Selling a house in probate can be complicated and requires a specific set of steps.
There may be children or loved ones involved as well, which can complicate the situation further.
If you know the requirements and the process involved, dealing with a house in probate doesn’t have to be that scary.
Steps for Selling an Inherited Property
The first thing to address is to make sure the property is secure by locking all windows and doors. You should also contact the insurance company to tell them that the owner has died if this hasn’t already been done. This might cancel the policy, so you will have to be sure of this when you tell them that the owner passed.
Your next step is to secure important documents, titles, and policies.
Also, removing all valuables from the house will stop any concern of theft.
Next, get in touch with the local council to tell them that the owner has died and that the house is empty. You can also provide a mailing address for future correspondence or bills that may be outstanding. Also turn off all the utilities
<Find a professional probate specialist to evaluate the house. It’s best to get several different estate valuations so that you can have a good idea of what it is worth.
To determine the estate’s worth, add all of the policies, shares, and bonds of the estate to its value, and then subtract any outstanding debt.
You’ll also need to familiarise yourself regarding inheritance tax and make sure it is paid in full.
Apply for a Grant of Probate.
Step 8 (optional)
Once this is all accomplished, you can perform any necessary repairs or touch-ups to the house before it’s ready to be shown.
Get an estate agent to help you put it on the market or you could decide to sell to a local cash buyer.
You may be asking yourself whether or not you can sell the house before probate is granted.
No, you cannot. You must wait for the Probate to be granted, so apply early. Probate can sometimes take three to six months; however, you can show the house during this time.
Hire a Conveyancer to manage the legal sale of the property.
The last step is to clean and clear the home of its contents.
What Expenses Do I Have when Selling an Inherited House
Inheritance tax is one expense you’ll incur when selling an inherited property.
The amount varies based on a number of factors. One such factor is whether the deceased was married before their death occurred.
If the property and assets are over £325,000, an inheritance tax must be paid. You’ll want to get the Grant of Representation so you can have rights over the estate.
Another expense will be getting an evaluation of the property’s value. You will need to hire a surveyor in order to have this done.
Any outstanding bills against the property must also be taken care of such as utilities, other taxes, debts and insurance.
You’ll want to get a Conveyancer to help you when you sell the property so things go smoothly.
There may be a few other unforeseen expenses but the above are the bulk of your expenses.
Frequently Asked Questions when Selling an Inherited House
How long does it take to sell a house through probate?
From three to six months based on the waiting time of the Grant of Probate to come through. Show your house during this time. It still must sell on the market, so that time period will vary based on your home’s value and location.
Can you sell a house before probate is granted?
No. You must wait until you are granted probate.
How long does probate take?
Three to six months to come in.
Can I prepare the house for showings while probate is pending?
Yes, you can. It is advised to do so.
What do I do with the contents of the home?
Make sure you have all essential documents secured then keep, donate or sell the remaining items in the home.
My loved one just died where do I start?
In short: Secure the house. Then file for probate. Gather all of the essential documents from the house. Remove valuables to secure the home further. Call an estate instructor to get the value of the home. Make sure you turn off the utilities. Tell the council that your loved one passed away and the house is empty. Prepare the estate value by adding all the assets together and subtracting any debts owed. Get your home ready for showing and wait for the probate to come in and then sell your home on the market.