Do I have to wait for Grant of Probate before selling?The quick answer to this is yes. If you’re the spouse or civil partner of the deceased and the property was jointly owned (with your name on the deed), the house will go directly to you, otherwise you will need to wait the 8 weeks-ish for Grant of Probate to come through.
In the meantime, it is up to you if you want to put the house on the market, but if you get an offer you’ll need to let the buyer know that there will be a delay in the sale while you wait for Grant of Probate.
Do I have to stick with the same solicitor for probate and conveyancing?Not at all! Probate and conveyancing are two completely separate processes so you can use two different solicitors if you would prefer. Best Value Probate is a good place to find out more about the various ins and outs of Probate and find a solicitor to sort it all for you, after which we’d be happy to take care of the conveyancing side of things for you.
Will I make less money selling a Probate property?Probate properties can often be in various states of disrepair which could affect the value, but this is not to say that the house has to be reduced to bargain status to sell.
Many people want a property that they can renovate and put their own mark on, so it’s unlikely that you’ll have to drop the price by a huge amount. Of course, this all depends on how much of a rush you are in, as finding the perfect buyer who’s willing to pay your ideal price can take time.
How should I price my probate property?It all depends on how long you want to wait. If you want to sell the property as quick as possible, it would make sense to lower the price and make it an attractive purchase that someone will rush to buy.
If you’re adamant that the house doesn’t go for less, bear in mind that keeping it can eat into profits very quickly. After 30 days you will need to pay something called ‘Vacant Property Insurance’. In addition, full council tax is payable after just 6 months and expenses like heating to stop damp and frozen pipes, repairs and maintenance will all add up the longer the house remains on the market.
How much Inheritance Tax will I have to pay?Depending on the value of the estate you have inherited, there may be Inheritance Tax to pay. If the property is worth over £325,000 you will need to pay 40% Inheritance Tax, that is, unless you are the spouse or joint owner of the property.
You can work out the exact amount of Inheritance Tax due using this handy online calculator.
If you’re ready to sell your Probate property, give us a call on 0800 038 6446 or use our online quote service.