Probate is a legal process that occurs after someone’s death to validate their will and settle their estate. During probate, a court overseeing the distribution of the deceased person’s assets will ensure that any debts, taxes, and expenses are paid off.
The process typically includes appointing an executor or administrator. They will gather the deceased person’s assets, settle their debts, and distribute the remaining assets to beneficiaries or heirs. The purpose of probate is to ensure that the deceased person’s wishes, as expressed in their will or in accordance with intestacy laws, and to ensure the proper management of the estate.
Probate is typically required in England or Wales when a person dies and leaves property or substantial assets solely in their name.
If a bank requests a Grant of Probate or Grant of Letters of Administration (also known as a Grant of Representation), it indicates that probate is likely needed. These grants are often necessary to access and distribute the deceased person’s assets, demonstrating the need for probate in such cases.
While the basic purpose of probate remains the same in both cases, the specific application process and the legal requirements may differ depending on whether there is a will or not.
Applying for probate with a will. When there is a valid will, the process is usually known as applying for a Grant of Probate. In this process, the executor named in the will is responsible for applying for probate. They will handle the estate administration, following the instructions outlined in the will.
Applying for probate without a will. When a person dies without a will (or their will is deemed invalid), the process is known as applying for a grant of letters of administration. In this process, the court will appoint an administrator. This is usually a close family member. They will manage the estate and distribute the assets according to the laws of intestacy.
When it comes to selling a probate house, the requirements differ based on how the property is held.
If the house is solely owned by the deceased person, obtaining probate is necessary before selling.
In the case of joint tenancy, where the property is jointly owned and one co-owner survives, they can sell the house by providing a copy of the deceased person’s death certificate.
However, if the property is held as tenants in common, probate will be required to proceed with the sale. Understanding the ownership structure is crucial in determining the probate requirements for selling a house in such circumstances.
If you want to make an offer on a probate property, rest assured, the process is quite similar to making an offer on any other property.
The executors may have a valuation of the property for inheritance tax purposes. However, your offer will typically be based on the current market values.
It’s important to conduct your own research and consider factors such as comparable sales and the condition of the property. Working with a real estate agent or solicitor experienced in probate sales can provide valuable guidance throughout the offer process, ensuring a smooth transaction for both parties involved.
