Are you the new owner of a probate house? Talk to the experts…

If you’ve recently inherited a probate house, it would stand you in good stead to consult property professionals before deciding what to do with it and making any long-term commitments. It is difficult enough that you have just lost a loved one; the last thing you need is having to deal with questions and concerns such as “Do I keep the probate house?” and “But I don’t live in London!”.

Take as long as you need to process the death in your family. In the meantime, read this article to familiarise yourself with probate property and discover some options that are open to you. Or alternatively, contact MPG Investments right now for answers to your questions.

What is probate property?

Basically, probate property is inherited property. It is when the owner of a home or plot allocates their property to another person – usually a family member – in their will. The person – friend or family member – becomes the rightful owner of the property when the original homeowner passes away.

Disadvantages of probate property

By definition, the whole idea of probate property is emotionally taxing. Simultaneously, the person inheriting the probate house must deal with the sorrow of losing a loved one as well as the overwhelming experience of inheriting property.

Here are some reasons why probate houses often cause more confusion, stress and problems than they’re worth:

1. Emotional stress

   If you have just inherited a probate house, it necessarily means that somebody close to you has passed away. As it is usually a dear family member or close friend, chances are that you’re so overwhelmed by sorrow that property is the last thing on your mind. Furthermore, you can’t imagine moving into the home where your loved one lived all those years and then eventually passed away in. Just thinking about packing all their belongings away and actually living in the house could be too much to bear.

2. Complicated and lengthy legal proceedings

   Probate property law is characterised by complexity, expense and delay. The procedure involves settling all outstanding debts, taxes and funeral expenses before the estate is allocated in terms of the decedent’s will. Once this has all been taken care of, the judge presiding over the probate hearing announces that the heir – also referred to as the ‘executor’ or ‘administrator’ – is now officially the owner of the probate house.

   Encompassing everything from court hearings, asset appraisals and transferrals to signing a range of legal documents and completing tax returns – probate property procedures also necessarily involve enormous legal costs.

3. Capital gains tax

   While we are on the topic of legal costs and the expense that goes with inheriting a probate house, you should take note of something called ‘capital gains tax’. In terms of this law, beneficiaries of probate property are legally required to pay a significant percentage of their inherited homes’ value to the government in the form of capital gains tax.

   The average person simply does not have enough money lying around to pay this tax and keep the probate house – they are forced to sell the property in order to meet this tax requirement.

4. You may live in another town or city

   Take a moment to consider the following hypothetical situation, which is very common among people who have inherited probate houses. Anne is devastated to learn that her beloved grandpa Jo passed away on Thursday. The next day – still grief-stricken – she learns that grandpa Jo left his home to her in his will. There is just one problem. Anne is married with two small children and a steady job in Manchester and grandpa Jo’s home is in London! Anne has worked so hard to make a life for herself in Manchester and has absolutely no intention of moving to London.

5. You may need to release equity

   If, like Anne, you and your family are established and enjoying your current way of life, you probably also don’t have any intention of leaving your home.

   However, selling the probate house and using the proceeds in other ways might be an option. You could, for example, use the money to renovate your existing home. You could take the family on that long-awaited and well-deserved holiday. You could invest in a lucrative business opportunity. You could use the money to settle all your debt and save the rest. The opportunities are endless.

Why not consider selling your probate house?

Is it really worth subjecting yourself to all the disadvantages discussed above? Especially at a time when you are overwhelmed by loss and sorrow. Why not consider selling your probate house and investing the money elsewhere?

MPG Investments has become known as the UK’s premier property investors. Thanks to our extensive financial resources and experience in the industry, MPG is primed to buy any property anywhere. With us, you call sell your probate house in just 7 days and avoid all the above-mentioned drawbacks.

We understand that you are going through a difficult time, and will thus do everything in our power to make the whole process as simple and speedy as possible.

This is how it works: Give us a call on 0800 634 9231 and a professional consultant will arrange to visit your property to make a value assessment within 24 hours of your call. We will approach you with a guaranteed offer to purchase your property no longer than 24 hours after the valuation. This service is absolutely free anywhere in the UK - other property buying companies could charge up to £1000 just to make an offer. All we ask is that you are serious about selling to MPG.

If you are happy with the terms of our offer and choose to proceed, the cash can be deposited directly into your bank account in as little as 7 days.

Why not do away with stress, complexity and delay by contacting us today?