Coping with the loss of a loved one can be overwhelming, especially when confronted with complex legal issues. Often, individuals who inherit property following the death of a family member need to undergo the lengthy and stressful probate process to claim the deceased’s assets, putting them under real stress.
While many people grapple with the process from start to finish, enduring up to a year of anxiety, an increasing number are finding a way around this by selling to cash property buyers such as We Buy Any Home. Though selling to cash house buyers may not secure the total market value of a property, it drastically diminishes the workload and stress involved. There’s no concern about showcasing the house, arranging viewings, or addressing legal costs. We Buy Any Home manages all the necessary duties, permitting you to focus on more pressing issues. For a speedy, guaranteed sale of an inherited property in Birmingham, don’t hesitate to contact us.
Why do people prefer our service? A brief understanding of probate and what it entails can provide clarity.
What is Probate?
Probate is fundamentally the legal procedure of managing a person’s assets and debts after death.
The process can be divided into five stages:
- Identifying all the assets and debts of the deceased.
- Paying any due Inheritance Tax to HM Revenue & Customs.
- Liquidating assets and settling debts.
- Preparing estate accounts.
- Assets are transferred to the inheritors, and the remaining estate is distributed as per the will.
When is probate required?
Usually, in Birmingham, it’s needed when the deceased owned property or significant assets in their sole name. If a financial institution has requested a grant of probate, probate will likely be necessary.
Can I sell a house whilst going through probate?
Selling a house whilst still in the probate process requires a thorough understanding of the legal requirements and responsibilities that you may have to consider.
- If the Personal Representative (PR) is an executor under a valid will, they can advertise and even contract for a property to be sold, but they will always need the grant of probate before the sale can complete.
- Alternatively, an administrator must await the grant of letters of administration before advertising the property.
- While it might be feasible to market the property in the meantime, it’s critical to note that you cannot exchange contracts or complete the transaction until the grant is secured.
Often, it’s not possible to sell a house before obtaining probate. Exceptions exist, but predominantly, probate is required before any sale can proceed.
How long should I wait before selling a house obtained through probate?
Handling the probate process can be time-consuming. Typically, the Grant of Probate can take up to around 12 weeks to secure. While you wait for the grant, you can list the probate property for sale, but offers received must be on hold until you have secured the grant before completion.
Tax implications are another important aspect. If you are not a spouse, a civil partner, or a direct descendant, you may be liable for inheritance tax, but only if the total estate value exceeds £325,000. With the average price of property in the UK nearing this value, most people are required to pay some tax. If a spouse or civil partner is the beneficiary of the estate, this tax doesn’t apply. Direct descendants, including children, grandchildren, and stepchildren, pay inheritance tax on property worth more than £450,000, increasing the chances of avoiding this tax.
How long does probate usually take in Birmingham?
It could take a year to receive your inheritance from the property – potentially longer if complications arise.
Failure to meet deadlines for Inheritance Tax could result in penalties – both additional interest or general financial penalties. Beneficiaries should be informed of their inheritance as near to the beginning of the probate process as possible, but there’s no specific timeframe under the law of England and Wales. After paying Inheritance Tax, HM Revenue & Customs typically issue a receipt within 4-6 weeks, and the grant of representation is usually issued 2-3 weeks later, provided no issues arise when processing the application.
When the legalities are taken care of, you can begin with selling the property. Though selling all types of property can be difficult, it can be even more so when handling an inherited one. Getting help from professionals can make the whole process much less time-consuming and hassle-free – exactly what you need during this challenging period. Alternatively, you could consider selling to cash house buyers who can expedite the property sale without you having to go through the process! Although you might not get the total market value of the property, selling to a property-buying firm like We Buy Any Home means you can sit back and relax while we take care of the house listing, sorting viewings and more.
Selling an inherited property in Birmingham can pose unique challenges that may be overwhelming during an already tough time. As cash house buyers, We Buy Any Home can handle all the work for you, allowing you to concentrate on more pressing matters. Give us a call to understand how we can assist in more detail.