When someone dies, their property becomes part of their estate. To manage and distribute this estate, probate is often needed. Probate is the legal process of proving a will. But can you sell a property before probate is granted in the UK? Let’s find out.
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Understanding Probate
Probate is a legal process. It confirms the validity of a will. It also appoints an executor. The executor has the power to handle the deceased person’s estate. This includes their property, money, and possessions.
When Is Probate Needed?
Probate is needed when the deceased person owned property or had significant assets. If the deceased had only small amounts of money, probate may not be needed.
Who Can Apply For Probate?
The executor named in the will can apply for probate. If there is no will, a close relative can apply. They will need to get a grant of letters of administration instead of probate.
Credit: the-probate-network.co.uk
Selling Property Before Probate
It is possible to start the process of selling a property before probate is granted. However, you cannot complete the sale until probate is granted. This means you can market the property and even accept offers.
Steps To Selling Property Before Probate
Here are the steps involved in selling a property before probate is granted:
- Apply for probate or letters of administration.
- Get a property valuation.
- Choose an estate agent.
- Market the property.
- Accept offers from buyers.
- Wait for probate to be granted.
- Complete the sale once probate is granted.
Why Start The Process Early?
Starting the process early can save time. The probate process can take several months. By marketing the property early, you can find a buyer while waiting for probate.
Getting a Property Valuation
A property valuation is needed for probate. It helps determine the value of the estate. You can get a valuation from a professional surveyor or estate agent. This valuation is important for calculating inheritance tax.
Choosing An Estate Agent
An estate agent can help you sell the property. They will market the property and find potential buyers. Choose an estate agent with experience in probate sales. They will understand the process and can guide you through it.
Marketing the Property
Once you have a valuation and an estate agent, you can start marketing the property. This includes listing the property online and putting up a for-sale sign. Your estate agent will help with this.
Accepting Offers
When you receive offers, you can accept the best one. However, you must inform the buyer that the sale cannot complete until probate is granted. Most buyers understand this and are willing to wait.
Completing the Sale
Once probate is granted, you can complete the sale. This involves signing contracts and transferring ownership. Your estate agent and solicitor will help with this process.
What Happens If Probate Is Delayed?
If probate is delayed, the sale will also be delayed. It is important to keep the buyer informed. Most buyers are understanding and will wait. However, some may choose to withdraw their offer.
Risks of Selling Before Probate
Selling a property before probate is granted has some risks. The main risk is that the sale could fall through if probate is delayed. There is also a risk that the property value could change.
How To Mitigate Risks
- Keep the buyer informed about the probate process.
- Work with experienced professionals.
- Set realistic expectations for the timeline.
Frequently Asked Questions
What Is Probate In The Uk?
Probate is the legal process of handling someone’s estate after they die.
Can You Sell A House Before Probate?
No, you need probate to sell a property legally.
How Long Does Probate Take In The Uk?
Probate can take from a few weeks to several months.
What Happens If You Sell A Property Without Probate?
Selling without probate is illegal and can cause legal issues.
Conclusion
In the UK, you can start selling a property before probate is granted. However, the sale cannot complete until probate is granted. By starting early, you can save time and find a buyer while waiting for probate. Work with experienced professionals and keep the buyer informed to ensure a smooth process.