Julie Sheldon
Licensed Conveyancer
Phone: 0113 200 7480
Email: property@averywalters.com
Residential Conveyancing Leeds - Probate Sales And Transfers
What is probate?
The term ‘Probate’ is given to the process of dealing with the estate of someone who has passed away.
This process usually involves valuing the estate of the deceased, collecting in assets, settling any debts and legacies and distributing the estate in accordance with any Will or the rules of intestacy.
The title deeds of a probate property
When selling or transferring a probate property, it is important to instruct us as soon as possible for both the probate administration and associated conveyancing.
This will give us adequate time to check if the property is registered at the Land Registry correctly. If the property is registered, we will be able to obtain a copy of the registered title. There is no requirement to provide original deeds if our searches find the property is registered correctly.
If the property is not registered, the personal representatives are responsible for obtaining the title deeds to the property and providing them to our team. Title deeds may be at the deceased’s property address, at the bank, accountant, or with a family member.
It is critical that the property deeds are received as soon as possible. Once received, our team will check the content of the deeds pack to ensure all deeds are present and correct. If any portion of the deeds are missing, our team will advise you on what is missing and what the next steps are.
If all the deeds are in order, but a buyer has not been found, we may advise you to submit a voluntary first registration application to the Land Registry.
Selling a house in probate
When selling a house in probate, the personal representatives have the authority to market a property with an estate agent or privately but will not be able to complete the sale of the property until the Grant of Representation has been obtained.
We advise that if you are in this position, you should notify your estate agents of the likely timescales to obtain probate so they can make this clear to prospective purchasers and any third parties in the chain.
If in an estate, the beneficiaries include charities, you should make us aware so we can advise as to specific requirements on property sold for the benefit of charities. If our private client specialists are dealing with the administration of the estate, they will liaise with us in this respect.
The valuation of a probate property?
As part of the Grant of Representation application process, the executor should obtain 2 or 3 valuations of the property and take an average as the value for probate purposes.
If the estate is taxable for inheritance tax purposes, a RICS valuation should be obtained. RICS valuations are usually chargeable.
When it comes to selling a house in probate, the personal representatives have an obligation to accept the highest offer received for the property to generate the most funds for the estate and ultimately, for the beneficiaries.
Another point to consider when selling a house in probate is Capital Gains Tax. If the property value has increased since the date of death value this could incur Capital Gains Tax. Our private client specialists can advise you about this if this is relevant to your sale.
Transferring a probate property
If the property is owned in the sole name of the deceased party and the property title is registered at the Land Registry correctly, then the transfer process is relatively straightforward. The personal representatives will need to transfer the property to the person who is entitled to inherit under the terms of the Will (if one has been made) or under the intestacy rules (if there isn't a Will available).
If the property is to be transferred to a beneficiary, the personal representatives will need to submit a document called an 'Assent' to the Land Registry (along with a copy of the Grant of Representation). Once they have these documents, the Land Registry will transfer the property into the name of the new owner.
Our private client specialists
If you need to deal with a probate sale or transfer but have not yet obtain a Grant of Representation, then our private client specialists are on hand to assist.
This may be a case of obtaining the Grant of Representation for you on a fixed fee limited retainer or helping you by administering the full estate.
Our team of private client specialists will be happy to offer you a free initial consultation to discuss your requirements, discuss the process and provide you with a quote.
Contact us on 0113 2007480 or email us on info@averywalters.com to arrange your free initial, no obligation consultation with a specialist.
* Laura Stafford is the SFE accredited memberand a full member of STEP