Selling A House During Probate in London
Not only are you going through a difficult moment in your life, but dealing with owning a house unexpectedly can give you a few headaches about how to move forwards.
If your loved one lived quite far away from you, then it is possible that your new property is in an inconvenient location. Alternatively, the house might bring back uncomfortable or upsetting memories, which means that you want to offload it.
Sold.co.uk is here to make this challenging time slightly easier.
When you sell your probate property in Liverpool, it can get the house ‘off your plate’ quickly and put a lump sum in your back account within a few days. You will be able to avoid the stress of fixing up a house, maintaining it while viewings take place, negotiating on price, and much more.
Liverpool has thousands of amazing properties that people from all across the UK would love to live in. So, let Sold.co.uk find the perfect buyer for your loved one’s house – or alternatively, let us buy it from you ourselves.
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Why Sell Probate Property in Liverpool?
Demand for properties in Liverpool is high.
Lots of people consider it an excellent city to invest in – and that means that, when the time comes to sell your probate property, you should be able to get a reasonable price for it.
If you have inherited a probate house in Liverpool, but do not live near to the city, then it could be challenging to keep travelling back and forth.
Family or work commitments might make it impossible for you to visit the city regularly – so, unless you hire a letting agency to rent it out on your behalf, selling could be your best option.
In some cases, people inherit a property with the clear instruction that it should be sold. It may have been your loved one’s desire for you to cash in on the house – in which case, it could feel like your responsibility to fulfill their wishes.
Whatever the circumstances, Sold.co.uk can help.
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Should I Rent Out My Inherited House in Liverpool?
There is no doubt that Liverpool is an exciting, ‘up-and-coming’ city in the UK. Lots of people are moving to Liverpool to enjoy the career, education and cultural opportunities that it offers, along with the amazing people.
Recent figures suggest that there are over 54,000 households currently renting in Liverpool. The average rent in the city is £841 per month, which means that if you have inherited a ‘typical’ property which is in a reasonable area, at a medium size, this is the income you can expect to make a monthly basis.
You should consider several factors when deciding whether to rent out your probate property.
Firstly, if you have experience letting out houses, then this could come easier to you than someone who has never done it before. You might also feel better if you have inherited the house along with a few others, as you can support each other and ‘chip in’ as you start the journey of renting out your property.
On the other hand, if you live a long way away from Liverpool, then renting it out might be more trouble than it’s worth. Some letting agencies can take over many responsibilities for you, but is not always easy to find a trustworthy company – and even then, your profit margins might be minimal.
It is important that all affected parties are included in conversations about what to do with an inherited house. In an ideal world, you will find the best solution for all parties.
If you and any other family members decide to sell your inherited property, then Sold.co.uk can take it out of your hands within 7 days.
Contact us today for a free, no-obligation valuation.
Frequently Asked Questions about Selling A House in Probate in Liverpool
What is probate?
Probate is when you deal with the money, property and possessions of someone who has passed away. In most cases, this will be completed by the executor of the Will, although the responsibility can be passed on to someone else if you wish. In many cases, the executor will be the closest relative to the deceased.
When is probate required?
Probate is required if the deceased person’s estate was valued at more than £5,000 and is more than just cash and personal belongings. For example, if a property has been left in the Will, then probate is required. If you at all uncertain about whether probate is required, you should get guidance on your specific situation from an expert.
How long does probate take?
Probate takes between 6 – 12 months on average in the UK. Where the process fits within this timeframe will depend on the size and complexity of the estate. Alternatively, in some instances, probate can be avoided altogether.
How to apply for probate
There are two main methods you can use to apply for probate: online or via the post. Alternatively, if you decide to hire a solicitor for the probate process, they will usually take care of this for you.
You will need a few key pieces of documentation to apply, such as a copy of the Will, your loved one’s birth certificate, and their death certificate. The UK government website takes you through the application process step-by-step.
Can you sell a house in Liverpool before probate?
No. You need to wait for probate to be completed before you can sell a house in Liverpool. The same applies for the rest of the UK, too. You are technically allowed to list a house on the market before probate is completed, and even carry out viewings – but the exchange of contracts cannot occur until afterwards.
Why does probate take so long?
Probate is typically a lengthy process in the UK because there are several bits of documentation that must be filled out accurately. For example, inheritance tax needs to be paid fully, and there are legal forms you must also provide to be given a grant of probate.
Sometimes, probate can take longer because you are working with an inefficient solicitor. This makes it particularly important that you communicate with them regularly and ask for status updates, so you do not fall down their priority list.
Is there a time limit for probate?
No, there is not a time limit for probate. However, you will need to pay inheritance tax within 6 months of your loved one passing away.
Am I required to hire a solicitor for probate?
No, you are not required to hire a solicitor when carrying out probate. However, many people recommend that you seek expert guidance, as certain aspects of the process can be complicated and time-consuming. If you make a mistake, it could delay the procedure significantly, so if you don’t have experience in this area, you may feel more comfortable getting outside help.
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