Selling Property as an Executor of a Will
Selling the home of a loved one can be an emotional time especially if it was once your family home. Whilst you may be now starting to come to terms with events, this can be a difficult stage. We can help by reducing stress and making the conveyancing process quick and easy.
Attwells Solicitors are property and personal law experts – we specialise in jargon-free law. Our aim is to offer you practical advice as well as legal support during this time. Our conveyancing team works closely with our personal law solicitors, therefore will be able to support with probate or any questions you have relating to it. Our advice is covered by the Solicitors Regulation Authority (SRA) and we are rated 4.4/5 by Feefo.
To arrange your conveyancing now simply click the link below. We will ask you to complete a brief form and pay a small deposit. This will be deducted from your final conveyancing bill.
If you would prefer to call, please call our head office on 01473 229200. Your conveyancer will be happy to correspond with you via the telephone and post if preferred, as we know not everyone is comfortable with computers or has an email address.
Selling a property after Probate
As the Executor of the Will, you must write to all asset holders to get valuations of the deceased’s assets as they stood on the date they died. For bank accounts, this will be a statement. For property, you will need three professional valuations. For specific assets, like collections and shares, there are special valuation rules. You must also ascertain the extent of any Liabilities of the deceased.
Once the value of the estate is known, you can decide which Inheritance Tax (IHT) Forms and Probate Forms need to be completed to obtain the Grant of Representation.
Once the Grant of Representation has been obtained you need to first pay any Inheritance Tax (IHT) and Capital Gains Tax or Income Tax due. Any tax and administration costs can be deducted from the estate before it is distributed amongst the beneficiaries.
Gifting money after inheriting
Upon selling the property you may have a substantial amount of money left to you. Many want to use this as a pension pot or choose to invest it or help a family member.
If you wish to help a family member may be a grandchild to get onto the property ladder or someone with a debt or desire, it’s important you have this arrangement legally agreed upon. We realise this may seem unnecessary or heavy-handed however you need to consider all the what-ifs.
For example, if you gift money to your granddaughter for a house, she is buying with her partner, this money will not be payable if they separate and sell their home at any time in the future unless there is an agreement.
Many legal options are available when gifting money, depending on the circumstances. We would recommend you discuss your future plans with your conveyancer as they will be able to advise you.
Investing your money after inheriting
If you wish to invest a percentage of your sale proceeds, we would recommend you seek independent legal advice after speaking with a financial investment expert.
The value of investments can go up or down. You can invest your money using various methods and at various levels of risk. Your best course of action would be to speak with an independent expert or your bank manager.
What you can expect when instructing Attwells Solicitors
Personal law & conveyancing articles
We have taken the time to explain different parts of the conveyancing process and to offer practical advice. This is especially useful for those selling a property as part of probate. A lot of our articles have been written based on the personal experience of our team of property solicitors and clients. We hope you find the information useful. If you have any idea for an article, please speak to your conveyancer who will pass on your request.