Probate - why does it take so long!?

tootsmyboots

http://www.direct.gov.uk/en/Governmentcitizensandrights/Death/Preparation/DG_10029799

"
The personal representative won't be granted probate until some or all of any Inheritance Tax that is due on the estate has been paid."

Hope that helps.

tootsmyboots

also http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/InheritanceTaxEstatesAndTrusts/DG_179347

RX-78

Thanks again! Should have looked at directgov - shame on my googling skills

Edit:
Just read the sites - so it means I cant buy the property until they gather enough money to pay for the inheritance tax and than be granted. And I assume that can take a long while till they gather enough fund to pay for the tax!

It also sounds like until the probate grant is given, no one has the authority to sell the property. So ineffect they were marketting a property they have no right to sell, and accepted an offer which they have no authority to decide. Thats begining to sound like illega activities....

boswell99

Just from personal experience here. We put my grandfather's flat on the market whilst probate was still not granted and also accepted an offer on it. Probate was then granted and we have recently exchanged contracts, and will be completing next week. The whole estate is not tied up yet as the final figures for IHT have not been agreed yet, however we did make a payment before probate was granted.

So, it may be a bit of an arduous process buying a probate property (our buyers have been very patient as it has take an exceptionally long time but luckily were buying it as an investment so not too rushed) but it isn't illegal for the executors to arrange for the sale of a house before probate has been granted.

RX-78

Thanks Boswell99. I've been reasonably patient so far (well for me anyway) - atleast I haven't started jumping up & down in frustration yet.

So if I get this right, the executor of the estate can either choose to pay IHT on assumed figure (thus risking under paying & incurring interest or overpaying and having to waite for eternity for the IR to give the money back) or to wait until all the estate is liquadated/valued and than pay an exact amount of IHT? In which case I assume latter is a more popular unless the executor wants the probate to proceed quickly?