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Probate Granted - Assent needed?
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LadyEvoDriver wrote: »We've not received the letter yet, just been informed by HMRC that payment has been received and they were issuing the IHT421 to the Probate Registry to grant probate. Guess I've jumped the gun here assuming the letter would just state that probate is granted. Will let you know once I have it.
Still not sure about the assent so will wait for all the figures from our solicitor first. Just don't want any more forms/payments or delays to sale process.
[FONT=Verdana, sans-serif]The assent should only cost about £300 in legal fees and does not need to be registered with the land registry but does need to be completed before you exchange on the sale of the house. The estate will still be the legal owner and sign the contract and transfer as normal.
[/FONT] [FONT=Verdana, sans-serif]Work out detailed CGT figures assuming your returned IHT value is agreed, both for a sale by the estate and a sale by the three beneficiaries. Take the difference and subtract the cost of the assent. That will be the maximum saving you will get, but the saving will be nothing if you have to agree a probate value equal to the sale value.
[/FONT] [FONT=Verdana, sans-serif]Since the most you stand to lose is the £300 or so legal costs and the potential gain of several thousand pounds, it is probably worth taking a risk with the assent.
[/FONT] [FONT=Verdana, sans-serif]Do you need the house proceeds to pay the final IHT bill though?[/FONT]0
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