That answer is simple: no. The executor will have to wait until the probate process is over before disposing of assets.
Yes, you can put a property up for sale before Probate is granted, but you can't complete the sale until a Grant of Probate has been issued by the Probate Registry (Court). This can cause issues for both the buyer and the seller as obtaining Probate and administering an Estate can be a long process.
During the limbo period waiting, the executor/administrator must maintain the rental property in good repair and collect rent. Selling a property is not allowed until the grant of probate, although the executor can market the home and even accept an offer while waiting for probate.
How long does it take to get the Grant of Probate? While there is nothing to prevent executors from instructing agents to market the property, or even accepting an offer on it, contracts can't be exchanged until the grant has been obtained.
This is needed to allow them to access the money and assets of the person who has passed on. Even for a simple estate, it is likely to take three to six months for funds to be allocated after probate has been granted.
An executor does have the power to rent a property in probate. It is more desirable to have a tenant in the property during the probate process than leave the property idle.
Probate assets include sole-ownership property, tenants-in-common property, or any other asset owned jointly without right of survivorship.
The probate process takes around a year on average, from the date of the person's death to the estate being distributed. It may take less time, but even simple estates usually take a minimum of six months to complete probate.
Can I rent out an inherited house? Yes, you can. You'll need to follow the laws of Landlords and potentially pay income tax from the rental income.
The usual wait time for a Grant of Probate application to be granted is 4 to 8 weeks, according to the Probate Registry. But as the Coronavirus pandemic caused a backlog of Probate applications, many people are still being affected by delays in 2021.
Like other businesses, they can experience busy times. To put it into some kind of context, once Grant of Probate applications are complete, it's typical for the process to take between 4 – 8 weeks.
It is up to the executor's discretion as to whether they distribute any money before probate. However, an executor should consider how a beneficiary receiving their inheritance early could affect the rest of the estate administration.
Banks will usually release money up to a certain amount without requiring a Grant of Probate, but each financial institution has its own limit that determines whether or not Probate is needed. You'll need to add up the total amount held in the deceased's accounts for each bank.
If you need to close a bank account of someone who has died, and probate is required to do so, then the bank won't release the money until they have the grant of probate. Once the bank has all the necessary documents, typically, they will release the funds within two weeks.
It is vital on someone's death that the executors obtain Probate as you have no legal authorisation to sell a property before Probate is granted, unless your name is already on the title deeds.
Unfortunately there is no easy way of fast tracking probate. There is no special process that is available to do it or extra fee that you can pay to get it done faster than normal. Essentially there are three main stages and at various times you may be reliant on what others are doing which may cause delays.
If there is a Will in place and the estate is relatively straightforward it can be done within 6 months. If there is no Will or the Estate can not easily be valued or identified then the process may take longer, likely more than 12 months.
The reason the process takes so long is that there are complex legal and tax issues that need to be resolved. For this to be done, the probate application process has to be thorough and proper checks must be made.
If the deceased owned a property in their sole name Probate will generally be needed before it can be sold or transferred. If Probate is needed, the property can be put on the market and an offer can be accepted before the Grant of Probate has been obtained, but the sale won't be able to complete without the Grant.
Probate is usually needed if the estate of the person who died is worth more than £10,000. You can read our guide on what is probate for more information. If most of the assets in the estate were jointly owned – such as a joint mortgage or bank account – probate may not be needed.
The first thing to do when you inherit a house is create a short-term plan to maintain the home while the estate settles. You'll need to provide for upkeep, think through your long-term goals and discuss your ideas with any siblings or other heirs who share a stake in the property.
Unless the will explicitly states otherwise, inheriting a house with siblings means that ownership of the property is distributed equally. The siblings can negotiate whether the house will be sold and the profits divided, whether one will buy out the others' shares, or whether ownership will continue to be shared.
If you inherit a mortgage and want to keep the house, the first thing to do is contact the servicer of the loan. They'll need to see a death certificate and verify that you're the heir of the house before they can give you more information on the loan balance. Once that's done, you'll be able to consider your options.