If you’ve recently inherited a Cardiff property via a deceased family member, you may have heard the term ‘probate’ mentioned in conversation with solicitors and funeral directors.
Selling probate property may seem a complicated topic on the surface, but can be easily understood and navigated once you have all the details to hand.
That’s where we come in. Throughout this article, we’ll guide you through everything you need to know when it comes to selling a probate property in Cardiff, including what probate property is, how to sell a probate property, how probate property sale differs from selling your own property, plus some frequently asked questions on this topic.
What is a Probate Property?
Let’s get started with the basics. A probate property is a property that has been left when somebody passes away. The term ‘probate’ directly refers to the legal process in which the deceased’s estate is managed, with a probate property being one that belonged to the deceased prior to them passing away.
Selling a probate property is different to selling a typical home as there are several legal steps that will need to be carried out by those that have inherited the property when settling the deceased’s estate. This will involve the executor of the will and the beneficiaries of the estate, but ultimately the final decisions will be made by the executor.
Can You Sell a House Before Probate in Cardiff?
The short answer is no, a Cardiff property cannot be sold prior to probate being established.
However, a property can be valued and put on the market before a grant of probate has been completed. It’s worth bearing in mind that it can take 12 weeks or more for probate to be granted, so many people tend to have a property valued and placed on the market as soon as possible to prevent unnecessary delays.
How To Sell a Probate Property
Selling a probate property may seem overwhelming, particularly when grieving the death of a loved one. For this reason, we’ve put together a simple 5 step guide below to selling a probate property in Cardiff:
Register Death
The first step you’ll need to take when selling a probate property is to register the death of the deceased.
This can be completed via your local council or online and is necessary when selling a probate property as the death certificate will be required as part of the probate application. You’ll also be required to show an original copy of the deceased’s Will.
Carry Out House Valuation
The next step you’ll need to take is having the property valued. This is important as you’ll need the information when applying for a Grant of Probate (more on this in the following section).
Make sure to have the property valued by at least 2-3 estate agents to determine an average property price. The average figure can then be used in your application for probate.
It’s also worth having the property valued because this means you can arrange for it to be placed on the market; while a property cannot be legally sold before probate is granted, it can be placed on the open market which may save you some time in the long run if the probate application process takes some time.
Grant of Probate
Applying for a Grant of Probate is the next step when selling a probate property in Cardiff.
A Grant of Probate (otherwise known as a grant of representation) is a document that confirms that the executor(s) of a Will are authorised to manage the assets of someone that has passed away and is necessary for dividing assets from a deceased person’s estate including selling any property they may have owned.
You can apply for a Grant of Probate online or by post, or you can instruct a solicitor to carry this out on your behalf.
It’s likely that a Grant of Probate will not be necessary if the deceased is your husband/wife and the property in question was held in joint names.
Inheritance Tax Forms
Lastly, you’ll need to complete the relevant inheritance tax forms which will include the valuation of the deceased’s estate. Inheritance tax must be paid before probate will officially be granted, which is why it’s important to fill these forms out as soon as possible to avoid any delays in probate being completed.
Inheritance tax is payable on estates worth over £325,000, at a value of 40% over this amount. This threshold may increase to £500,000 if an estate is left to children/grandchildren of the deceased.
How Is Selling a Probate Property Different from Selling My Own Home?
Selling a probate property in Cardiff is very different to selling your own home, as there are significantly more legal steps that need to be taken before the property can be sold.
Here are a few key differences that you’ll need to be aware of when selling a probate property rather than your own home:
- Grant of Probate is necessary when selling a probate property – As mentioned above, you’ll need to apply for this before a property can be legally sold. This document confirms that the executor of the deceased’s Will has authority to manage the estate, and is vital when selling a probate property in Cardiff.
- Inheritance tax is payable on inherited properties – If you’ve inherited a probate property from a family member, you’ll need to complete inheritance tax forms and pay any inheritance tax due before probate will be granted. This step isn’t applicable when selling your own home.
- The selling process may take longer when selling a probate property – It’s well known that probate properties can take longer to sell than standard homes. This is because probate can take over 12 weeks to be confirmed, which may affect a property sale as the property cannot be legally sold without probate. It’s worth getting your property valued and listed on the open market to reduce the chance of delays occurring later in the process, and account for at least 3 months for a property sale to complete just in case.
How We Buy Any Home Can Help
If you’re selling a probate property in Cardiff and are feeling overwhelmed, why not reach out to We Buy Any Home? As the biggest online cash property buyer in the UK, we have many years of experience helping homeowners to sell probate properties in the Cardiff area. We understand the intricacies of this situation and can help you to achieve a great valuation on your home, while also providing a quick house sale.
You can apply for a free, no-obligation cash offer for your property via our website, and you could receive your property funds in as little as 7 days. We’ll even cover the cost of your legal representation for the course of the property sale, as well as surveyor costs you may incur throughout this process.
Get a free cash offer for your probate property today and get the ball rolling on your property sale!
