The process can be complex, but working with the right estate agent and solicitor can make the sale as smooth and painless as possible.
What is Probate?
Probate is the legal and financial process that deals with any assets (including money, properties or possessions) of a person who has passed away.
The process involves proving that the will is valid and confirming the executors of the will have the authority to administer the estate of the person who has died – which includes whether you can sell the property.
What is Grant of Probate?
If you are selling a property you have inherited due to someone passing away, you will need to apply for a grant of probate before you can proceed with the sale.
This is a legal document that confirms the executors of the will can start the sale of the property and deal with any other assets of the deceased person.
When is Probate Required?
In England and Wales, probate is usually needed when:
- A person has died and owned property
- A bank or other financial institution asks for a grant of probate
How to Sell a House When Probate is Required
Arrange a Valuation
Knowing the value of the property is important when selling a home during probate. The property value will help determine the overall value of the deceased person’s estate. It’s also used to calculate how much inheritance tax must be paid.
When selling a house during probate, make sure you choose a reputable estate agent to evaluate the property.
Speak to a Solicitor
A solicitor will need to apply for a grant of probate before you can sell the property. This process involves identifying all the deceased person’s assets, confirming who will inherit the assets in the will, arranging payments of inheritance tax, and granting probate ready for you to sell the property.
Many solicitors can also help progress the sale to a buyer after granting probate. If you can’t find a good solicitor, ask Althorp & Co for a recommendation.
Work With an Estate Agent
Once probate has been granted and you have the go-ahead from the solicitor, you can work with an estate agent to sell the property. When choosing an estate agent, consider how much involvement you need and what qualities you’d prefer.
Expert communication and good availability may be particularly important qualities to consider when choosing an estate agent to progress a probate sale. This is especially the case if multiple people are inheriting the property and/or you cannot be available often to help with viewings.
Are You Selling a House With Probate?
Selling a house with probate can be an emotional period. Choosing the right estate agent to help progress the sale is important to make the situation as painless as possible.
If you’re selling a house with probate in Cheltenham and surrounding areas, Althorp & Co we’re here to help.
Do get in contact with us on 01242 781781 or email us at hello@althorps.co.uk on how we can help you.
Frequently Asked Questions About the Probate Process
What is the Probate Registry, and how does it relate to the probate process?
The Probate Registry is a government body overseeing legal proceedings related to the deceased’s estate administration. In the context of selling a property, it plays a crucial role in validating legal documents, including the grant of probate necessary for property sale.
How do financial institutions, such as banks, impact the probate process?
Financial institutions, including banks, become involved in the probate process when the deceased owns property or has bank accounts. They may request legal documentation, like the grant of probate, to ensure a smooth transfer of assets and settlement of bank accounts during estate administration.
What steps should be taken to pay inheritance tax during the probate process?
Paying inheritance tax is a crucial aspect of the probate process when selling a property. Executors must work with solicitors to identify the deceased’s assets, calculate the tax owed, and ensure its payment as part of estate administration before proceeding with the property sale.
Can a property be sold if the deceased owned it jointly with someone else?
If the deceased owned the property jointly, legal considerations regarding joint tenancy or tenancy in common may arise. Executors should consult with solicitors to navigate the complexities and ensure a smooth property sale as part of the broader estate administration process.
