How to Sell a Probate Property
How to sell a probate property? It is an essential question asked by many people in the UK. It is pretty difficult to experience the death of a loved one. At the same time, the frustration increases due to family disputes and legal problems.
Hiring a professional you can trust and who understands your problems. Makes a massive difference in streamlining the process and giving you peace of mind. Probate is an essential process that involves obtaining permission from the legal authorities to deal with the property of a person who has died.
If you are an executor in the will of a deceased family member. It is your responsibility to administer the probate house affairs. However, you can also hire a professional executor to carry out the process.
As an executor, you need to get a probate grant before you settle any outstanding debts or liabilities and sell the house. Remember, this involves a few steps, such as registering the death of your loved one, valuing the property, and paying inheritance taxes. If you want to sell a probate house, bear in mind that it is a challenging and time-consuming process.
Not only will you need to obtain a grant of probate before completing the sale, but you will also perform property valuable and put it on the market before the authorities grant you the probate. In today’s article, we will tell you the step-by-step process of selling a probate house. Read on!
Probate Property – Register Your Loved One’s Death
Applying for the grant of probate requires you to provide the authorities with your loved one’s death certificate. You can’t carry out the process without submitting the death certificate. At the same time, you will need the original copy of the deceased person’s Will.
Probate Property – Examine and Analyze the Will
It is crucial to examine and analyze the will of your loved one. If the deceased person has named you in the will, it means you are the executor. So, it is your legal responsibility to fulfill the dead person’s wishes.
We recommend applying for the grant of probate through the government website. On the other hand, if there is no will, someone from the family must become an administrator. Remember, this requires a letter of administration before they grant you the legal authority.
Probate Property – Check the Title and Deeds
You must get the property valued. It is crucial to know and analyze the house’s value before you apply for a grant of probate. You can hire a estate agent to get the job done. However, we recommend hiring 2-3 estate agents. So you get different valuations and compare them to select the one with more accurate figures.
Besides, check the property’s title and deeds. It is an essential step to carry out when selling the house. That way, you will know the restrictions of the property. Make sure you visit the land registry website to find this information. On the other hand, you will have to find the paper title and deeds. The deceased person’s solicitor usually keeps these documents.
Probate Property – Getting the probate
Sometimes, people don’t need to apply for a grant of probate. However, in most cases, you must apply for probate to sell your house. Applying for the grant of probate requires you to estimate the value of the home.
It is an essential task that requires the executor or solicitor to examine the assets and calculate their values. These assets include the property itself, cash, pension, or monies given away as gifts.
In addition, the process of obtaining a grant of probate can take a few months. Research shows that it is usually between three to six months or longer, depending on the type of property and the procedures involved.
So, bear in mind that this won’t happen overnight. The authorities may also charge a fee depending on the circumstances. The fees are based on the value of the property. Make sure you prepare yourself for all these processes before selling the house.
Before the authorities grant you probate, you must notify the HM Revenue and Customs (HMRC) of your loved one’s death if there are any outstanding inheritance taxes. There are specific situations where inheritance tax on the property are is not payable. However, we recommend reporting it to the HMRC even if the property value is below the threshold.
Besides, it is important to pay all the debts and taxes owed by your deceased loved one. When you fail to pay these liabilities, you may face legal penalties and not sell the house appropriately. You must also pay the inheritance tax before the authorities grant you the probate.
Although you can’t access the estate, you can use money from the estate to pay taxes through the Direct Payment Scheme. You can also apply for the executor’s loan, allowing you to obtain the probate and access your deceased loved one’s affairs. Moreover, you don’t need to pay inheritance taxes if the property’s value is less than £325,000.
Similarly, you don’t need to pay taxes if the deceased person has left everything above the £325,000 threshold to their spouse, civil partner, business partner, a charity organization, etc. If the dead person had chosen to leave the property to children or grandchildren, the inheritance tax increases to £500,000.
The rate of inheritance tax in the UK is 40%. The authorities will charge the tax if it is above the threshold rate. You must pay the taxes owed within six months of your loved one’s death. If you fail to do so, the authorities will charge you interest in the amount of inheritance tax.
Probate Property – Hire a Solicitor
Selling a probate property requires careful planning, preparation, time, and dedication. It is pretty challenging for grieving family members to handle the process. The good news is that you can hire a professional solicitor to manage the task and get the job done adequately.
The purpose is to streamline the process of selling the probate house and ensure the sale happens quickly and smoothly. Applying for and obtaining the probate is a daunting task, but you seek help from a solicitor to avoid the hassle. However, you must have enough budget to hire a solicitor because these professionals usually charge a lot.
Sell Your Probate Property Quickly for Cash
Losing a loved one is the most frustrating and sorrowful experience for you. So, selling a probate property is not something you would do in these grieving times. The process of going through the probate and putting the property on the market by hiring a solicitor or estate agent is a daunting and time-consuming task, leading to stress and frustration.
The good news is that you can sell the probate house to a residential property buying company. Sell House Fast Group is a reputable company in London that aims to remove your stress and give you peace of mind by purchasing your property for cash. The process is simple and quick. You need to:
- Request a valuation of the probate property from one of our experts in London
- Find out outstanding debts or liabilities of your deceased loved one
- Work out the selling time scale and avoid solicitors because our company will deal with them and pay fees
Sell House Fast Group will purchase the probate property quickly because our company has cash funds readily available. It means our company does not need to secure a mortgage. Our company also has experienced and skilled professionals who can streamline the “sell house fast” processes and use solicitors to act professionally, efficiently, and quickly.
Why Hire Sell House Fast Group for Selling a Probate Property?
Sell House Fast Group is a reputable, established, and experienced residential property buying company in London. We regularly help people sell their probate houses, and our staff is knowledgeable and has years of experience optimizing the probate process.
Our company offers a guaranteed 100% cash buyer and fast, hassle-free service. We will purchase your property in London in its existing condition. We will also perform clearance of the house if required, and there is no need for viewing and finding potential buyers.
Sell House Fast Group offers excellent customer service, allowing you to ask any questions before selling your property. Our professional staff will answer your questions and explain the entire process. Remember, your satisfaction is Sell House Fast Group’s ultimate priority.
Many house buying companies in London, UK, do not offer full market value for a house. When you sell your property to Sell House Fast Group, you won’t need to pay any estate agent or solicitor fees.
There are no expenses for using our professional services, and our company offers you a fast, reliable, and guaranteed sale. Here are a few benefits of hiring Sell House Fast Group. Continue reading!
Selling a probate property is a daunting task for many people in the UK. If you want to sell your home efficiently and quickly for a higher profit, you can rely on Sell House Fast Group. There is no official guarantee even in the seller’s market that your property will sell quickly. Especially the probate houses or those that need major repairs and renovations.
The average time a house sits on the market is between four and six weeks. If you want to sell a house quickly or can’t wait for six weeks, it is worth considering our company in London because we will buy your home in its existing condition. Selling your house in its current condition is almost impossible by working with a estate agent.
On the other hand, our company will carry out the entire process, from start to finish, promptly, leading to fast closing and quick sale. In fact, we can finalize the deal within a few days or as per requirements.
Selling your probate house through the traditional method can lead to delays. For example, some buyers may interest in the property and carry out the steps but fail to close on the house.
When this happens, the process of closing delays or gets abandoned. In that case, you may choose to take legal actions that can cost you a lot of money. Likewise, you will have to start the selling process from the beginning.
On the other hand, when you sell your property in its existing condition for quick cash. You can eliminate the chances of delays, leading to peace of mind. It is because there are no loans and mortgages that require approval. Likewise, the money is available immediately. Therefore, selling your probate property to Sell House Fast Group is the best option.
No Need for Repairs and Maintenance
When you want to sell your property through traditional approaches, such as hiring a estate agent, you will have to present your house in excellent condition. Otherwise, you won’t be able to attract potential buyers and sell your home for a top dollar. Similarly, you will go through the daunting task of obtaining a grant of probate.
However, this is not the case when selling your probate property to Sell House Fast Group. We buy your house “as is” without requiring you to perform repairs or maintain your property. So, you don’t need to worry about these things.
Whether your property needs new plumbing, new wiring, HVAC repairs, insulation maintenance, or painting, it will cost you a lot of money if you follow the traditional approach. On the other hand, you can eliminate the need for repairs and maintenance by doing business with Sell House Fast Group, a professional and reputable company in London, UK.
Sell a Probate Property – Final Words
Selling a probate property is one of the worst things a person faces after the death of a loved one. However, you can eliminate delays and hassle associated with selling your property by selling your probate property to Sell House Fast Group. Contact us today!
We are experts in buying property locally and have the solutions where other agents struggle, fill in the form on our website here Sell House Fast Group or call us today on 0208 242 4922 for a Free Online Valuation and Cash Offer.