Probate Property Sales Solicitors Liverpool & North West London
Selling a house that is subject to probate is very different from selling a house in everyday circumstances. Probate sales need careful planning to ensure that the legal obligations of applying for probate are balanced against the timing of a conveyancing transaction. Our team of specialist conveyancing lawyers can guide you through the process during what can often be a difficult and sensitive time. Contact us today.
Joint Tenancies and Tenants in Common
If the deceased’s property was owned as a joint tenancy with a surviving husband or wife, ownership will automatically transfer to the survivor and no sale will take place unless the survivor wishes to sell.
If the property was jointly owned as tenants in common, however, the deceased's share will pass to the named beneficiary if there is a Will or the next of kin if there is no Will. It may be that the beneficiary or next of kin wishes to sell the house to realise the proceeds of sale.
Who is responsible for arranging the probate sale?
If there is a WIll, the Executor will be responsible. If a person dies intestate (without a valid Will), the duties will fall to the next of kin.
How long does a probate sale take?
Probate sales take longer to conclude than a standard house sale because probate must be granted before the sale is completed. This applies whether there is a Will or not.
While a house can be put on the market before probate is granted, the exchange and completion of the property transaction cannot take place until the grant is obtained. It can take approximately eight weeks for probate to be granted and longer if enquiries are raised by the Probate Registry or if inheritance tax is payable on the estate.
Valuations and Inheritance Tax
It will be necessary to have the house valued for probate purposes. It is standard practice for three valuations to be obtained so that the market value can be included in the inheritance tax calculation sent to the Probate Registry as part of the application for probate.
If the house later sells for more than the valuation declared to the Inland Revenue, evidence may have to be provided to explain the shortfall. If the property sells for substantially less than the declared value within four years of the property owner's death, an application for a tax rebate can be made to the Inland Revenue if inheritance tax was paid on the estate.
Contact our Probate Conveyancing Lawyers Liverpool & North West London
We recognise that it can be difficult parting with a home that may hold special memories for those who are recently bereaved. At Gregory Abrams Davidson Solicitors, our team of probate conveyancers have many years of experience and will offer sensitive support and guidance throughout the transaction. Speak to our specialist team today for further advice and information.