What is probate & can you sell a house in it?
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, house repayments 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.
The probate house sale process
Involved in selling a house through probate? You might be trying to figure out exactly how the house sale process works.
It's tricky but we can help.
If a will has been left by the deceased person, the process is to obtain a grant of probate, which can be done by whomever is named as the executor.
If there is no will left, then you will have to obtain a grant of letters of administration, which is generally done by their kin but can be anyone over 18.
The executors or administrators are able to either use a probate solicitor or apply for probate themselves which can be done either online or by post through the Probate Registry.
If the property of the deceased was owned with another (jointly) then the ownership will automatically pass on to them.
Before any probate is actually granted you need to get an estimate on the value of the estate of the deceased person, including finding out if they have any debts.
You also may be subject to IHT (Inheritance Tax).
Is probate a short or quick process?
It depends, if the estate that you've inherited isn't subject to any tax, such as IHT, then the process can be rather quick.
It's a case of just simply filling in and submitting a form to the Probate Registry to issue the grant and that may only take two to three weeks to come back.
However if, as often is the case, you are subject to pay taxes then it can take longer to assess the papers and issue a receipt as you have to deal with HMRC.
That initial process can take about eight weeks, but then you've got to wait for the grant to be issued after that as well which will take a further two to three weeks.
Can you sell a probate property quickly?
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 with The Property Buying Company quick property sale service.
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.
Can you sell a house before (without) probate?
There are certain circumstances in which you can sell a house prior to probate being granted, but it's not all that often.
The certain circumstances that mean you can sell without probate are when the deceased leaves a partner or spouse who is on the title deeds of the property as a joint owner. If that owner wishes to sell, they can do.
If it's only the name of the deceased on the property deeds then you will be required to wait for probate.