The term probate refers to the legal process whereby the estate of a deceased person is administered. A probate property refers to that part of the estate which comprises the deceased person’s property.
The sale of a probate property is usually more complicated than the sale of a non probate property. Before a probate property can be sold the will must be found. The will identifies the executors and the beneficiaries. The executors need to apply and obtain what is known as Grant of Probate before they can legally sell the property. It is often the case that the beneficiaries and the executors are not the same people. At times they may not share the same priorities!
If someone dies without a will they have died intestate. This is a situation which can complicate the process. The beneficiaries are easily identified using the rules of intestacy. The estate however needs to be administered by next of kin. They will need to obtain what is known as letters of administration before the property can be sold. If there is no next of kin the estate will revert to the crown estate.
Inheritance tax is due on estates worth over £325,000. It needs to be paid by the end of the sixth month after the person has died. If you are late making the payment then interest becomes due.
If you are involved in the sale of a probate property you may find it more convenient to use our quick property buying service. Our service is quick, efficient and convenient. The service is especially convenient if you do not live locally. It is ideal where the beneficiaries need to obtain the proceeds of the sale quickly.
To find out how we can help please call the above number or simply enter your postcode and complete your details.
If you have inherited some property, there are a number of decisions to be made you may wish to live in the property yourself, rent it out, or sell it. There may be taxes to be paid on the property you inherit, or you may have jointly inherited the house or flat with others.
It is important to get organised here, and ensure that any outstanding debts or taxes or paid up. In addition, it is important to decide what you want to do with the property.