Probate is the word used to describe the legal and financial processes that are involved in dealing with the assets of a person who has died. These assets include their property, along with any money or possessions they owned.
Any relatives, or next of kin, who are mentioned in the will, need to apply for Probate in order to claim these assets before they are able to transfer or sell them. If the property has no Inheritance Tax due on it then it should take between two and 6 weeks for Probate to be granted. If tax is due then this process will take longer - up to 12 weeks.
To apply for Probate, the next of kin needs to provide a death certificate, original will and the NI number of the deceased. They will also need the property deeds, mortgage information and any bank or building society statements. If these are not to hand then they will need to be applied for via the various organisations. A solicitor will support with acquiring these documents.
Always make sure that the property is insured and secure until a sale is agreed. Contact the existing insurers in order to arrange this.
Selling a Probate property is easy, especially if you choose a company that offers you a cash sum and can complete in a short space of time. Probate properties are increasingly popular, particularly with first-time buyers and buy-to-let landlords because they offer potential for refurbishment and are usually better priced as a consequence.
At The Property Buying Company, we are able to buy your property, cover the legal costs and can even clear the house before selling it on, if this is something you require. We are unable to offer you the market value of your property, but we can offer you a fair price, we are cash buyers and will take the stress out of an already difficult situation.
To find out more, with no obligation, get in touch today on 0844 324 6660 and one of our experienced call handlers will talk you through the process.