Grant of probate
A grant is a certification that is issued by the court of law confirming the legitimacy of will by the deceased giving the executors ownership of the property thus a right to deal with the property. Therefore, the administrators must possess a grant of probate. If the agents are planning to apply for the grant on their will and nit through a lawyer, then they should be ready to work in a timescale of around three months. The executors should also be willing to pay inheritance tax as required by law.
About the nature and value of the estate, the agents should give particular information about the deceased. The information includes death judgments and balances, the date of mortality, liabilities, and assets. This information is primary in filling the inheritance tax account and the return of estate. It is, therefore, prudent to get a surveyor to value the estate of the deceased or to get opinions from different values and get the average alternatively.
Check the title and locate the deeds
The executors should check the property title and confirm if the property Is registered by the land registry. The title can conveniently be confirmed by getting a copy of the claims plan and entries, this way the executors will also get to see if the property is in the deceased person’s name, the program will also show how many acres the land is and the area boundaries. Most properties in the rural are not registered therefore it is the responsibility of the executors to get the paper title deed mostly kept in a safe place in the agent’s home.
Restrictions and defects
When the agents land the paper title or the title entry, then they need to carry a research on the title and ensure that the property is free from any restrictions regarding the sale, also in the case of any defects in the title that need to be corrected before title transfer.
Capital gains tax
As from the year of death to two years after the date, there is a capital gain tax allowance of up to twelve thousand euros. If the property takes the time to be sold, then it reasonable gains value and at the disposal date, the executor is liable to incur a capital gain tax liability.
From getting the grant of probate to the title to valuation and finally selling the property is a time-consuming activity.