Probate, How does it work?
What is probate?
Probate is the process through which someone is given permission by the court to deal with the estate of a deceased person, including the collection of all of their assets, the payoff of any debts and the distribution of the assets to the beneficiaries who are entitled to them.The purchase and sale of a Norwich Probate property is slightly more complicated than ordinary property transactions. Here are some FAQ’s surrounding Probate.
What happens when a property owner dies?
When a property owner passes away, someone will have to become a personal representative (PR). This person will assume responsibility for the legal affairs, often obtaining ‘Probate’ or ‘letters of administration’ enabling them to act. Probate also gives the PR the right to transfer or sell the property.
Selling a Probate House?
In the event that the property is to be sold, the Probate will give the PR the authority to do this in compliance with the will’s terms. If the will states so, the PR may assent the property to the person inheriting it or transfer the property to someone else. We’re happy to help by offering a free valuation of the property, and possibly make you an offer call us on 01603 851581.
How Easy Is It To Sell A Probate Property?
This depends on the property but about one in 10 houses on the market have been reported as being Norwich Probate properties. This means they are increasingly familiar to prospective home buyers, who are attracted to them due to their slightly more affordable prices and the opportunity to renovate to their tastes. You’ll need to make sure you are the executor and probate has been granted by the Government.
What is the cost of selling a Norwich Probate property?
The sale of a Probate property should not incur any greater legal costs than those for the sale of any other property.
However, there are certain other costs that the inheritor may need to pay for a Probate property, such as for clearance of the house prior to selling, or for ‘vacant property insurance’, a necessary expense for a property left unoccupied for more than 30 days.
What if the sale price differs from the valuation?
If the amount for which the property sells is significantly higher than the Probate valuationin the inheritor’s tax return, they may be required to provide evidence of what caused this to happen.
If at least three independent valuations have been carried out or improvements have been made to the property, it shouldn’t be necessary for any additional tax to be paid.The inheritor is able to apply for a tax rebate if they sell the property within four years of the date of death for a price far below the valuation.
Can you sell a house without Probate?
Unfortunately, no. A probate will always have to be granted unless you’re a spouse for instance and named on the deed. Because the whole process takes about 8 weeks, it’s common for people to advertise the property before receiving a probate, however the property sale can’t go through until the probate is granted.
How long is the wait for the Grant of Probate?
This depends on the circumstances but anywhere between 6 and 12 weeks depending on how complicated the situation. But in the meantime, we can offer a free valuation of the property and after, guarantee you an offer to purchase.
Can you provide a property valuation for probate?
If you are a beneficiary of an inherited home, we can provide a probate property valuation for free. However, as previously detailed, it is recommended that you obtain at least three independent valuations for a property in order to determine how much Inheritance Tax is payable. Call ZebraBuyer now on 01603 851581 for your FREE valuation.
Looking to Sell a House in Probate?
If you want a hassle free approach to valuing and selling a probate property, please get in touch with us today, give us a call to see if we can help provide advice or recommendations. We’re happy to purchase any house once the probate is agreed, so contact us today on 01603 851581.
How can I protect the property before it is sold?
While we can purchase your probate property very quickly, this is only after you have obtained the Grant of Probate which can take up to 12 weeks as previously mentioned. Therefore, in the meantime, make sure to look after the house appropriately with obtaining vacant property insurance and moving possessions out of the property. We can help with regular checks of the property whilst you obtain the grant of Probate, therefore taking one more thing off of your mind.