Inheritance

Roverthehill

Hello,

Just wondering if anyone can advise. Been very lucky to be left some inheritance in a will which will enable me to put a deposit down on a home. probate has been received and currently awaiting for the home to be sold (Sale Agreed, been told by estate agents and solicitor its close to going through) so the estate can be settled. How long realistically once the house is sold would I expect to receive any inheritance. Keen to start looking for a home to purchase for my family but don't want to jump the gun. 

Many Thanks 

Marcon

Roverthehill said:

Hello,

Just wondering if anyone can advise. Been very lucky to be left some inheritance in a will which will enable me to put a deposit down on a home. probate has been received and currently awaiting for the home to be sold (Sale Agreed, been told by estate agents and solicitor its close to going through) so the estate can be settled. How long realistically once the house is sold would I expect to receive any inheritance. Keen to start looking for a home to purchase for my family but don't want to jump the gun. 

Many Thanks 

Best to check with the executors of the will. A lot could depend on how complicated the will is/how concerned they are about tracing all creditors and settling any debts. Even so, they may be willing to make some sort of interim payment (but they don't have to - and may be reluctant to do so until they know for certain the property has been sold and funds received).

sammyjammy

It really is how long is a piece of string, do you know if there is anything else outstanding that needs settling?  House purchases at this moment in time seem to be trickier than ever so don't take it as a given that it will all go through at all or as you expect.

Saying that you don't need to provide your deposit to a solicitor until just before you exchange on a property so nothing to stop you starting the process of looking.

thegreenone

sammyjammy said:

Saying that you don't need to provide your deposit to a solicitor until just before you exchange on a property so nothing to stop you starting the process of looking.

But many EA's won't let you view a property without proof of deposit.

Roverthehill

Thankyou for the reply’s. So the house is on the final stage of being sold and contracts currently being written up. Apart from some outstanding small house bills and the payment of solicitors and estate agents that should be all that’s left to do.

Jim80

That is the end of the house sale, the actual giving out of money might need to wait until everything else has completed, such as debts paid, funeral costs, insurance paid, notice given to the papers. I think it was 6 months before my mothers estate paid out after the process was started.

Roverthehill

House is due to be finalised next week and exchanged so fingers crossed it’s not too far away. Solicitor had requested details to send a letter to the beneficiary’s so can’t imagine there is too much left too do.