Many people who inherit a property assume that they get the keys almost immediately. It’s not an unjustified line of thinking. After all, someone close has just passed away, and they can’t own the property anymore. With your name on the will, naturally, the property should belong to you. However, so that due diligence can be performed, this isn’t the case. First, a property must enter into probate.
To help, we’ll now have a look at the probate process. We’ll see what it means to be in probate and your options. Also, should you be looking to cash in on the property, is it possible to sell a probate property?
What is probate, and how does it work?
Probate is the process of general administration required to distribute the belongings of someone who has deceased. It’s a legal process that reviews the assets that have been left behind. Usually, an executor of the will has been named prior. The executor will usually do what’s required to complete the probate process. If not, an administrator will be assigned to distribute assets to the deceased’s beneficiaries.
Having an administrator take control of the probate process isn’t uncommon. After all, it was found that only half of all adults have a will in the UK. Only one in three adults over 55 years old don’t have a will. If you’re named on a will, the process is more streamlined. It’s an even faster process if you’re the joint property owner. In this case, ownership passes straight to you once the death certificate has been supplied to the courts.
For property, the probate process differs on the existence of a will. If there is a will, the executor applies for probate. If not, a close family member can do so. In both instances, contacting a solicitor to handle the process is generally the best approach. You can do it yourself, but it’s a lot of work. During probate, if anyone thinks they’re owed more than they’re set to inherit, it can be contested. If this happens, the process will be much longer. If not, it’s generally a smooth process taking up to four months to complete.
Is it possible to sell a probate property?
There is once instance in which selling a home in probate is an option. This instance is when you’re a joint owner of the property before the deceased passed. You’d still need to consult a solicitor on what’s required of you. Still, it’s the only path to listing a property that’s just been inherited. As a rule, everyone else has to go through the probate process.
Now, in theory, the sale process can begin before probate is granted. You won’t be able to accept a fee, and you will need to wait for probate to complete, but you can get started in preparation. Once the house has passed probate and you’ve officially inherited the property, you can do as you see fit. Selling an inherited property is very similar to selling your own home.
So, probate is a necessary part of inheriting assets like property. If probate goes uncontested, it’s usually a smooth process, and you can sell an inherited property as you normally would afterwards.
