Solicitors fees when changing Will

Am59

Registered User
Jan 18, 2020
17
My husband and I already have mirror wills but as he was recently diagnosed with Parkinson's dementia I've spoken to a Solicitor today with a view to us becoming tenants in common and each leaving our share to our grown up children.

I was quoted £1500 Inc vat to do this. I presume we have to make new wills. Does this seem like the normal fee for doing this or should I shop around other Solicitor's?

Also does this make any difference to the children financially if one of us passed away that they would in theory be inheriting 50% of the house from a tax point of view?

Thank you.
 

Bunpoots

Volunteer Host
Apr 1, 2016
3,801
Nottinghamshire
That does sound expensive @Am59. I was quoted £150 + VAT for a will last week and I don’t think they can justify that much extra just to change to tenants in common.

I’m not sure about the tax implications for your children but I don’t think there would be anything to pay.
 

nitram

Registered User
Apr 6, 2011
19,705
North Manchester
I'd ask around especially as March 2020 is a Free Wills Month

https://freewillsmonth.org.uk/


What happens if a Will is complicated?
We have agreed that the campaign will cover the writing of ‘simple’ Wills. If your Will needs some more work, the solicitor may ask you to pay the balance yourself, however, most people only require simple Wills.

Can't think of any tax implications unless the MRNRB
https://www.gov.uk/government/publications/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band
for some weird doesn't apply to the half house.