Can I sell an inherited house before probate?

• You can’t sell an inherited house before probate as executors need to be given the legal authority to deal with a deceased person’s estate. This is called probate.

• Estates can’t sell any assets before the probate process is complete, including an inherited house. 

• Estate Advances, like those offered by Provira, provide a simple financial solution for all executors struggling to cover urgent estate expenses during probate such as inherited property costs.

You usually won’t be able to sell an inherited house before probate is granted. 

It’s only once probate is granted that executors have the legal authority to deal with a deceased person’s estate. Therefore, this process must be completed before any assets like property can be sold. 

For many executors, covering the upkeep of a property during probate is expensive, adding financial strain to an already difficult time. 

At Provira, we meet families struggling to cover estate costs every day. Everything from meeting the Inheritance Tax deadline to covering the maintenance costs of an inherited house.

And when estate funds are tied up in property, it can feel like you’re stuck.

Taking out a Probate Loan with a specialist provider such as Provira eases the strain by providing you with a simple financial solution.

Through our Estate Advance, you can access to up to 50% of the net value of the estate, plus:

• You’ll keep costs low as we only charge simple interest, not compound interest.

• You won’t face any early repayment fees or monthly repayments.

• You aren’t personally liable, the loan is secured entirely against the estate.

And you’ll have a dedicated member of our underwriting team supporting you from start to finish. 

To start your application, get in touch today.

How long does probate take to complete?

Probate can take between 9 and 12 months to complete, sometimes longer for more complex estates. 

Different factors that can affect the timeline are: 

• Size of the estate

• Disputes

• Location of beneficiaries

• How efficiently the paperwork is handled

The process is also slightly different if there’s no will. 

Although the timeline seems long, probate is necessary to ensure that an estate is administered properly and according to the deceased’s wishes.

If you’ve inherited a house, there are often maintenance costs that need to be covered during the probate process. And the longer probate goes on for, the more they add up.

If you don’t have the cash immediately available to pay them or it’s tied up in the property, it can prove to be a significant emotional burden.

That is, unless you use a specialist probate loan provider like Provira to take the weight off your shoulders. 

Our Estate Advance provides you with a simple way to keep the probate process moving forwards, as it gives you access to the cash you need to cover costs along the way.

Contact us to start your application today. We’re here to help.

What happens to a property while waiting for probate?

In short, the property sits within the estate until probate is complete. While it can’t be sold, the estate is still required to cover the cost of upkeep. This could include:

An outstanding mortgage

Lenders will still expect to be paid during probate. If this isn’t honoured, the property could be repossessed. 

Specialist insurance

Policies are often tied to the homeowner and become void on the date of death, so specialist probate insurance exists to cover this time period.

Ongoing upkeep

While council tax exemptions may apply depending on the local authority, repairs, renovations, and any sorts of maintenance costs will need to be covered by the estate.

These costs add up quickly. And, often, executors can feel stuck for ways to cover them. 

Luckily, our Estate Advance could provide the support you’ve been looking for. 

It gives executors access to up to 50% of the net estate value, often within days. You’ll keep all your associated costs low as we only charge simple interest, not compound interest, don’t charge early repayment fees, and only require repayment once the estate has been settled.

Find out more here.

When can I put an inherited house on the market?

You can put an inherited house on the market whenever you want to. 

While you can’t sell an inherited house before probate has been granted, you are able to market the property and accept offers while the process is underway.

This includes organising viewings and valuations and negotiating the price. The only part that can’t happen before probate is complete is the actual transaction.

One of the main things worth thinking about is why the inherited house is being put on the market. 

If it’s only being considered to cover estate costs, a loan could prove to be a better option long-term, so you don’t end up selling something you don’t want to. 

Struggling with urgent estate expenses? Start your application for our Estate Advance today.

How much tax will I pay on an inherited house?

How much tax you pay on an inherited house entirely depends on the value of the house when it was inherited and whether there is any increase in value in the property between date of death and date of sale. 

If there’s an increase, you’ll potentially have to pay two types of tax on the property.

1. Inheritance Tax

You’ll pay Inheritance Tax at a rate of 40% on the total estate value that sits above the £325,000 threshold. If the property is being passed onto direct descendants (children or grandchildren), then an extra £175,000 can be passed on tax free.

An Inheritance Tax bill can be one of the biggest worries for an executor. It is due within 6-months of the date of death and must be paid in order to obtain probate. This is before any assets, including property, can be sold to raise funds and meet the deadline.

If you want to read more about reducing Inheritance Tax, read our guide around How to reduce your Inheritance Tax bill.

2. Capital Gains Tax (CGT)

The inherited property will have a valuation at the date-of-death, but if there is an increase in the value between that date and when it is sold, CGT may be due. There is currently an annual tax-free CGT allowance of £3,000, anything above this is charged at 18% for basic-rate taxpayers and 24% for higher and additional-rate taxpayers .

How Provira can help 

Between legal fees, mortgage payments, insurance and maintenance, an estate often has many costs that can prove difficult to keep on top of. 

This, combined with a 6-month deadline to pay Inheritance Tax can be a heavy financial burden for executors to bear.

And while you can’t sell an inherited house before probate is complete, that doesn’t mean you can’t find cash to cover these costs in other ways.

That’s where our Estate Advance provides such a lifeline for executors. 

We offer:

• Up to 50% of your net estate value being available almost immediately

• To work directly with your solicitors and make sure all your costs are covered on time

• Simple interest charges, not compound interest

• No early repayment fees

• An underwriter dedicated to your case to guide you through it

Ready to get started? Start your application today