Sell Probate Property
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A simple solution for selling probate property
Probate is a legal process where the courts review a deceased person’s will (if there is one).
It ensures that the deceased’s assets are distributed correctly. And that their debts, taxes, and expenses are paid off.
A grant of probate gives certain rights for handling the deceased’s assets.
As most people’s largest asset, property is a big part of probate.
However, inheriting a property doesn’t necessarily mean you can sell it immediately.
You can sell the property after probate is granted.
The laws for probate and inherited property vary throughout the UK. England & Wales have separate laws from Scotland.
We cover both legal jurisdictions and take special care to highlight when the law differs between them.
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What is probate?
Probate is essentially permission to distribute a deceased person’s assets.
When the estate is beyond a certain size, it must be sent through probate. Courts analyse the will and listen to beneficiaries to determine everything is above board.
In England & Wales, property going through probate cannot be sold until it has been granted probate.
(There is one exception to this rule: When a joint owner on a property simply needs to supply the death certificate for the deceased.)
In Scotland, this process is called ‘Confirmation’ and it’s broadly the same.
Are you named in the will as the new owner?
Many people assume that property ownership automatically transfers according a will.
It doesn’t.
The deceased’s assets must go through probate. It ensures that the property ownership transfer is correct.
Until probate is complete, people can contest the will. If they are successful, property ownership may not transfer to you.
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What you need to know about the probate process
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Do I need to apply for probate?
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How to apply for probate
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What if probate is contested?
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How long does probate take in the UK?
In England & Wales, probate applications depend on whether or not there is a will:
- If there is a will, the listed executor must be the one to apply for probate
- If there is no will, a close family member can apply for probate.
If there is already a joint owner listed on the inherited property, ownership passes to them. It must still go through probate, but the joint owner can manage it.
In Scotland, the process is similar. There are slightly different considerations about other assets, but the estate must go through confirmation if property is involved.
Who can apply for probate will vary, but it can be the executor of the will, next of kin, insurance companies, or anybody with a stake in the will.
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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 charge based on the value of the estate – somewhere between 1% and 4%.
The larger the estate, the larger this amount will be.
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Taxes on inherited properties
When you inherit a probate property, taxes may be due – some immediately, others when you sell.
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 inherit a property worth £125,000 and shares worth £300,000, inheritance tax would be due despite both values being below the £325,000 threshold.
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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.
This is the only tax due on the inheritance of the property.
40% of the property value over £325,000 must be paid to HMRC.
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Avoiding inheritance tax on property
You cannot avoid inheritance tax on property.
HMRC will know if you’ve inherited property, and they’ll know exactly how much tax must be charged.
The only times inheritance tax is avoided is if the property is passed to the deceased’s spouse. (This assumes the deceased did not gift out the property before they passed away.)
You can only avoid capital gains tax by avoiding selling your property.
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Selling probate property
Once you have received probate on a property, selling it is almost the same as selling any other property.
In theory, you can start the sale process before probate is granted on the inherited property.
But it may not be worthwhile because you can’t predict probate timeframes.
Can you sell your inherited property?
In general, if you have not been granted probate, you cannot legally sell the house.
The court must first decide whether you legally own the property.
However, there is an exception to this rule. If you were listed as a joint owner on the property beforethe deceased passed away, you can list it for sale before probate has been granted.
However, you may have financial obligations to some of the beneficiaries of the will. You must talk to a solicitor to find out about these.
Is selling the right choice for inherited property?
For some, keeping inherited property is important. Many inherit a property they grew up in.
New owners may live there or rent it out (you’ll must pay tax on rental income).
However, if you want to make money on the property, selling it the most straightforward choice.
Once you’ve been granted probate, the process is relatively simple – depending on market conditions.
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How it works
Gain peace of mind when selling your probate property with We Buy Any Home.
Once you have been granted probate on the property, you are the legal owner. You can sell it on the open market, which can take several months. But selling to a cash buyer like We Buy Any Home is faster, simpler, and guaranteed.
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Fill in the online form
Fill in your details online through our free, no-obligation valuation form (below).
Alternatively, you can call us on 0800 774 0004
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Receive offer
Once we’ve received the details of your property, we will make you an initial offer within 24 hours.
Finally, we will call you to discuss our offer and your ideal time frame for moving.
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Sale agreed
If you agree to our initial offer, we’ll send two RICS-qualified surveyors to your property.
This enables us to give you our final offer.
If you agree to our final offer, we can appoint you a solicitor from our trusted panel. (You can find your own, if you would prefer).
Finally, you can sit back, relax, and let us take care of all the work.
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How long does selling inherited property take?
If the property has yet to go through probate, the process could take anywhere from 16 weeks to several years.
Once it probate is complete, the selling process is the same as selling any other property – 25 weeks on average.
Popular Areas We Buy Probate Property For Cash
We operate across the United Kingdom including England, Scotland, and Wales. We can buy your house fast, whether you’re in the Scottish highlands or the Cornish beaches.
Sell your 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 a house in probate
Want to discuss a little further? Freephone 0800 774 0004 or call our office 0203 789 2401
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