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Selling Inherited Property After Probate

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It is great news that you have received a Grant of Probate or a Letter of Administration and now wish to sell your inherited property after probate.

What would you spend your inheritance on?  Perhaps paying off that mortgage and taking life a little easier.  Help your children get on the housing ladder or a long overdue holiday!

One important decision you’ll need to make is whether to sell the inherited property or keep it.

In this comprehensive guide, we’ll explore the process of selling an inherited property after probate, weighing the pros and cons to help you make an informed choice.

Let me begin by sharing a personal anecdote. A few years ago, my aunt passed away, leaving her modest flat in London to me and my cousins. Initially, we were unsure about what to do with the property. After careful consideration and seeking professional advice, we decided to sell it.

The process was not without its challenges, but with patience, we completed it successfully.

Table of Contents

Understanding Probate

Probate is the legal process of validating a will and granting the executor the authority to distribute the deceased’s assets, including property, according to their wishes. You cannot sell an inherited property until probate has been granted unless your name is already on the deeds, such as in the case of a spouse.

The probate process can take anywhere from eight weeks to a year, depending on the complexity of the estate. It’s not uncommon to put the property on the market while waiting for probate to be finalised, allowing for a quick sale once it’s completed.

Challenges and Solutions When Selling an Inherited Property

Selling an inherited property can come with its own set of challenges. Here are some common issues people face and potential solutions:

 

Emotional Attachment

Challenge: It can be difficult to part with a property that holds sentimental value.

Solution: Take your time to make the decision. Consider keeping a few mementos from the property to preserve memories.

 

Disagreements Among Beneficiaries

Challenge: Conflicts can arise if multiple beneficiaries have different opinions on what to do with the property.

Solution: Engage in open communication and consider mediation to reach a consensus. Legal advice can also help clarify rights and options.

 

Property Condition

Challenge: Inherited properties may require significant repairs or renovations.

Solution: Decide whether to sell the property “as is” or invest in necessary repairs. 

Steps to Selling an Inherited Property

Regardless of the route you choose, there are several steps involved in selling an inherited property after probate:

  1. Read the Will: Start by reading the will to understand how the property has been distributed and who the beneficiaries are.
  2. Apply for Probate: The executor must apply for probate, which involves completing forms and providing necessary documentation.
  3. Pay Inheritance Tax: If the estate’s value exceeds the threshold, you’ll need to pay inheritance tax before selling the property.
  4. Prepare the Property for Sale: Clear the property of its contents, make necessary repairs or renovations, and stage it for potential buyers.
  5. Choose Your Selling Route: Decide whether to sell with a property buying company like Property Saviour or through a traditional estate agent.
  6. Complete the Sale: Once an offer is accepted, work with solicitors to finalise the legal paperwork and transfer ownership.
  7. Pay Capital Gains Tax (if applicable): If the property’s value has increased since the initial valuation for inheritance tax purposes, you may need to pay capital gains tax on the profit.
selling inherited property after probate
You may wish to buy out your siblings' share if they want to sell.

How long does it take to sell a house after probate?

The average time to sell a house in the UK is at least four months. If you wait until probate is granted to begin the selling process, you can expect it to take this long.

In some instances, selling probate property may take longer, especially if the house is in poor condition.

What happens if I inherit a house with siblings and one of them doesn’t want to sell?

If you inherit a house with siblings and one of them doesn’t want to sell, you have three main options:

  • See if your sibling would be willing to purchase your share in the property (a “buy out”).
  • Rent out the property to your sibling.
  • Apply to the court for an “order for sale”.

Different Methods of Sale

When it comes to selling an inherited property, there are several options to consider.

Let’s compare the pros and cons of selling with a property-buying company like Property Saviour versus selling through a traditional estate agent.

Selling RouteProsCons
Property Saviour– Speed
– No Estate Agent Fees
– No Surveys or Valuations
– Guaranteed Sale
– Legal Fees Covered
– Potential Lower Sale Price
– Limited Negotiation
Estate Agent– Potential Higher Sale Price
– Negotiation Opportunities
– Longer Selling Process
– Estate Agent Fees
– Uncertainty

Probate House Clearance for free?

We can offer you a probate house clearance for free!

If we buy your property, we will offer you free house clearance.  This can save you thousands of pounds. We will donate whatever we can to the British Heart Foundation and other local charities.

selling house through probate

Why Choose Property Saviour?

We would be delighted to buy your property even if it has a missing kitchen, no central heating system, structural issues, or even a few holes in the roof!

As long as your property is in England or Wales, we are interested in buying it. We buy all types of properties for cash. Contact us today by completing our form or on 0113 320 6700 today.

We will exchange contracts to give you peace of mind. We are genuine cash buyers who are specialists in buying probate property.

Looking to immediately settle probate?

Once you have received a Grant of Probate, we can begin the process to sell your property fast.  Why not get a free offer for your property today?

auction hammer

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.
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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

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.

Sell with certainty & speed

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