Whether you are an Executor or a beneficiary, you need a grant of Probate to sell a Property. We are very sorry to learn of your loss. We deal with Executors and beneficiaries daily and that’s why we’ve put together this guide on how to sell a house through probate.
When you have just lost a loved one, your mind is often not in the right place. We all live busy lives with stresses of work, children and a home life and on top of that you now have to deal with a probate property. Often an Executor or a beneficiaries find themselves in this position for the first time and not knowing how long probate takes to sell a house. By now you will have applied for a Grant of Probate and now exploring the possibility of whether you can sell a house that is in probate?
If you have inherited a probate property with a mortgage, you will need to keep up with the mortgage payments or apply for a mortgage holiday otherwise your mortgage lender could start repossession proceedings, and you will end up with an extra bill to pay.
Our guide makes the process of selling the probate property easier by following these three principles:
- Informing of you of your duties as an Executor
- Outlining practical steps to enable you to sell a house in probate
- Educating you on the things you may not know already
Simple Guide on Selling Your Probate Property
Our guide simplifies the process of selling your probate property. You will find several guides on the subject of selling an inherited house that answer vital questions such as “if i sell Inherited Property is it taxable?” and “what happens to a mortgage when someone dies?”.
With the right knowledge, you will be in a position to make informed decisions and potentially save yourself thousands of pounds. You will reduce your stress levels by knowing what to do, and when.
Our guide aims to answer the following questions:
- What is probate and how do I approach dealing with it?
- How long do you have to sell a deceased estate?
- How to sell a house under probate?
- What's the best method of selling a probate property?
Do you need a grant of probate to sell a house?
You will grant of probate or a Letter of Administration to sell your inherited house. Once you are in a possession of original Will and original Death Certificate then you can apply online by clicking on official government website. There will be a fee to be paid which we can re-imburse you if you decide to sell your inherited property to us.
You can only sell a deceased estate legally once you have obtained a grant of probate. If the affairs of the estate are simple with a UK property and UK bank accounts, then you can manage it yourself and save yourself thousands of pounds in professional Executor fees.
If the deceased owned properties abroad or has a more complex financial arrangement, then it is likely that you will need to hire professional Executors to act. If you are considering this option, always agree fees upfront as professional Executors can charge eye watering fees.
How long do you have to sell a deceased estate?
There is not a strict timeframe to sell a probate property. However, the longer it takes, the more likely the costs will rise. These are some the costs relating to a probate property pending a sale:
- If your inherited property had a mortgage, you must inform the lender. They might freeze interest and charges, or they might choose to charge you daily interest until the mortgage is redeemed. The lender might stipulate that you have a timeframe of 2-3 months to sell your inherited house. If you aren’t sure if deceased’s property had a mortgage, for just £3.50 you can check with Land Registry by downloading an official title register.
- Professional Executor fees – usually they are based on an hourly basis rather than a fixed fee basis so often it makes sense to agreeing to an early sale rather than incur additional fees.
- Check whether your inherited empty property has insurance cover. Often an insurance company will void the cover if a property has been empty for more than 28 days in a year. You’d want the best cover, and not the cheapest cover. Opt for full perils cover as this will cover theft. However, be aware that empty property insurance can be very expensive. This is because empty property is at high risk of break-in or possibly even squatters moving into the property! As Executor of the estate, or as one of the beneficiaries, it is your responsibility to ensure that the property is secured. We do offer to re-imburse you for the insurance, as part of our service, if you sell your property to us.
- Utility firms and council tax can quickly start sending you final demand letters, and even add their charges for non-payment. Make arrangements to pay the bills as they could start legal proceedings if their bills remain unpaid – this could potentially reduce your inheritance share.
- The saying prevention is better than cure really apply to routine maintenance tasks. Even an empty need to be maintained and you will need to take necessary steps. If property is stood empty with overgrown grass then it will be targeted by thieves, vandals or squatters. The insurance company may cancel your policy if property needs urgent maintenance such as having a leaky roof. With a quick sale to Property Saviour, we can buy your property its current state and pay you cash.
Caution – please be careful before instructing a house clearance company. Carefully check for the Will, any bank accounts, savings, pensions, share certificates, jewelry, art or other valuable. Better still, sell to Property Saviour and we will offer you a free house clearance as well as donating items to British Heart Foundation.
If I sell a house i inherited do I have to pay taxes?
It depends on value of your inherited estate to determine if any inheritance tax is payable. We have covered several tax-related scenarios ranging from income tax, inheritance tax, stamp duty land tax and capital gains tax in our guide on “Do you pay tax on inherited property in the UK?”
How to sell a house under probate?
Often beneficiaries and Executors look to estate agents to help them sell a property. Afterall, they are the experts right? Wrong.
In our experience, probate properties can put off buyers for the following reasons:
- Grant of probate delays – often a grant of probate can take between 6 to 12 months due to Covid pandemic backlog at the probate office. Let’s say that your buyer instructed searches and obtained a mortgage offer which is tricky given your inherited property might need some updating. Their mortgage offer is only valid for three months and searches become invalid after six months. Therefore, they must obtain a new mortgage, re-apply and go through stringent checks again.
- Move in date – your potential buyers might have a move in date in mind to get their child into a particular school, a job relocation or they have given notice to their landlord and must be out by a certain date. Even if they wait for a grant of probate with no confirmed date in sight, once you have obtained it the whole conveyancing process needs to commence. According to The Property Industry Eye “the UK conveyancing sector is not fit for purpose”. The current timescales can be anything from 3 to 6 months to conclude once you have obtained a grant of probate.
- Property Description Act – As a beneficiary or an Executor, you will not have intimate knowledge of the house as the deceased did. If a professional Executor is managing the deceased estate, he/she will have uphill battle to climb when answering queries raised by buyers solicitor. You can be sued if you misled the buyer or provide incorrect information deliberately or otherwise. In absence of clarity, a typical buyer’s mortgage company will not release funds resulting in abortive sale.
How long does it take after probate to sell a house?
If an inherited property has a mortgage left, the lender will give you up to 3 months to sell it. Even if you agreed the sale of your property, it might take longer than 3 months if you used typical ‘slow to act’ solicitors.
We’ve seen that selling an inherited property via an estate agent does not work for vast majority of beneficiaries and Executors. With no guarantee of a sale progressing as any buyer’s priorities are likely to conflict with your timescales, if often pays to look at alternative ways to sell.
Often dealing with death of a loved one can lead to disagreements between the beneficiaries. If you wish to avoid anxiety, uncertainty and financial hardship then selling your inherited property fast for cash can be a feasible solution. We can sympathetically deal with all beneficiaries and work with the Executor to agree a fair sale price.
With Property Saviour, the price we offer is the price you will receive. You have to be careful as many of the We Buy Any House Companies use unethical practices such as:
- instructing a fault-finding surveyor to chip away at the price
- signing you up to a 6-month option agreement whilst looking for a buyer
- or dropping the price just before the completion day.
Our reviews are left by real sellers who have kindly given us their permission to share their case studies. These are real people, we’ve helped and if you look at other “We Buy Any House Companies” websites’ you will notice a recording studio featuring smiling actors.
Here are reasons why people trust Property Saviour with their inherited property:
- Proud to be England’s leading deceased estate buyer. We are specialists in buying inherited property.
- We have a sympathetic approach. Putting your needs first.
- One point of contact from our initial offer to completion with regular updates.
- The price we offer is the price that you get with no deductions.
- Our 100% all cash offer means you do not need to wait.
- We are decisive. Ready to buy as soon as you are good to sell.
- Need to pay probate bills? No problems. Our flexibility means you can release your 10% deposit early.
- Sell to us and benefit from a range of complimentary offers including a free house clearance service, £1,500 towards to your probate costs, re-imbursement of your empty property insurance and £1,500 contribution for your legal fees.
Let’s chat?
Have you obtained a grant of probate? Let us help you sell your inherited property fast. You tell us when you’d like to complete the sale.
We are not estate agents. We are genuine cash buyers.
With no fees to pay, we unique offer includes an extra £3,000 contribution from us to pay for your legal and probate fees. It is no wonder we are rated as excellent and a leading buyer for inherited properties in England.
If we can agree everything, we will insure the property at our own cost. To start the process, simply fill in the enquiry form for your free no obligation offer.
