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And this means that it's hard to put a timescale on when the home will be sold by. If you've been left a property in a will, then here are some things you need to know about before putting the home on the market.
Can I sell a jointly-owned property?
No. If the tenants were beneficial joint tenants, the deeds of the house would be transferred to the surviving partner - meaning that they will get full control over the home. They can sell the property if they want to, but the executor will not be able to.
Can I sell a property before probate has been granted?
This is not usually possible. You will have to wait until probate has been granted before the Probate Registry before you can put the property up for sale or share out the estate. Probate is used to ensure that the will of the deceased is valid and to give the executor the legal right to start dealing with the deceased's assets, so it's against the law to act before you have permission to do so.
Get valuations on the property
On some estates, you may need to pay Inheritance Tax. Whether you need to or not will depend on the size of the estate. To obtain probate, you need to fill out an Inheritance Tax form, and this means you'll have to get the house valued. It's recommended that you get a surveyor to carry out the valuation or get at least three estate agents to do it. If you do go for the latter, you should put the average of the three values you were given on the Inheritance Tax form.
Be wary of Capital Gains Tax
If you're selling the property a few years after the person died, then you should be aware that the property may have increased in value. For 2016 and 2017, if the profit made on the property exceeds £11,000, then Capital Gains Tax will have to be paid. If you are the executor of the will but are not due to receive the property, you can save on CGT by passing the property to the beneficiaries before the house goes up for sale. The beneficiaries will then have to abide by the £11,000 threshold.
Clear the house out
If you're thinking about getting an estate agent to market the house for you, then you will need to make sure that the property is in good condition and cleared of its previous belongings. Not only can this be an emotional process, but it can also be time-consuming - especially if the property was in a poor state to start with.
If you're thinking about selling a house in probate, then it may be worth contacting the team at Probate Purchasers. They promise to deal with your situation quickly and give you a fair cash sum for your property. What's more, they will purchase your home regardless of its condition - meaning you will not have to spend time and money clearing it out.
