When a loved one passes away, it can be a really stressful time, and quite often the last thing you will want to think about is property. However, it’s not uncommon for our loved ones to leave property behind, so it’s best to be well prepared when it comes to the probate process.
Transferring property can often be a lengthy process, so it’s best to speak to someone who can help. Read on to find out more about the process .and how a solicitor can help during this time.
If you inherit a property via a will, you may have many questions and many things to sort out. Long before you begin to see any proceeds or benefits, there will be several steps in the process before the transfer of property ownership.
Once you have established what has been left to you in a will by the owner of the property, you will need to wait for a valuation and then the executors will apply for probate. Probate is the legal process by which the executors will manage the affairs and administer the estate of someone who has passed away.
Generally, it can be a lengthy process when it comes to probate and property.
After probate has been finalised, ownership of the property in question will be transferred to you. From here, you must register the property’s ownership with the Land Registry.
When it comes to either selling the property or paying mortgage payments before a grant of probate is obtained, it may not always be necessary to register the property in your name. However, we would recommend that you speak to a solicitor.
Our team at Black Norman can help you make sure the process runs smoothly, but a solicitor can also help you get the best deal so you can hold onto as much of the property as possible.
Transferring ownership of a property may not always be straightforward, as there are a couple of things you may need to consider during the process. These are:
Before the property is transferred, you will need to find out if there was a mortgage on the property and what the will says in relation to that mortgage, sometimes you will inherit it with the mortgage and sometimes funds in the estate are used so that you inherit the property mortgage free.
During the probate period, if there is a mortgage, most lenders may offer a grace period where repayments are paused, but once transferred to you, you will need to handle the mortgage. From here, there are options depending on whether you decide to sell or remortgage the property.
You may be wondering whether you have to pay stamp duty, which is not usually the case during the transfer of ownership of an inherited property. Instead, you may pay inheritance tax. This will often be paid directly from the estate of the deceased, but as a beneficiary, you can also offer alternative ways to pay. Inheritance tax on property ownership is complex, so it’s best to speak to a professional. You may also pay capital gains tax if you then sell the property on.
Contact us today to speak to one of our experienced solicitors.
At Black Norman, we have a dedicated team of probate solicitors who can help. We also provide services when it comes to transferring ownership of the property. You will certainly need a solicitor’s help during the process, so it’s best to speak to one you can trust.
We are a local solicitors based in Crosby, Liverpool, with a huge breadth of experience in these matters. We can handle the transfer of property with ease during this time for you. Contact us today so we can help you during the process.
