Grant of Probate => Deceased Estate (Lon. Gazette) => putting property on market

JonMitchell

p00hsticks said:

JonMitchell said:

getmore4less said:

Executor powers come from the will.

All the preparations for marketing can happen.
The timing to go live  is up to you.
Some delay application for the grant to optimise the 6month CT exemption if the property remains empty and not ready to market.

Timing to get grants has been variable.
You can even exchange contracts before grant just not complete.

I might be jumping gun ahead, but can contracts be exchanged before probate is granted? Presume solicitors, especially buyers' solicitor, would probably discourage this approach?  

My understanding is that contracts can't actually be exchanged until the executor has probate, as until they do they do not have the legal authority to sell the property.

However they can put the house on the market, engage a conveyanver and sign the contracts in anticipation of probate being obtained. 

I will have a chat with my solicitor later on about this. Although I am inclined that this might be the best solution solicitor would recommend, sign contracts but not exchange until probate is granted.

tooldle

I've just purchased a house from a couple (both deceased). Both Probate grants were required before exchange could happen.

Cookie211

tooldle said:

I've just purchased a house from a couple (both deceased). Both Probate grants were required before exchange could happen.

Hi, we in the middle of buying a house going through probate, can I ask how long u waited for probate to be granted please 

JonMitchell

Good to know how long too.

parcival

I don't think you will find a solicitor who would Exchange contracts prior to probate.

My mothers probate was very simple, all done online and took less than 2 weeks. Other more complicated ones that I have seen on here have taken several months or longer.

Treetops66

We put my mother's house on the market within 4 weeks of her death and had a sale agreed within 5 days. Luckily for us the buyers do not have to sell to buy and are aware this is a probate sale. 2 months after death we are still awaiting some of the financial valuations to complete probate but hope to apply within the next fortnight. As the housing market is so hectic at present I would imagine probate will come through roughly the same time we want to exchange.

Why not talk to agents to get a probate valuation and they can advise for the type of property whether it is worth marketing now or do you risk a chain breaking if it takes too long to get probate?

cantswimwontswim

Not sure if this will help but, as Executor for my late parent I had the property valued last autumn, probate applied for and then was ill for a couple of months. By time I put the property on the market the prices had gone up and while I was happy with the earlier valuation the Solicitor, who is joint executor with me, stated that I had to go for the best possible price despite my being the main beneficiary.  I had wanted a quick sale as didn't like leaving the house empty, not living locally.
The increased valuation and sale has meant that I am liable for CGT. So, I would suggest as soon as applying for probate to put the property on the market straight away and be aware of this possibility.  Also, contracts cannot be exchanged before probate granted and, double check the forms and certificates as my certificate had an error and it took further weeks to correct, not my error either!
Despite the Covid working I had probate granted in approx 6 weeks other people were waiting 3 - 6 months, check with your local probate office for current waiting times. 
Apply for Council Tax exemption if the property is unoccupied as 'Probate not granted'. 

cantswimwontswim

Apply for Grant of Probate AND publish Deceased Estate on London Gazette THEN market the properties later.

I advertised the notice after probate, wasn't going to but, was advised to do so in case of a challenge to the will 6 months down the line. 

p00hsticks

cantswimwontswim said:

The increased valuation and sale has meant that I am liable for CGT.

As I understand it you could have left the property as belonging to the estate for the sale, and then I think I've read that (within a year of the original application) you can amend the probate value to reflect the higher value the property was actually sold for, meaning that the estate might potentially have been liable for additional IHT rather than you personally paying CGT.  Of course that may or may not have been financially beneficial to you.