It is never easy when dealing with the death of a loved one, even if it was expected at the end or you had been mentally preparing for it. It is an unfortunate part of life though that often whilst grieving we are forced to turn our attention to the issue of inheritance, and if a property is involved, then the dreaded probate issue needs to be tackled head-on, no matter how much we want to ignore it and grieve.
We all know that selling a home is one of the most stressful things in life at the best of times, but selling an inherited property can be even more stressful as certain legal steps must be followed and you are often required to seek professional help and guidance to ensure you do not risk being fined if you miss any requirements.
Selling inherited property is not a nice process for most emotionally. Add legal requirements to it and it can seem impossible to comprehend. But don’t worry. A home buying company such as We Buy Any Home can do all the work for you, so you can focus on what matters. If you need a quick, guaranteed sale for an inherited property, don’t hesitate to get in contact. As cash house buyers in Wales, we are skilled in handling probate issues and will be able to help you get a solution fast.
Here we will look at the steps you need to sell an inherited home and how our service can help.
Probate is a complex issue that can be broken down into five stages. Once you understand this, it is easier to find out what you can and can’t do during the process.
The first thing to do is identify and evaluate all the deceased’s assets, including their property, investments, and possessions. You’ll also need to be clear about any outstanding debts or liabilities. Additionally, it is necessary to determine who is entitled to inherit what, which may involve reviewing the terms of the will and meeting up with family or friends to discuss it.
Next, you will need to pay any applicable Inheritance Tax to HM Revenue & Customs (HMRC) and file the Inheritance Tax return. You’ll also need to apply for a grant of representation which gives you or the qualifying person the legal authority to manage the estate.
The third phase of probate is focused on the requirement to settle any outstanding debts or liabilities, pay final estate administration expenses, and report to HMRC for any additional Inheritance Tax, Income Tax, or Capital Gains Tax that may be owed.
Next, you will be required to prepare the estate accounts. These accounts are then submitted to the personal representatives (usually the executor appointed in the will) for approval.
Assuming there are no challenges or complications, phase five involves distributing the assets to the beneficiaries.
Probate is usually needed in Wales when the person who died owned property or significant assets in their sole name.
Can you sell a house while going through probate?
In Wales, the need for probate will depend on how the property was owned. If the house was owned solely by the deceased, then probate will be necessary to sell it. This is very common as often a final surviving parent passes, leaving the property to their children. However, if the property was owned as joint tenants and the surviving co-owner wishes to sell it, they can do so with a copy of the death certificate. This could happen when an elderly relative loses their spouse and needs to sell the home to pay for residential care.
On the other hand, if the property was owned as tenants in common, then probate will be required to sell the house.
How long before I can sell a house in probate?
Unfortunately, this is not a quick process. After submitting a probate application, the process can take anywhere between six to twelve months or even longer if the estate is particularly complex. It can take up to four months to work out how much tax is owed on the property alone, which is often cause for frustration. To ensure that the process is as smooth as possible, it’s crucial to maintain regular communication and pay any inheritance tax due promptly and you may be lucky enough to avoid some delays.
For most people previously there is no way around, this until now. Cash house buyers like We Buy Any Home can buy properties going through probate in weeks if not days.
How long does probate take in Wales?
Like England, the process in Wales can be lengthy. On average, the probate process takes around nine months, although it can take up to a year in some cases where lots of interests are in play and tax needs to be worked out. In some instances, probate can be settled within six months, but this is relatively rare, and most people are not able to complete it in such a timeframe.
If the estate is relatively straightforward and the deceased person had an organised will, then six months is a reasonable timeframe to work with. However, if there are disputes between beneficiaries or if there is no will, then probate can take longer than twelve months. It’s essential to work with a probate professional to ensure that the process is handled efficiently and that the home can be sold within a reasonable timeframe.
We Buy Any Home are cash house buyers that offer a convenient, quick way to sell your property fast. We purchase your property quickly in any timeframe. No fees, no hassles, and no delays. You can trust us to sell your property quickly and smoothly. Call us now for some more information and let us help you forget about the stresses of probate and get on with your life.