What is a probate?
Inherited property is when one receives a property or share of a property from a person who has died. A grant of probate gives the legal right to deal with someone’s property, money, and possessions when they have died.
When is a probate required?
A grant of probate is required when a person dies and leaves their property, money, and other assets (Their Estate) in a will.
Fast Cash Houses can help with the probate process from start to finish, we have a specialist legal team who will work alongside you and your family to get this processed.
We can help in any situation, whether people involved are spread out across various countries, have family issues etc. We can help! Please note, even if there is no Will left behind by the deceased, we can still help you claim your legal estate through other options, contact us for more information.
How to apply a probate
Please note, applying for probate can be a very costly, complex, and stressful process. This is the reason we have a probate team in place to handle the complete process for you, start to finish. Please find below important information regarding Probate.
Please note that only executors named in the will of the deceased can apply for a grant of probate. If there are more than one, you only apply for probate once.
Before you can apply for a grant of probate, it is essential that you calculate the value of the estate on the day your loved one died.
This estimate needs to be included when you apply for a grant of probate, this information is then shared with HM Revenue and Customs (HMRC).
For estates worth more than £325,000 and where Inheritance Tax is due, it is likely that you will need to pay Inheritance Tax to HMRC before you distribute the estate according to the requirements expressed in the will.
If you estimate that the estate is worth around £325,000, you will need to provide a more accurate estimate of its value to calculate the Inheritance Tax liability. If you expect to owe tax on the estate, you will also need to submit an Inheritance Tax form to HMRC.
The value of an estate includes all the deceased person’s assets, minus any debts that need to be paid. Without a grant of probate, you will be unable to begin processes such as selling property, retrieving money from bank accounts etc.
However, using the death certificate you shall be able to get information from Banks and Building societies of how much money is in the accounts, this will then help towards getting an accurate value of estate. In the case there is also property, we can assist in providing accurate valuations for you to use.
Selling a home in probate
Fast Cash Houses will buy your property in any condition, any location. We understand in many cases that deceased properties left behind are often not in the best condition, often requiring thousands of pounds to modernise and bring up to a good standard.
However, we shall assist you every step of the way, we are able to purchase property in exactly the state they are in, even in cases where the deceased has left behind a lot of belongings in the property.
Probate statistics
It is estimated that 1 in 10 properties sold across the UK are Probate properties.
Key Will/Probate Dispute Statistics (IBB LAW Surverys)
- 3 in 4 people are likely to experience a will, inheritance, or probate dispute in their lifetime.
- Inheritance disputes among siblings are the most common form of dispute.
- You’re more likely to experience a dispute in relation to your father’s will than any other relation.
- The average age of the deceased whose will was disputed was 58.7 years.
- 1 in 4 who disputed their inheritance said it was because the deceased was coerced.
- 47% of survey respondents were set to inherit between £50k and £1 million.
- The average amount recovered from will, inheritance or probate disputes was around £190k.
- Almost 40% of people die with debts.
- 1 in 3 disputes initiated by non-family claimants were said to be ‘colleagues’ of the deceased.
- Men are 11% more likely to be involved in an inheritance dispute than women.
- Men are likely to inherit more than women in a will.
How much does probate cost?
The cost of probate can vary depending on the complexity and value of the estate. Some solicitors can charge up to 3-5% of the estate value.
For example, £300,000 in total left behind by a loved one could cost the beneficiaries up to £15,000.
Please note, that all probate costs and legal fees are covered by Fast Cash Houses, this would not cost you a penny.