When you inherit a property in Durham that you wish to sell, you may be wondering what is probate and where to start. Probate is required when the deceased has left behind a property, and the process can be intricate. However, engaging a competent estate agent and solicitor can streamline and simplify the sale.
In this article, we’ll explain what probate is, when it’s required and how to sell a property in Durham when probate is required.
What is Probate?
Probate is the legal and financial process that deals with any assets (including money, properties or possessions) of a person who has passed away.
The process involves proving that the will is valid and confirming the executors have the authority to administer the estate of the person who has died. This includes whether you can sell the property.
What is Grant of Probate?
If you are selling a property you have inherited due to someone passing away, you will need to apply for a grant of probate before you can proceed with the sale.
This is a legal document that confirms the executors of the will can start the sale of the property and deal with any other assets of the deceased person.
When is Probate Required?
In England and Wales, probate is usually needed when:
- A person has died and owned property
- A bank or other financial institution asks for a grant of probate
How to Sell a House When Probate is Required
Arrange a Valuation
Knowing the value of the property in Durham is important when selling a home during probate. The property value will help determine the overall value of the deceased person’s estate. It’s also used to calculate how much inheritance tax must be paid.
Selling a house in these circumstance can be an emotional and challenging time. It’s important to choose an estate agent who understands the sensitivity of your situation and handles it with the utmost care and respect. At PIIM Property, we prioritise empathy and professionalism, ensuring you feel supported throughout the process.
Speak to a Solicitor
A solicitor will need to apply for a grant of probate before you can sell the property. They will identify all the deceased person’s assets whilst also confirming who will inherit the assets in the will. The solicitor will then arrange payments of inheritance tax, and granting probate ready for you to sell the property.
Many solicitors can also help progress the sale to a buyer after granting probate. If you can’t find a good solicitor, ask PIIM Property for a recommendation.
Work with an Estate Agent
Once probate has been granted and have the go-ahead from the solicitor, you can then sell the property.
Expert communication and good availability are important qualities when choosing an estate agent to progress a probate sale.
An estate agent who is responsive and keeps all parties informed can make the process less stressful. Also, an agent who is flexible and accommodating of your schedule will ensure that viewings and other necessary steps proceed efficiently.
By carefully considering these factors, you can find an estate agent in Durham who will make the experience as manageable as possible during a difficult time.
Are You Selling a House with Probate?
Selling a house with probate can be an emotional period. Choosing the right estate agent to help progress the sale is important to make the situation as painless as possible.
If you’re selling a house in Durham, PIIM Property can help point you in the right direction.
Give us a call today on 01207 772033 or email us at info@piim.co.uk for a chat with our friendly and compassionate team about how we can help.
Frequently Asked Questions About The Probate Process
What is the Probate Registry, and how does it relate to the probate process?
The Probate Registry is a government body overseeing legal proceedings related to the deceased’s estate administration. In the context of selling a property, it plays a crucial role in validating legal documents, including the grant necessary for property sale.
How do financial institutions, such as banks, impact the probate process?
Financial institutions, including banks, become involved in the probate process when the deceased owns property or has bank accounts. They may request legal documentation, like the grant of probate, to ensure a smooth transfer of assets and settlement of bank accounts during estate administration.
What steps should be taken to pay inheritance tax during the probate process?
Paying inheritance tax is a crucial aspect of the process when selling a property. Executors must work with solicitors to identify the deceased’s assets, calculate the tax owed, and ensure its payment as part of estate administration before proceeding with the property sale.
Can a property be sold if the deceased owned it jointly with someone else?
If the deceased owned the property jointly, legal considerations regarding joint tenancy or tenancy in common may arise. Executors should consult with solicitors to navigate the complexities and ensure a smooth property sale as part of the broader estate administration process.
