If you’ve inherited a property that you want to sell, you’ll usually need to undergo probate before you can progress. The process can be complex, but working with the right estate agent and solicitor can make the sale as smooth and painless as possible.
In this article, we’ll explain what probate is, when it’s required and how to sell a property when probate is required.
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.
If you are selling a property you have inherited due to someone passing away, you will need to apply for 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.
In England and Wales, probate is usually needed when:
- A person has died and owned property
- A bank or other financial institution asks for grant of probate
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 with good reviews to evaluate the property.
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 an estate agent for a recommendation.
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.
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 London, RIGHT-STEP Real Estate are your local property experts and we’re here to help.
Give us a call today on 0203 092 2987 or email us at email@example.com for a chat with our friendly and compassionate team about how we can help.