Inherited property? A step-by-step guide about what to do next.
SHARE WITH FRIENDS & FAMILY…
Inheriting a property can be a daunting situation – not only are you dealing with the passing of a loved one, you also have a valuable asset siting empty and a daunting legal process you may have never dealt with before. Thankfully, we are here to assist and by following this step-by-step guide will give you peace of mind.
When you inherit a property, you must go through a legal process to obtain a Grant of Probate, but what does that mean? In England and Wales, Probate is the term used to describe both the legal and financial frameworks used for dealing with the assets of a person who has recently died. These assets will include property, money and possessions of what is often termed the ‘deceased’s estate’. The eventual goal is to set out how a deceased person’s estate is to be distributed.
Often the main asset of a deceased individual is their property, so obtaining a realistic valuation from the local market leading agent is essential and the first point of action. We offer free, no obligation valuations for all clients in this situation. Once you have this and have identified all other assets such as savings, stocks and shares, plus material assets you are ready to apply for probate. You can apply for probate yourself via this link on the government website https://www.gov.uk/applying-for-probate/apply-for-probate or you may prefer to engage a solicitor to do this for you.
The big question now is do you wait to market the property until Probate is granted or press ahead? On average, provided there are no complications, applying for a Grant of Probate typically takes around 4 – 8 weeks from the time of submission and although there is nothing stopping you from marketing the property you would not be able to exchange contracts or complete the sale until Probate has been granted.
My advice is always to market the property once Probate has been applied for as the time taken to find a buyer and complete the legal conveyancing is usually longer than the time taken to obtain the Grant of Probate. By giving yourself more time to market the property we can obtain the best possible price for you from the market. We will always communicate to buyers the situation so they understand they will have to wait for Probate to be granted, thus ensuring a smooth transaction and a swift conclusion to a process that I’m sure none of us want to go through.
With offices in 9 locations from Camberley through to Basingstoke if you need any advice regarding the disposing of an inherited property, please contact us today.
VALUE MY PROPERTY TODAY
Lets get started! Our valuations are based on our extensive knowledge of the whole of the market.