There are many reasons you may want to sell a house before probate. In most cases, people don’t want to inherit property and would rather just sell it to get its cash value to pay off debts, improve their own home, or bump up their retirement fund.
With that said, selling a house in probate isn’t as straightforward as many would like. So, if you’ve recently inherited a property or are about to, you probably want to find out more about selling a house that is still in probate in Liverpool. To help you get all the right information, below, we’ll go over some of the most important details, some of which include:
- How long it takes to sell a house in probate in Liverpool
- How long probate takes in Liverpool
- How much a probate costs in Liverpool
But before we do any of that, let’s first take a look at what probate even means in terms of inheriting a property.
What Is Probate?
Before we get into the details of selling a house in probate, it’s best we discuss what probate is. This is the legal process of transferring the property or estate of a recently deceased person to the beneficiaries and ensuring that their final will is followed. Or, if there is no will present, the person’s estate is distributed according to the laws of inheritance in the UK.
The probate process varies from jurisdiction to jurisdiction. Here are the basic steps of probate in the UK to give you a better idea of what to expect if you’re inheriting such a property.
Finding the Will and Executor
To start the process, the deceased person’s will must be found. If there is a will present, it’s typically available with their legal team or placed in safe hands. From there, they will also look for the executor who may be stated in the will. If no one is appointed as the executor in the will, the court will appoint a trusted friend or family member of the deceased person.
Payment of Debt and Taxes
Before distributing the deceased person’s estate, the estate will be used to pay off any of the debt and taxes left behind by the person. This is to ensure that the beneficiaries of the estate will not encounter any legal trouble after inheriting the property or the assets.
Executing the Will
Once the debts and taxes have been settled, the executor can then execute the will and distribute the assets accordingly. Ideally, the will should clearly state the beneficiaries of the estate and who ends up inheriting what.
If the will is unclear or certain parties are dissatisfied with it, then the next stage is settling the disputes. This may take a fairly long time, depending on the severity of the case, and can take anywhere between a few months to more than a year.
Receiving the Grant
Once all disputes are settled, the parties named in the will or those determined by the court to be the true beneficiaries in the eyes of the law will receive a grant. From there, the property and estate are legally theirs, and they may sell, exchange, or develop it as they please.
How Long Does It Take to Sell a House in Probate?
If you’re looking to sell a house in probate, you will have to wait for the Grant of Probate before you can finalise the sale and officially transfer the property. From the time you file for the grant, it may take between 6-12 weeks before you receive it if there are no disputes. You may only file for a grant if you are named as the beneficiary in the will or if you’re the closest relative of the deceased person and they did not leave a will.
That said, beneficiaries may start the selling process before receiving the grant. This means that they may get the house appraised, find a real estate agent, and even list the property on the market. However, whenever an interested party makes an offer, the owner may not accept the offer until they receive their grant.
So, if you plan on selling a house in probate, you can expect to wait between 6-12 weeks before receiving the grant. That’s why we recommend applying for the grant as soon as possible, as it may take some time to find the right buyer for your property.
How Long Does Probate Take in Liverpool?
The probate process in Liverpool is the same as in any other city in the UK. If you were named the official beneficiary of someone’s estate in their will or if there’s no present will, and you’re the closest living relative, you may file for a grant of probate.
From the date of filing, you can expect to wait between 6-12 weeks before receiving your grant. However, if there are any disputes over the property or if the property was owned by multiple parties who are still alive, then you may not be able to file for a grant of probate.
How Much Does Probate Cost Near Liverpool?
Probate fees in Liverpool may vary depending on the size of the estate, the lawyers you hire, and other factors. It can be anywhere from a few thousand pounds to tens of thousands (including VAT). Again, fees are typically based on the value of the entire estate, so it’s best to get a quote from a lawyer to get a better estimate of how much you need to spend.
Can a House Be Sold Before It Goes to Probate?
No, houses that don’t have the grant of probate cannot be sold in the UK. However, they can be listed, and interested buyers may view the property and make offers. The catch is that the seller may only accept and finalise the deal once they have received the grant.
Can You Exchange On a Property While Waiting For Probate?
Laws for exchanging properties in the probate process are similar to the rules of selling a property. While you can list the property and start the exchange process, you cannot finalise any deals if you don’t have your grant of probate.
Have you recently inherited a property that you want to sell? At We Buy Any Home, we can help you sell your house fast in Liverpool. If you sell your property through We Buy Any Home, we’ll also help you navigate the whole probate process and ensure that it’s finalised as smoothly as possible.