Dealing with the death of a loved one is never easy. It can leave you feeling drained and can put stress on you and your family. This is why many people dread the issue of probate even if they are lucky enough to inherit property from the deceased. Selling a property that is inherited is more difficult than selling your own home for a variety of reasons, not least because of the issue of probate. Some certain legal obligations and steps must be undertaken – it is not as easy as just putting it up for sale and banking the profit like you would your own home, and the process can take over a year in some cases. This is why many people turn to cash house buyers like We Buy Any Home, as our service can bypass these long, drawn-out processes and you could sell in as little as 7 days.
Here we will look at the steps you need to sell an inherited home and what your options are whatever you do decide to do.
What is Probate?
Probate in Stoke is the process you’ll need to deal with after someone passes away. It’s all about managing their estate, which includes their money, belongings and of course, property. The main goal is to make sure everything is taken care of properly and legally—like paying any debts or taxes—and then sharing what’s left with the people named in the will or according to legal rules if there’s no will.
The whole thing starts with getting a grant of probate (if there’s a will) or a grant of letters of administration (if there isn’t). This gives the executor (the person named in the will) or administrator (appointed when there’s no will) the go-ahead to deal with the estate. They’ll be in charge of tasks like accessing bank accounts, selling property, and sharing the remaining assets with the people who are supposed to get them.
Applying for Probate
Before applying for probate, you’ll have to estimate the value of the estate as you may need to pay tax on it. The current threshold is £325,000 for an individual and £650,000 for a couple. Anything over these amounts will be taxable. You might even need to pay some tax before probate is granted.
To apply for probate, you’ll need documents like the will and death certificate to hand. Without them, things get even trickier.
Waiting for Probate
You can’t sell a home without probate, but you can put it on the market to get things moving and speed the process up a little. Even if you find a buyer fast, you still must wait for probate to finish the sale.
While waiting, make sure the property is insured and protected. Most home insurance doesn’t cover empty properties for more than 30 days, so you’ll need separate insurance. Also, consider occasionally heating and airing the property to keep it fresh and appealing to buyers.
Selling a Probate Property
As an executor or administrator, you must sell the property at its market value if there are other beneficiaries. It is recommended that you get three valuations from local agents and average them out. Selling for less could lead to legal action from beneficiaries wanting their share of the difference unless everyone agrees.
How long does it take to sell a property in probate in Stoke?
Probate might take anywhere from a few weeks to a whole year, but having a will in place can simplify the process. You have the option to apply for probate on your own or enlist the help of a solicitor – for a fee. Keep in mind that probate isn’t necessary in cases of joint ownership. If you share the property with a spouse, civil partner, or any other relative, the deceased’s portion automatically transfers to you.
However, remember that you are not guaranteed a sale on the open market. Estate agents will also take a commission and you’ll need to pay certain legal fees. The chances are by the time you get the profits your share may not be as large as you had hoped.
How to Sell an Inherited Property in Stoke Fast
With probate taking so long and fees eating into profits, many people look for quicker ways to speed things up, and one way is to use a cash house buyers service such as We Buy Any Home. A fast house sale company serves as a convenient solution for swiftly selling an inherited property. Although you may not receive the full market value, opting for a property-buying company removes a lot of hassle. There’s no need to stress about listing the property, organizing viewings, or covering legal expenses.
Dealing with inherited property can present unique challenges, especially during an already tough period. A home buying company like We Buy Any Home can handle everything for you, allowing you to concentrate on what’s important. If you just want the whole process done and dusted as fast as possible, then this is a good option to explore. Contact us below for more information on how we can sell your Stoke home fast.