Losing a loved one is never easy. Dealing with the probate process which follows can be an additional source of stress. If you are tasked with selling a house tied up in probate, you’ll find that there are many steps and legalities to be aware of. Before long, you may find yourself asking how long the probate process will take so that you can sell the house. In Leicester, the average time frame is similar to the rest of the UK at 6 to 12 months. Although the process can take longer depending on certain circumstances.
In this article, we’ll delve into the probate process in Leicester in detail, exploring each step and the expected duration. We’ll also provide an estimate of how long it will take to sell the property, factoring in the probate process. Additionally, we’ll introduce a quick and efficient method to sell a probate property in Leicester.
What is probate and why does it matter for selling a house in Leicester?
Probate is the legal process that occurs after someone passes away. During this process, the assets of the deceased are distributed amongst the beneficiaries. The executor of the estate is responsible for ensuring that the wishes of the deceased are carried out.
However, before a house can be sold in Leicester, the executor of the estate must obtain a grant of probate. This step can often take the longest during the probate process but is necessary to proceed with the sale of the property.
How long does probate take near/in Leicester?
Probate involves several key steps that can either lengthen or shorten the total duration of the process. Depending on the complexity of the estate, probate can take as little as six months or as long as over twelve months to complete. Additionally, the duration of probate will be impacted by the time it takes to sell the house. Factors like the current property market may affect the likelihood of getting a quick and efficient sale.
Steps of the probate process
Identify the executor of the estate
The first step of the probate process involves identifying the executor of the estate, who is typically named in the deceased’s will. In cases where no will is present, the court will appoint an executor. However, waiting for the appointment of an executor by the court may prolong the probate process.
Gather information and assets
Next, the executor will have to gather information about the assets of the deceased including any property they own. This will require reviewing financial records and contacting relevant institutions to obtain information.
Value the estate
The next step in the process is for the executor to value the estate. This will take into account any debts or taxes owed.
Apply for a grant of probate
The final step before a property can be sold under the probate process is for the executor to apply for a grant of probate. This is a legal document which recognises the executor’s authority in acting on behalf of the estate.
Get property sold
It is only at this point that the property can be sold. The executor can choose to sell on the open market or through a cash house buyer. However, the executor must be sure there are no surviving joint owners or clauses that prevent the sale of the property. Additionally, the executor must ensure they are acting in the best interests of all beneficiaries.
Settle debts and taxes and distribute assets
Once the property has been sold the executor can use the funds to settle any outstanding debts and taxes. Any money remaining must then be distributed amongst the beneficiaries.
How long does a house sale take once probate is granted?
Once the executor has received the grant of probate, they may choose between two options for selling the house. The first option is to sell on the open market using the traditional method of hiring an estate agent. This involves listing the property and hosting multiple visits and negotiations before the final sale can occur. However, it’s important to note that selling on the open market can take time, particularly in Leicester where properties remain on the market for an average of 141 days. This means that there will be a minimum of four months added to the probate process, which can extend the overall process to over a year.
The second option is to work with a cash house buyer like us at WeBuyAnyHome. We offer a free cash offer based on the current market value of the property, regardless of factors such as location or property condition. This ensures a straightforward, no-hassle sale. In fact, we can complete the sale in as little as seven days, minimising further delays and allowing you to sell your house fast.
The probate process can take up to 12 months, while selling a house – regardless of whether it’s a probate property or not – typically takes a minimum of four months. Therefore, selling a probate property in Leicester can take at least 16 months when using the traditional route of selling on the open market.
However, if you use a cash house buyer like us at WeBuyAnyHome, you can have the probate property sold in as little as 7 days while still getting a sale price that is based on the current market value of the property..
Get in touch now to receive your free cash offer.