Premium Bonds and Probate

RAS

Freyagirl said:

Keep_pedalling said:

Freyagirl said:

I have confirmed there is no IHT to pay.  The lady in question, being 76, would like to move as quickly as possible from her very large old house which is also in an isolated position so having to apply for probate would we feel delay that considerably.  
It does seem that leaving the money with NS & I until she dies would not be an issue, yes someone would have to get probate eventually but as no surviving close family the bulk of the estate will eventually go to charity, time would not be an issue then and they also have people experienced in dealing with bequests.  Does anyone see any issues around doing that?

It has been explained to you by several members on here that applying for probate will not cause any delays, why don’t you believe us? 

It isn't that I don't believe you but the house could go on the market tomorrow and be sold with a couple of months probably, if we have to apply for probate first we have to complete the form and then wait (in HMRC's view) about 16 weeks for probate to be granted that is four months before we could go to exchange of contracts on property and given that it is the time of year when more people die the time to get probate will not be shorter but likely longer than predicted. 

I'm going to be less tactful.

You've got it completely wrong. If I was the elderly lady, I'd be furious with you. Find a good "proper" STEP solicitor, take the documentation you have, ask them to act on the sale and if they need anything else?

And ask the beneficiary if she wants to choose the estate agent for the sale and try to get it on the market for New Year. Make sure the EA knows it is not a probate sale.

Meantime the beneficiary needs to start looking for her new home, as that chain is probably going to be the thing that slows the whole process down.

poseidon1

I have examined this thread very carefully and I cannot see that Freyagirl has ever clarified any of the following:

1) Home was solely owned by husband on death
2) Home was owned as joint tenants with deceased husband, prior to his death
3 ) Home was owned as tenants in common with deceased husband, prior to his death

A number of posters seem to be getting frustrated with your responses on the property ownership/sale position ( which they rightly consider far more important than the premium bonds ), so Freyagirl, which is it 1), 2) or 3)?

Flugelhorn asked the question but you never answered, so give a definitive response to that question and maybe you can get on and  progress the old lady's sale sooner rather than later.

Freyagirl

poseidon1 said:

I have examined this thread very carefully and I cannot see that Freyagirl has ever clarified any of the following:

1) Home was solely owned by husband on death
2) Home was owned as joint tenants with deceased husband, prior to his death
3 ) Home was owned as tenants in common with deceased husband, prior to his death

A number of posters seem to be getting frustrated with your responses on the property ownership/sale position ( which they rightly consider far more important than the premium bonds ), so Freyagirl, which is it 1), 2) or 3)?

Flugelhorn asked the question but you never answered, so give a definitive response to that question and maybe you can get on and  progress the old lady's sale sooner rather than later.

The house passed to the spouse of the deceased on his death (she was a joint owner).  What has now been clarified is the fact that if we have to get probate the whole estate is not affected we can carry on with everything else and still sell the house. Thanks

Freyagirl

Keep_pedalling said:

Freyagirl said:

Keep_pedalling said:

Freyagirl said:

I have confirmed there is no IHT to pay.  The lady in question, being 76, would like to move as quickly as possible from her very large old house which is also in an isolated position so having to apply for probate would we feel delay that considerably.  
It does seem that leaving the money with NS & I until she dies would not be an issue, yes someone would have to get probate eventually but as no surviving close family the bulk of the estate will eventually go to charity, time would not be an issue then and they also have people experienced in dealing with bequests.  Does anyone see any issues around doing that?

It has been explained to you by several members on here that applying for probate will not cause any delays, why don’t you believe us? 

It isn't that I don't believe you but the house could go on the market tomorrow and be sold with a couple of months probably, if we have to apply for probate first we have to complete the form and then wait (in HMRC's view) about 16 weeks for probate to be granted that is four months before we could go to exchange of contracts on property and given that it is the time of year when more people die the time to get probate will not be shorter but likely longer than predicted. 

I will try to keep this simple. Applying for probate for one asset, does not slow down the sale of any other asset that does not need probate. The house sale does not require probate therefore applying for it does not affect the sale. To put it another way whether probate is needed for a house sale or transfer depends on whether the property is inherited by a co-owner or not, it  does not suddenly become necessary because you need it for something else unrelated to it.

Thank you for that clear explanation, I had assumed that if probate was required by one organisation the whole estate would be affected now that is not so things are a lot easier so thank you for keeping it simple has helped enormously.

Magnolia

I posted this thread on the same subject.  Hope it helps.

https://forums.moneysavingexpert.com/discussion/6428410/premium-bonds