Verisona conveyancing is part of bpl solicitors. We have a number of offices located in the North of England and we can support you when you are selling a probate property.
Understandably, dealing with a probate property sale is distressing. At Verisona Conveyancing, we always take these challenging times into account and make sure we our clients are cared for to ease additional upset.
Depending on the situation, you might find that you do not need to apply for probate. If the estate was jointly owned, you will not have to apply as these would be passed over to the surviving owners automatically. It is best to speak to the financial organisation (bank or advisor) of the deceased for clarification if you are unsure.
You will be unable to exchanged and complete on a property transaction until probate has been granted. You will be advised to at least start the probate process when instructing an estate agent as it will take a couple of months for the grant to come through and if the case is complex, it may take even longer. This means you might find it difficult to find a buyer right away.
Applying for the legal right over someone’s estate is understandably difficult for most people. You don’t need to instruct a solicitor to carry this out but you will always be advised to have one as it will minimise the paperwork, distress and difficult conversations when organising a loved one’s belongings. Verisona Conveyancing has a dedicated team to make sure the process is as easy as possible to avoid unneeded distress.
When applying for probate, you will need to get the property valued by three different estate agents, whether or not you decide to sell.
Depending on the value of the inherited estate you may have to pay inheritance tax at the rate of 40% if the figure is more than £500,000. If you plan to sell a property at a later date, you might have to pay capital gains tax on the increased value since the probate value.