Bond of caution - cost

sezkamcc

Hoping someone could help. 

We are resolving my late father in laws estate with my husband as lay executor. We have submitted the application for a bond of caution for the estate which is approx £180k. Does anyone have any experience with the cost of this? Obviously we are having to pay upfront then claim the funds back from the estate after confirmation is granted so are wanting to make sure we have enough set aside for this and the C1 fee. Thanks 

Robin9

Is this Scotland ?

Marcon

A quick google gets you the answer. Try https://www.murraybeith.co.uk/new/executry/what-is-a-bond-of-caution-and-do-i-need-one.html or http://bondofcaution.co.uk/pricing/

sezkamcc

Hi Robin9, 
Yes in Scotland  

Marcon thank you for the links. I have previously viewed both of these, however as 1 is aimed at executors using a solicitor and does not provide a price and the other was last updated in 2017 I was looking for someone who has recently purchased a bond of caution to see if they could give a ballpark figure based in experience. 

I have previously googled to no avail on an actual pricing structure from within the last 2 years. 

buddy9

I suspect that you may not obtain useful feedback on this forum to your question.

But it would be useful if you were to share your experience.

Marcon

sezkamcc said:

Hi Robin9, 
Yes in Scotland  

Marcon thank you for the links. I have previously viewed both of these, however as 1 is aimed at executors using a solicitor and does not provide a price and the other was last updated in 2017 I was looking for someone who has recently purchased a bond of caution to see if they could give a ballpark figure based in experience. 

I have previously googled to no avail on an actual pricing structure from within the last 2 years. 

You're unlikely to find an insurer who will issue a bond where a solicitor is not involved, although I note you say you have submitted the application for one. Could you contact the insurer to whom you made your application and check with them (a) that they will offer such a bond if you are not using a solicitor and (b) the expected cost?

The article I cited does give a price, albeit a general one '..from a few hundred pounds to over a thousand...' which I appreciate might not be as precise as you wish, but I suspect insurers are now imposing conditions as well as looking at the overall value of the estate, which could explain why the 2017 figures haven't been updated - there may simply not be a similar list of prices for a more recent date.

Planeahead

sezkamcc said:

Hoping someone could help. 

We are resolving my late father in laws estate with my husband as lay executor. We have submitted the application for a bond of caution for the estate which is approx £180k. Does anyone have any experience with the cost of this? Obviously we are having to pay upfront then claim the funds back from the estate after confirmation is granted so are wanting to make sure we have enough set aside for this and the C1 fee. Thanks 

Did you manage to obtain bond of caution without a solicitor?