Probate is essentially the process of applying for the right to deal with a loved one’s estate after they have passed away. Their estate may include a property, a car, bank accounts, jewellery, or collectables such as art. You can only apply for a Grant of Probate to sell an inherited property if you are named as the Executor on the Will.
What does a Grant of Probate mean?
A Grant of Probate gives the name Executor in the Will, legal powers to sell a property, close any bank accounts and distribute proceeds between beneficiaries.
How long does Grant of Probate take in 2022?
Online applications for a Grant of Probate are currently taking up to two months to process. Postal applications can take much longer. The delay is because of a backlog of applications since the start of the Covid-19 pandemic.
What does a Grant of Probate look like?
How to apply for a Grant of Probate?
You can apply for a Grant of Probate yourself or if you prefer to appoint a solicitor. Before you post any forms, you will need to establish assets and liabilities left by the deceased. This means adding up the value of property, bank accounts, investments, and personal possessions. You’ll also need to tally up any loans, credit cards and mortgages that are outstanding. You can read how to value probate house and its content in our easy-to-follow guide.
You can apply for probate either by yourself or through a solicitor, if you prefer. Before you send off any forms though, there are certain things you need to check first.
Now that you have got that all wrapped up, you will need to officially apply for a Grant of Probate. You can do this by:
You will need to establish what the estate is worth. Then based on the value of estate, you may need to pay inheritance tax. But even if there is no tax to pay you will still need to fill out an inheritance tax form.
Once all forms are completed, you will need to send your application to the probate registry office ideally as a recorded delivery. Your documents will need to include:
- Probate application form PA1
- Inheritance Tax form
- The death certificate
- The original Will and 3 copies – and any amendments to it
- The application fee of £215 – there is no fee if the estate is worth less than £5,000
You will be sent an Oath by the Probate Office. This Oath can only be witnessed by either a commissioner for Oaths such as a solicitor or your local Probate Office. There is a charge for this.
This Oath is a legally binding document and you will promise that all the information you have provided is the absolute truth.
What happens after a Grant of Probate?
Once you have received a Grant of Probate as an Executor, you can now:
When do you need a Grant of Probate?
Applying for Probate is not necessary in the following circumstances:
How long after Grant of Probate is money released?
It is a legal duty of the Executor to ensure that estate bills are settled before inheritance can be distributed. Estate bills can include:
Bank accounts can normally be closed within five to ten working days. If you have an inherited property to sell, this can take months or years to sell particularly if the property requires updating or the buyer requires a mortgage.
This is not an issue for Property Saviour. We can buy your inherited property within 10 days or quicker and you can have the funds released via your solicitors.
How many copies of a Grant of Probate do I need?
It is best to order a minimum of 3 copies for a relatively straightforward deceased estate at a cost of £1.50 each. More copies are required if you have a complex estate where multiple parties require original sealed copies of Grant of Probate.
When do you need a Grant of Probate?
You need a Grant of Probate as an Executor to deal with affairs of the deceased if there is no surviving spouse, and they did not hold joint bank accounts or jointly owned property.
Only an Executor can apply for a Grant of Probate from the probate registry. You can find your nearest probate register office here.
Once you have obtained the Grant of Probate, it proves that as an Executor, you have the authority to deal with the deceased person’s estate, allowing the Executor access to their bank account and to share out any assets such as a property or money amongst the beneficiaries.
Once you have obtained a Grant of Probate, you can sell your inherited property. You need it to distribute inheritance amongst beneficiaries.
Did you know? You can sell your inherited property to us for a fair cash offer in any condition for a guaranteed completion when it suits you. Call us on 0113 320 6700 and let us guide you through the process of selling your inherited property.
Settling an estate can be stressful
The last thing you need is worrying about rising bills and your inheritance pot diminishing day-by-day. When the estate agents find out that they are dealing with a probate case they will be in no rush to sell the property.
We understand these challenges. Having helped hundreds of vendors, we are specialists in buying your inherited property fast and giving you a fair offer. We will clear your property free of charge and offer to pay for your empty house insurance, at our own cost. We will exchange contracts quickly, so that you do not need to worry about rising bills, and can help you settle your probate estate, reducing your bills even further. Overall, we will put more money in your pocket faster than anybody else.
We’ve got excellent reviews from people we have helped. To get your cash offer just fill in the enquiry form or call us on 0113 320 6700.