to or if the fees we intend to charge you differ from our estimate we will notify you in writing

 

If the matter is not carried through to completion, we will charge an amount less than the estimate given above for the work which has been done, calculated at our normal hourly rates.

 

Any estimates are given with the following assumptions:

  1. the matter proceeds smoothly and will be completed in reasonable time;
  2. the nature and extent of your instructions will not change as the matter progresses;
  3. other parties involved in the matter with whom we must correspond deal with matters expeditiously;
  4. generally, there will not, for reasons outside of our control, be significantly more work involved required that it is not possible for us to anticipate.

 

You may stipulate a limit on the costs which may be incurred by you. If you wish to impose such a limit you must do so in writing to this firm prior to costs exceeding this limit being incurred by us on your behalf.

 

Resources

You may find useful information or services on the following websites. Please note that we do not accept responsibility for the accuracy or content of any external website.

Professional Bodies

Cases, Statutes, Parliament

Company / Corporate

Government / Regulatory Bodies

Journals / News

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