Selling a House in Probate
in Leicester
- Free Cash Offer
- No Hidden Fees
- Sell In Your Own Timeframe
Sell An Inherited House in Leicester
When you are selling a house in probate, there are certain considerations that need to be made. Probate is the process in which someone applies for permission. It’s important to understand what probate is and get informed about what you need to know about selling a property as part of estate administration.
What Is Probate?
Probate is the process completed when a decedent leaves assets to distribute, such as bank accounts, real estate, and financial investments. Probate is the general administration of a deceased person’s will or the estate of a deceased person without a will.
An executor is commonly named in the will or an administrator, if there is no will, to complete the probate process. Their job is to collect the deceased’s assets to pay any remaining liabilities on their estate and distribute the assets to beneficiaries.
Once that is sorted, the executor is responsible for filing the will with the probate court. The probate process is a court-supervised proceeding in which the authenticity of the will left behind is proven to be valid and accepted as the true last testament of the deceased.
Get a free estimate of your home’s current value
Reach 98% of all active buyers...
When is Probate Required?
Probate is generally required for estate administration and is usually needed if a person has significant assets or owns a property in their sole name. However, the threshold for money can vary between individual banks and financial institutions. Therefore, taking specialist legal advice on probate can be helpful in most cases, and essential in others.
That is where Sold comes in to help and offers the best advice when selling properties that are under probate.
You need to apply for probate to give you the authority to collect and distribute a person’s estate to their beneficiaries. A ‘grant of probate’ is a court order made by the Probate Registry. It gives an executor of a will or administrator of the estate the authority to collect the deceased person’s money and assets to distribute them to the beneficiaries, as set out in the will.
Probate will normally be needed where:
- The amount of money held in banks, etc is over their probate threshold. This is commonly between £5,000 and £50,000.
- The deceased had stocks or shares in their sole name.
- Owned property or assets in their sole name and these need to pass to the beneficiaries.
- Any part of estate administration is disputed, and there are legal proceedings.
Why Sell with Sold?
- Get Funds in 7 Days
- The Fastest Online Estate Agent in the UK
- No Hidden Fees
Can You Market A Property Before Obtaining A Grant of Probate?
Real estate agents can market a property for sale before obtaining a grant of representation. An administrator does not have the legal authority to sell the property until the grant has been issued. An executor is in a better position, but must still have a grant in order to proceed to an exchange of contracts.
If an executor decides to market a property for sale before obtaining the grant, the estate agents and potential buyers must be told that everything is subject to obtaining the grant.
If for any reason the grant is not obtained or is delayed, the sale may not be able to proceed, and the buyers may have to back out.
In general, it’s recommended that real estate agents wait until they have obtained the grant before marketing a property for sale. This minimizes the risk of any complications or delays, given that the key steps of exchange and completion cannot take place before the issue of the grant.
Get SOLD fast, with a cash offer today
Can You Sell A House Before Probate?
In general, it’s not possible to sell a house before obtaining probate. Without a grant of probate, the PR does not have the legal authority to sell the property. Attempting to sell the property without probate can result in legal complications and potential liability for the PR.
There are some exceptions to this, for example, if the property was owned jointly with a surviving spouse or partner, they may be able to sell the property without probate.
Additionally, if the deceased person had created a trust that holds the property, the trustee may be able to sell the property without probate.
The estate administration process is not quick and can be complex. It is important to consider this when a property is part of the estate and is to be sold. Work with a qualified probate solicitor to ensure that you understand the legal requirements and obligations involved in the probate process, particularly when selling an estate house or flat is involved.
Explore All The Ways to Get Sold in Leicester
Frequently Asked Questions about Selling A House in Probate in Leicester
How long does probate take?
While there is nothing to prevent executors from instructing agents to market the property, or even accepting an offer on it, contracts can’t be exchanged until the grant has been obtained. The estate agent and the potential buyers must be given a realistic timescale for obtaining the grant at the outset.
If the executors have accepted an offer on the property soon after the deceased’s death and before applying for the grant, the sale price can be given as the property value in the return of estate information form, or IHT account.
What happens once probate is granted?
Once the grant of probate has been received, it is then possible to start the process of settling the deceased’s estate. This includes distributing payments to the appropriate beneficiaries in accordance with the terms of the Will (or the rules of intestacy if there is no Will).
You should also produce final estate accounts for the beneficiaries and a final tax return.
The whole process of probate can be fairly lengthy, taking several months. If the estate is simple, then probate should be granted between 1 and 3 months after the application is submitted.
What documents will I need for probate?
These are some documents you will need to give your solicitor for working out the value of the estate in order to apply for a Grant of Probate. These may be found in the deceased’s files or you or your solicitor will have to request them from the various organisations. These include:
- Original will
- Death certificate
- NI number of deceased
- ID (passport / driving licence)
- Utility bills and details of outstanding debts
- Bank statements / account
- Credit card statements
- Property deeds
- Mortgage information
- Details of any shares and savings
- Details of any pensions received / due
- Funeral expenses
Read More About Working With an Online Estate Agent in Leicester
It is generally accepted that buying a property is expensive, especially when stamp duty comes into play. However, very few people are aware of the…
Equity release poses a lot of questions. Some people consider it a tool that will help them navigate later life, while others see it as…
When it comes to moving house, one thing always high on the list of priorities is the quality of schools, the availability of schools, and…
Please enter your details below and a member of our team will be in touch to discuss a free valuation for your home.
"*" indicates required fields
By submitting your details, you agree that we may keep this information safely. Our Privacy Policy has further details