Inheriting a house can be a bittersweet experience. While you’re dealing with the loss of a loved one, you might also be eager to move into your new property. But can you actually move in before probate is complete?
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The Probate Process and Your Inherited Home
Probate is the legal process of validating a will and administering an estate after someone passes away. During this time, the deceased’s assets, including any property, are in a sort of limbo. This leads to the question: Can I move into an inherited house before probate?
The short answer is that it’s not typically recommended to move into an inherited house before probate is finished. Legally, you’re quite limited in what you can do with the property until probate is complete. However, there are some exceptions and considerations to keep in mind.
Exceptions to the Rule
In some cases, you might be able to move into the inherited property before probate if:
- The will explicitly states you can occupy the property
- The executors agree to let you move in
- You were already living in the property with the deceased
If you find yourself in one of these situations, it’s still wise to tread carefully and follow some important guidelines.
Tips for Occupying an Inherited Property During Probate
If you do move in before probate is complete, here are some useful tips to follow:
- Keep the property in good condition
- Don’t make any significant changes or renovations
- Allow executors and valuers access when needed
- Continue paying bills and council tax
- Inform the insurance company about the change in occupancy
Can You Move into an Inherited House Before Probate?
Moving into an inherited house before probate can result in disputes between beneficiaries and Executors. Therefore, it is recommended to gain approval of all parties. Legally, you can’t do much with the property until probate is complete.
What are the legal considerations for moving into an inherited house?
The executor of the estate has the responsibility for safeguarding estate assets, and they may agree that it is best for the house to be occupied to ensure insurance and maintenance are handled properly:
If the Will specifically states you can occupy the property, or if the executors agree to let you move in, it might be possible. But you’ll need to follow some strict rules:
- Keep the property in good nick
- Allow executors and valuers access when needed
- Pay all bills and council tax
- Don’t make any big changes to the property
- Potentially pay rent
The Risks of Moving In Too Soon
Moving in before probate can lead to some sticky situations:
- Legal disputes if other beneficiaries object
- Potential tax implications
- Difficulties if you need to sell the property later
Factors That Affect Your Mortgage Eligibility
Your ability to obtain a mortgage on an inherited house depends on several key factors:
- The property’s value: Lenders will assess the value of the inherited property to determine how much they’re willing to lend you.
- Outstanding debts: If there are any existing debts or liens on the property, these will need to be settled before you can secure a mortgage.
- Your credit score: As with any mortgage, your credit score plays a significant role in determining your eligibility and interest rate.
- Your income and employment: Lenders want to see that you have a stable income and can afford the monthly mortgage payments.
It’s worth noting that if you inherit a house with an existing mortgage, you’ll need to continue making payments to avoid repossession.
Inheriting a property with a mortgage?
If the inherited house has a mortgage, you’ll need to keep up with the payments to avoid repossession. Most lenders offer a grace period during probate, but it’s best to contact them early to discuss your options.
When inheriting a property, you might also inherit a mortgage. Here are some key points to consider:
- Mortgage Payments: Most lenders offer a grace period to suspend repayments until probate is complete and the property is in your name.
- Buy to Let Mortgages: If you plan to rent out the property, you’ll need to consider buy to let mortgage options, which typically require a 25% deposit.
- Owner-Occupier Mortgages: If you plan to live in the property, you’ll need an owner-occupier mortgage, which may offer better interest rates than unsecured loans.
- Government Schemes: Lifetime ISAs can be a useful tool for first-time buyers, but they might not be directly applicable to inherited properties.
This table summarises different mortgage options
| Mortgage Type | Deposit Required | Interest Rates |
|---|---|---|
| Buy to Let | 25% | Varies |
| Owner-Occupier | Varies | Better than unsecured loans |
| Lifetime ISA | N/A | N/A |
Can I Register the Inherited House as My Address?
Yes, you can register the inherited house as your address, but it’s best to wait until probate is complete to avoid any legal complications. If you need to register the address for a mortgage application, it’s advisable to consult with the executors and solicitor first.
What Happens After Probate?
Once probate is complete, you’ll have more freedom to decide what to do with the inherited property. You could:
- Move in and make it your home
- Sell the property
- Rent it out for income
Each option has its own financial and legal implications, so it’s worth considering carefully.
How Does Inheritance Tax Affect My Mortgage Application?
Inheritance tax is calculated on the net value of the estate, excluding any outstanding mortgage. This means the mortgage debt is deducted from the property’s value before calculating the tax.
What If You Don’t Want to Keep the Property?
If you’ve inherited a house but don’t want to keep it, you have options. You could sell it on the open market, but this can be a long and stressful process.
Alternatively, you could consider selling to a property buying company like Property Saviour. We offer a quick, hassle-free sale process, which can be especially helpful when dealing with inherited property.
Can I Empty the House Before Probate?
No, it’s not recommended to empty the house before probate. Legally, you should wait until probate is complete to clear the house or do anything with the contents.
How Long Does Probate Take?
Probate can take several months to over a year to complete, depending on the complexity of the estate and whether there are any challenges to the Will.
Inherited Property? Sold!
When it comes to selling an inherited property, the emotional and practical challenges can be overwhelming. Traditional routes such as estate agents and auctioneers often come with their own set of drawbacks, including lengthy sales processes, potential price renegotiations, and high fees. In contrast, selling to a reputable cash buying company like Property Saviour offers a streamlined and stress-free alternative.
Property Saviour understands the emotional journey of selling an inherited property and provides a supportive and empathetic service. Our team helps you through the process with care and respect, ensuring a smooth and respectful transaction. Unlike traditional estate agents, Property Saviour can complete the sale quickly, often within 28 days, and without the need for a ‘For Sale’ board or the uncertainty of auction outcomes. Once the price is agreed, there are no further negotiations, and your solicitor’s fees are covered.
Choosing Property Saviour means opting for a hassle-free solution that allows you to unlock immediate benefits and achieve peace of mind. You won’t have to worry about making repairs or upgrades to the property, as we will take it as-is, saving you time and money. This convenience makes Property Saviour a reliable choice for those looking to sell their inherited property quickly and efficiently.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
