Probate Help

Pammieh

hi cte1111
Thanks - that was a quick response!

I've done a lot of reading and I think the probate forms look easy enough and I'm happy with those.

We are going to sell because the house is split 3 ways (and no one is living there now) but it's the 'convayencing as normal'...

We've only had 1 previous house and we've lived here 23 years and all I remembered from this move is that it was horrendeous (hence we've lived here for 23 years!)
But I guess I do the probate, find a buyer and then 'bite the bullet' and find a solicitor (from reading these threads one that's recommended by a friend!)

Thanks again

BobQ

OP,

As has been said, its not as difficult as solicitors claim. Just do it a step at a time.

Basically you need to tot up the cost of all the assets (house insurance and debts (funeral expenses) and see if the net value is anywhere near the IHT threshold.

THe IHT form needs to be filled in to convince HMRC that none is due. HMRC have an excellent help line that will advise you on filling out the Probate forms and the IHT form which go together.

Forget about the house registration/transfer until you have probate and have worked out how to pay the funeral costs since you cannot sell the house (even if you want to) until you have sworn the oath and have the Grant of Probate.

As the house passed to your Nan 40 years ago by survivorship, you will need your Grandad's death certificate when you transfer the house.

John_Pierpoint

Pammieh wrote: »

hi
Still a newbie and not really sure how to post this...

Quote:
'John_Pierpoint
Quote:
Originally Posted by Rhambo

......and instruction to solicitors for the conveyancing.


When my mother died, my sister and I called in at the local branch of the Land Registry to see what needed to be done and some snooty clerk behind the desk (possibly covering their own ignorance) said "...........Oh you need a solicitor for that".
So we telephoned Yorkshire, where the house was actually registered and a much more down to earth person answered the phone and said ".....I'll send you the forms, instructions and the scale of fees, If there is anything you don't understand just call back".

Job done at minimal cost.'


I couldn't quite understand ... John_Pierpoint you transferred the name on the register to the beneficiaries yourself? But you would still need to use a solicitor for the conveyancing to sell the property?
I'm dealing with my mum's - very uncomplicated - estate and just wonder how much a solicitor has to do. The estate consists of 1 bank account, Premium bonds and house (no iht) no other savings/income/life assurance/pensions. Solicitors seem so expensive and such overkill on something this straightforward (I hope!) and I feel a bit uncomfortable with the whole process/dealing with them.

so please can someone just clarify what constitutes 'conveyancing'

Thanks

Hi Pam,

There were special reasons for wanting the house in our two names - we had worked out that we could get an extra £50k for it if we could sell it for redevelopment. I must stress this was not a tax minimisation exercise, though you need to be aware of the need to "determine" the death valuation with HMRC if it looks like the individual beneficiaries might be creating a capital gains tax liability [Lots of discussion on the tax saving part of the forum] You also need to be aware that the purchasers mortgage lender might get "twitchy" if the land changes hands too quickly
[twice in 6 months].
That said, as beneficiaries wanting to sell, you can get cheap quotes from specialist conveyancers if the job is simple; after all what you want is the money and with an empty home you are a chain breaker.

Just buy expertise, and pay the fees and 20% value added tax uplift, when you think you cannot handle the situation yourself.

Determining the value probably means that the Valuation Office Agency will take a formal look at your probate value - in my case I got asked to demonstrate why it was the second cheapest house in the road and some photos of its settlement crack, damp stains and peeling internal wallpaper did the trick. [as I have already said tax IHT or CGT was not an issue, we sold for a whole £1000 over the probate value - just about enough to pay the solicitors bill, but in present market conditions you should be able to sell at a profit as beneficiaries if the estate could have afforded to transfer the real estate to you as individuals (ie after all the debts and taxes have been settled)

Saltwater_2

The probate valuation of the property should have included any hope value, ie the potential gain. If less than 2 years ago you can get the HMRC to increase the probate valuation figure. You only pay CGT on the difference between probate value and sale price less costs.
If you transfer it to all 3 benefs you get 3 times the CGT allowance.