Sell probate property
Selling probate property with Zapperty means loved ones receive their funds much faster. Sell probate property quickly. Get your free cash offer in 60 minutes or less!
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What is Probate?
Probate in the UK is the legal procedure required to administer the estate of someone who has died. This process ensures that the deceased person’s assets are distributed according to their will, or if there is no will, according to the rules of intestacy.
What is ‘intestacy’?
When a person dies without leaving a valid will, their property (the estate) must be shared out according to certain rules. These are called the rules of intestacy. A person who dies without leaving a will is called an intestate person.
Only married or civil partners and some other close relatives can inherit under the rules of intestacy. If someone makes a will but it is not legally valid, the rules of intestacy decide how the estate will be shared out, not the wishes expressed in the will.
How long does probate take?
Probate typically takes 3 – 12 months, plus the time it takes to sell inherited assets. Property often represents the main value of a deceased person’s estate, but inherited properties cannot be sold until probate has been granted to create a new owner. After the change of ownership, inherited properties can be sold be traditional means or they can be sold quickly by using the services of a cash house buyer such as Zapperty.
How to speed up the probate process
While you can’t expedite the Grant of Probate process, you can accelerate proceedings once a probate administrator is appointed. Selling main assets promptly, like real estate such as houses or commercial properties, ensures the deceased’s estate is distributed swiftly.
Traditional methods like using estate agents or auctions typically take 4 to 6 months and may involve substantial costs. Alternatively, selling probate property with Zapperty bypasses these issues. With our own funds, we can facilitate a sale in as little as 7 days, ensuring money in your bank account without additional expenses.
What is the average time to sell a house in the UK?
*Estate Agent Today – Feb 2024
How to sell a house in probate
Selling a house in probate is not that different from selling a house under normal conditions. There are three key steps to the process:
Can you sell your probate property?
Unless you were a joint owner of the property before the deceased person died, you cannot legally sell a house in probate until the courts confirm your ownership. Only when you receive confirmation that the property is yours, can you put it on the market.
Should you sell or keep the property?
Some people prefer to keep an inherited property, either to live in themselves, give to other relatives or to rent out to tenants to generate an income. If you decide not to do any of these things, you may be better off selling the property to avoid ongoing maintenance costs and taxes.
Sell the property as efficiently as possible.
You can avoid agent fees, commissions, other costs and lengthy delays by selling your probate property with Zapperty. We understand the complexities of selling inherited property and we work with you to make the process easy. Most probate sellers have the money in their bank in 7 days from first enquiry.
Inheritance tax/Capital Gains tax when you sell probate property
Depending on the value of the assets and your personal circumstances, taxes may be due on your inherited real estate. Some taxes may be payable when you inherit the property, others may be due when you sell the property.
The main taxes you may incur are:
Inheritance tax
This tax is due when you inherit the property, and it is currently 40% of the property value above £325,000.
Example: If the property were valued at £525,000, tax at 40% would be due on £200,000 (the value above £325,000). You would be required to pay £80,000 to HMRC (40% of £200k). If you cannot pay the due tax, you could quickly sell the property to gain the cash value and pay the due tax out of the sale proceeds.
Note: You cannot avoid inheritance tax on real estate. HMRC are notified of probate transactions, and they will be aware that you have inherited the property.
Capital Gains tax
Capital Gains tax (CGT) is a tax that you must pay on assets that you sell for a profit. This includes real estate that is not your main home (also known as your primary residence). If you inherit a property and then sell it, you will usually have to pay CGT on any profit you made on the sale. Profit is determined as the difference between the valuation at probate and the price you achieve at sale. Learn more about Capital Gains Tax when selling a home in our guide.
Example: You sell the house for £100,000 more than the probate valuation. Depending on your financial situation, the CGT due will vary from 18% to 28% of £100k. You don’t need to pay this tax until the house is sold. It is not due when you inherit the property.
Sell probate property fast with Zapperty
There’s no better way to sell your probate property. Get the most from your inheritance now.
- Faster than other ways to sell.
- No estate agent’s fees.
- No solicitor fees.
- No ‘property chain’.
- No need for repairs or refurbishments.
- Completely private.
- No worry, no hassle, no last-minute haggling.
Got a question about selling probate property?
Get a plain English explanation for all you need to know.
If you are already a joint owner of the probate property you can sell the house at any time, however, the share of sale proceeds that would have been received by the deceased must be passed to probate for legal distribution – either by the terms of the deceased’s will or via the rules of intestacy.
You can list a probate property during probate, but you cannot complete a sale until the new legal owners of the property have been agreed via Grant of Probate.
Yes. Vacant property properties are particularly attractive for home buyers who are seeking to buy a property where there is no chain . Zapperty buys probate properties faster than any traditional method of selling. Get your free initial offer in 60 minutes and sell the property in 7 days or less.
Yes, as long as the executor has authority to do so, as defined in the deceased’s will or if granted by probate court. The executor must also conduct a search to ensure there are no surviving joint owners of the property before putting the house up for sale.