When a loved one passes away, the legal process of distributing their assets, including property, begins. In the UK, this process is known as probate. But do you need probate to sell an inherited property? In this article, we’ll explore the ins and outs of selling an inherited property in the UK, including whether or not probate is required.
What is Probate?
Probate is the legal process of distributing a deceased person’s assets. It is a court process that ensures the will is valid, the executor is appointed, and the assets are distributed according to the will. If there is no will, the court will appoint an administrator to distribute the assets according to the laws of intestacy.
During the probate process, the executor or administrator will need to locate and value the deceased’s assets, pay any outstanding debts and taxes, and distribute the remaining assets to the beneficiaries according to the will or laws of intestacy.
Do I Need Probate to Sell an Inherited Property in the UK?
Whether or not you need probate to sell an inherited property in the UK depends on a few factors, including the value of the estate and the way in which the property is held.
If the estate is worth less than £10,000, you may not need probate to sell the property. However, if the estate is worth more than £10,000 or includes property, you will likely need probate to sell the inherited property.
If the property is held jointly, such as in a joint tenancy, the surviving owner automatically inherits the deceased’s share of the property. In this case, probate may not be necessary to sell the property, as the surviving owner already has legal ownership.
If the property is held solely in the deceased’s name or as tenants in common, probate will be required to transfer ownership to the beneficiaries before the property can be sold.
How to Sell an Inherited Property
Once you’ve determined whether or not you need probate to sell the inherited property, the process of selling the property is similar to selling any other property.
First, you’ll need to value the property. This can be done through a professional valuation or by researching similar properties in the area.
Next, you’ll need to hire a solicitor to handle the legal aspects of the sale. Your solicitor will help you obtain any necessary documents, such as the grant of probate, and will handle the transfer of ownership.
You’ll also need to hire an estate agent to market the property and find potential buyers. They will handle viewings, negotiations, and the sale process. Here at sell my house swiftly we help and guide clients to sell their inherited houses.
Once a buyer has been found and an offer has been accepted, the solicitor will handle the exchange of contracts and the transfer of funds. The property will then be officially sold, and the proceeds will be distributed to the beneficiaries. For better understanding of probate read here.
Benefits of Selling an Inherited Property
Selling an inherited property can have several benefits, including:
- Cash in hand: By selling the property, you’ll have access to the cash value of the property. This can be used to pay off debts, invest in other properties, or for any other financial need.
- Avoiding maintenance costs: If the property has been left empty for a while, there may be maintenance costs to consider. By selling the property, you can avoid these costs.
- Avoiding inheritance tax: Inheritance tax is payable on estates worth over £325,000. By selling the property and distributing the proceeds to the beneficiaries, you can potentially reduce the inheritance tax bill.
- Equal distribution: If there are multiple beneficiaries, selling the property and distributing the proceeds can ensure that each beneficiary receives an equal share.