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A simple solution for selling probate property
When a person passes away, their assets will enter a process known as probate. Probate is a legal process where the courts will validate the Will (if there is one) and ensure that any debts, taxes, and expenses owed by the deceased are paid off.
Probate is something that can cause a lot of people angst and anxiety. But don’t worry, we aim to guide you through it here and show you how We Buy Any Home can help make it all a lot easier.
Remember, if you have inherited a property, it doesn’t necessarily mean you can sell it immediately. The property doesn’t legally belong to you until the deceased’s Will has gone through probate. Only once you have been granted probate can you proceed with selling the property.
They’ll also let you know when you can continue with the home sale. Do note that the laws for probate and inherited property vary throughout the UK. England & Wales have separate laws from Scotland.
We’ll cover both legal jurisdictions and take special care to highlight when the law differs between the two areas.
What is Probate?
Probate is, essentially, receiving permission to distribute the assets of a deceased person.
When a person has an estate of a reasonable size, the estate must be sent through probate. The courts will then analyse the Will, and listen to beneficiaries, to determine whether everything is above board.
In England & Wales, property going through probate cannot be sold until it has been granted probate. The one exception to this rule is if there is a joint owner on a property. The joint owner is free to sell the property if they wish. All they need to do is supply the death certificate for the deceased. The process in Scotland is broadly the same, although the process is known as ‘Confirmation’ instead.
Are You Named in the Will as the New Owner?
Many people assume that the property automatically becomes theirs just because they have been named in a Will as a new homeowner. It doesn’t. The deceased’s assets will need to go through probate. Probate ensures that the property really should have the ownership transferred to you. Until probate is complete, people can contest the Will. If their contests are successful, the property may not transfer ownership to you at all.
The only exception to this rule is if you were listed as a joint property owner before the deceased passed away. In that case, probate doesn’t need to be completed. Ownership and the sale rights of the home will transfer to you as soon as you can supply a copy of the deceased’s death certificate to the courts.
What You Need to Know About the Probate Process
You must retain the services of a solicitor if selling your home after a divorce. They will help to protect your rights.
Do not rely on the advice given by your ex-partner’s solicitor; they do not have your best interests at heart.
Both parties should try to clear out the property as soon as possible after the divorce. It’ll make the process so much faster. It also means that the divorcees are less likely to meet one another.
Clearing out the property also shows that the property is ready to be moved into quickly. This could lead to a quicker house sale.
While it can be difficult, you and your ex-partner must talk about finances. Talk about the following:
1. How mortgage payments will continue until the home is sold.
2. How the income from the house sale will be split.
If you cannot speak to your partner directly, then run everything through the solicitors. It is their job to ensure that discussions are productive, even when the split is less than amicable.
We know that going through a divorce, even the most amicable, can be difficult. Selling a house is hard enough already. You don’t want to add a divorce into the mix. However, rest assured, there is light at the end of the tunnel. When your home is sold, you’ll have some funds. Look forward to that fresh start!
How Much Does Probate Cost in the UK?
In England & Wales, the application fee for probate is £273 (as of 2024).
In Scotland, the application fee for confirmation is £200 (as of 2024).
If you are using a solicitor, the fees may vary. Most solicitors charge based on the value of the estate, and this will be somewhere between 1% and 4%, which can be sizeable if the estate is large.
Taxes on Inherited Properties
When you inherit a probate property, taxes may be due. Some taxes will be due immediately, while others may become due when you sell the inherited property.
What is Inheritance Tax for Property?
Inheritance tax is a tax paid when you receive assets from a deceased person. However, they are not always due. They are only paid when the assets are valued at over £325,000. You must contact HMRC to pay any inheritance tax due.
What Is the Inheritance Tax Rate for Property?
The tax rate is 40% of anything over £325,000. No inheritance tax is due on inherited property valued below £325,000. Remember that this is the total value of all assets received from the deceased. So, if you receive a property worth £125,000 and shares worth £300,000, inheritance tax would be due despite both values being below the £325,000 threshold.
The Three Types of Inherited Property Taxes
There are three types of tax on inherited property, across the UK. Not all of them will be paid when the property completes probate.
You must retain the services of a solicitor if selling your home after a divorce. They will help to protect your rights.
Do not rely on the advice given by your ex-partner’s solicitor; they do not have your best interests at heart.
Both parties should try to clear out the property as soon as possible after the divorce. It’ll make the process so much faster. It also means that the divorcees are less likely to meet one another.
Clearing out the property also shows that the property is ready to be moved into quickly. This could lead to a quicker house sale.
While it can be difficult, you and your ex-partner must talk about finances. Talk about the following:
1. How mortgage payments will continue until the home is sold.
2. How the income from the house sale will be split.
If you cannot speak to your partner directly, then run everything through the solicitors. It is their job to ensure that discussions are productive, even when the split is less than amicable.
We know that going through a divorce, even the most amicable, can be difficult. Selling a house is hard enough already. You don’t want to add a divorce into the mix. However, rest assured, there is light at the end of the tunnel. When your home is sold, you’ll have some funds. Look forward to that fresh start!
How to Avoid Inheritance Tax on Property
There are three types of tax on inherited property, across the UK. Not all of them will be paid when the property completes probate.
Selling Probate Property
Can You Sell Your Inherited Property?
Is Selling the Right Choice for Inherited Property?
How it works
- Step 1
Fill in the online form
- Step 2
Receive offer
- Step 3
Sale agreed
How Long Does Selling Inherited Property Take?
Sell Probate Property Fast
We know how tricky it can be to sell property quickly, particularly inherited property. If you wish to sell your property fast, we here at We Buy Any Home can offer a free cash offer. Reach out today. If you accept our cash offer, you can unlock the funds from your inherited home in as little as 7 days.
Frequently asked questions when selling your house after a divorce
Call our team of experts:
How quickly do most houses sell?
This depends on how you choose to sell the property. On the open market through estate agents and online property portals, expect to wait at least six months, while auctions have a turnaround time of 30 days.
With We Buy Any Home, the answer to how quickly most houses sell is up to you. If you need a sale in seven working days, consider it done. If you need longer, that’s not a problem either; the cash offer will remain guaranteed.
What is the fastest way to sell a property UK?
The fastest way to sell a property in the UK is through a cash house buyer like us at We Buy Any Home. We can complete a sale in as little as seven working days, which is pretty much impossible through any other method available.
Why is my house so hard to sell?
There could be a range of reasons that might make a house harder to sell. The biggest issue is due to a lack of demand. If your property is priced too high, requires more work than others, or is just not in a desirable location, you will struggle to sell your property.
Cash house buyers can always make you an offer on any type of property, regardless of any issues. So, if you need to sell quickly, it’s a great option.
What is the best day to sell a house?
The best day to sell a house can vary, it’s not an exact science. However, there is research which suggests that listing your home on a Thursday can help. This is because your property can generate interest and attention online throughout the weekend when many potential buyers have more free time for house hunting.
However, with We Buy Any Home, you can contact us on any day of the week, and we’ll be ready to buy your house.
Why should I use a fast house sale company, rather than a high street or online estate agent, or an auction?
You should use a fast house sale company such as We Buy Any Home if you want a guaranteed fast sale that is hassle-free and doesn’t have any additional costs associated with it. In comparison to using a sell house fast company, selling your home via methods such as a high street agent or an auction has far more potential downsides. If you put your property into an auction there are no guarantees that it will sell (even at your reserve price) and there will then be a public record of your property not being sold for that price, which would decrease its value on the open market. With a high street estate agent, your property could be sat on the open market for months without any viewings, let alone offers, and the same goes for an online estate agent. Using a fast house sale company is the only guaranteed way to sell your house fast.
Why not speak to us? Get a free cash offer and we can have you moving fast!
Do house sellers prefer cash buyers?
Yes, house sellers will usually prefer cash buyers, whether they’re a company or an individual. This is because a cash buyer can provide a quick and easy process to get the property sold. There are no delays in waiting for mortgages to be approved or other finance-related issues that can crop up.
Do houses sell faster than flats?
On the open market, houses will usually sell faster than flats. This is because there are more people looking to buy houses than there are for flats. Most people typically rent flats rather than live in them as a primary residence.
At We Buy Any Home, we’ll purchase any type of property, including flats.
How will you value my property?
We take a multi-faceted approach to valuing any property. When you first get in touch, we’ll take some details on your property over the phone and will do a desktop appraisal by looking at property and area details using various online sources. We’ll use this information to give you an initial offer. If you’d like to move forward at this point, we’d then send three independent local estate agents round to value the property in person and confirm our valuation. Assuming their valuations differ to ours, we would take the average of the three and arrive at a final cash offer based on this.
Get your property valued today, with us you get a free cash offer meaning you can move sooner than you think!
How can I be sure I’m getting the best cash offer for my house?
For a quick, guaranteed cash sale you will not get a better offer from any other fast house sale company. At We Buy Any Home we have our Best Price Guarantee, which means that we’ll beat any genuine offer you receive from a genuine cash buying company. As well as this, we have a rigorous valuation process in place, which means that we always arrive at the most accurate valuation for every property.
Looking to move fast? Then get a free cash offer from us today!
Do cash buyers pull out?
If it is a private cash buyer, they can pull out of a deal if there are no contracts that have been signed. However, with a cash house buyer like We Buy Any Home, we provide a guarantee with our cash offers, so as long as all the conditions are met, we will always complete a sale. Additionally, once you agree to sign your property then from that point onwards consider your house as sold.
How can I be sure you’re a reputable company I can trust to sell my property quickly?
In 2013 We Buy Any Home founded the National Association of Property Buyers (NAPB), along with a select group of genuine fast sale companies, as we were determined to uphold strict standards within the quick house sale industry. As well as this, we abide by the Code of Conduct set by The Property Ombudsman (TPO) and are fully regulated. Of course, the best way to learn about our service is to listen to our customers, who have given us a TrustScore rating of “Excellent” and a Google rating of 4+ stars.
How can you guarantee I can sell my home fast to you?
What sets We Buy Any Home apart from other companies is that we have our own money ready and waiting to buy your house. Furthermore, we have been in the business for 15 years with over 300 years of combined experience. This enables us to have a fast sales process and means we are able to complete a purchase in as little as seven days if needed. With our team of experienced professionals, the process from valuation to completion is seamless. You will have regular, direct contact with a dedicated sales progressor so you’ll always be kept in the loop and any potential hiccups can be solved quickly.
If you are looking for a fast house sale, get a free cash offer today.
What is the next stage after I agree to sell?
Once you’ve agreed to sell your property, we’ll ask you to complete some simple paperwork, and provide us with documents that prove who you are and that you own the property. We’ll also instruct 2 RICS qualified surveyors/valuers to assess your property, also free of charge to you. Then we manage the rest of the process as any normal sale to complete on the date you have chosen.
When you sell to us you sell fast! Get a free cash offer today!
How much will I have to pay to use your service?
There are no hidden fees to using our service – the offer you get for your home is the amount of money you’ll receive upon completion. Our cash offers and valuations are made at no charge to you, and the only cost you’ll be responsible for is a solicitor to complete the sale.
If my circumstances change, can I pull out of a sale?
In the very rare instance our offer has to change (for example if the survey finds subsidence) then you can walk away totally free of charge. If our offer has not changed, and you have simply changed your mind, then you may have to pay a small charge, depending on how much time and cost we have invested into the sale of their property at that point. We work off a case-by-case basis and are very considerate of each individual circumstance.
We pride ourselves on helping you move at no cost to you, why not start the process. Get a cash offer today!
Do you only buy houses?
No, we buy any home and can buy your flat, bungalow, a semi, a mid-terraced or detached house, it doesn’t matter to us! We buy all types of property, including flats and rural properties.
Use our enquiry form to locate your property, and if there are any issues, feel free to contact us.
How long will the funds take to be in my account?
We will typically deposit the funds into your account within seven days of your valuation being completed. Once a sale is agreed, the funds are usually deposited in your account within 24 hours.
Can you help me if I’m in arrears with mortgage payments or going through a divorce?
Absolutely. We have helped thousands of people who are selling through a divorce or financial difficulty and work with complete discretion to ensure you a stress free, fast service.
If you are in a hurry to move due to any circumstance at all, speak to us. Get a free cash offer today!
What documents do I need to provide you with?
To get a free cash offer, we will only need the details about your property. However, when it comes to selling, we will need the usual documents, such as the title deeds.
The documents we require from you depend on certain factors, such as whether you are selling a house through probate, or divorce, or if you are the sole owner of the property. We have a dedicated team on hand to help you with any paperwork we need.
Do I need a solicitor?
When selling a property, a solicitor is required to conduct the conveyancing process – this is the process of legally transferring home ownership from the owner to the buyer. We will provide you with a list of recommended solicitors to keep the process as efficient as possible.
Is We Buy Any Home buying my property or is someone else buying it?
We are a genuine cash buyer, which means that we are buying the property from your directly, with our own funds. A genuine cash buyer doesn’t depend on any third parties, such as mortgage lenders, and is not involved in any property chain. Any genuine cash buyer will be able to provide proof that they have the required funds.
This means you can sell fast, sell for free and sell now. Get a free cash offer today!
What is the fastest a home sale can close?
The fastest a home sale can close is seven working days. This is because there is time needed to complete any checks and get the legal paperwork in order.
What are the timescales for the sale?
The timescale for the sale is completely dependent on you as the seller. We can purchase your property in any time frame that works for you. However, the fastest timescale we can offer is seven working days.
What are the different stages and when will each happen?
We’ll ask you to complete some simple paperwork, and provide us with documents that prove your ownership of the property. We’ll also instruct 2 RICs qualified surveyors/valuers to assess your property, also free of charge. For more information, please see our How It Works page.
Could anything cause timescales to slip?
There may be some external factors that can cause a delay in our service. Examples of these are issues with the probate process, or if a solicitor is particularly slow acting (this tends to be when customers choose to instruct a solicitor not from our roster). Thankfully these issues are very rare.
Can conveyancing be done in 3 weeks?
If you are sourcing your own conveyancer, then it will depend on their availability. As many are often booked weeks or months in advance, it may not always be possible to be done in 3 weeks. Additionally, there can be delays during the conveyancing process, which can result in weeks of delays due to complications.
However, at We Buy Any Home, we work closely with solicitors who can help get the process completed efficiently.
Can conveyancing be done in a month?
If you are sourcing your own conveyancer, then it will depend on their availability. As many are often booked months in advance, it may not always be possible to be done in a month. Additionally, there can be delays during the conveyancing process, which can result in weeks of delays due to complications. However, at We Buy Any Home, we work closely with solicitors who can help get the process completed efficiently.