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After going through a lot of threads about probate on here I'd like some thoughts on what people on here would do.
Just a quick history, my Mum died in February leaving a valid will, a house and cash at bank. No stocks, shares, mortgage credit cards or loans. She had a personal pension and DWP state pension. I am the sole beneficiary.
Pretty straight forward.With my 2 childrens blessing we agreed to sell her house as it's where she died and none of us could envisage ever wanting to live in it .Too many painful memories, she was a much loved lady
I had a solicitor to deal with the will etc , all tax has been paid , a receipt issued from HMRC and approx 3.5 weeks ago all docs sent to the probate registry. My solicitor said that there was slight delay at Oxford and probate should take between 3-4 weeks. I asked her if it was OK to sell the house as the valuation had been done by a surveyor. I thought the house was over valued but knew that I could claim any tax paid back at a later stage. My solicitor said I can go ahead with the sale and I can exchange without probate but not complete.
I hope or don't envisage any problems with this as I'm probably 2 weeks away from exchange anyway as Mum's house is under offer, surveys have been done and now the searches are taking place so a way to go yet. Probate is imminent .
My question is this, I'm using the proceeds of the sale to relocate closer to my children and have seen a house which I'd like to put an offer on, I know not to exchange on my new house before exchange has taken place on my Mums house but do any of you think it would be a good idea to carry on the purchase process.
One of the reasons I ask is when my Mums house completes then realistically how long will my solicitor hold the proceeds for. There are no outstanding debts and no other beneficiaries of the will. My Mum had written to me a note where she would like my 2 children to have 5k each. I told the solicitor and she could do a deed of variant (not sure if this is the right terminology) or I could just give them the money out of my own inheritance.
I have chosen to give my children the money myself as they both know about it and they know I would not ignore my Mum's wishes. I'm not sure what happens when probate is issued and how long my solicitor (executor) needs to hold the money for. Also when probate has been granted and completion goes ahead maybe 2-3 weeks after the grant will the proceeds actually go into the solicitors account at all ??
Just a quick history, my Mum died in February leaving a valid will, a house and cash at bank. No stocks, shares, mortgage credit cards or loans. She had a personal pension and DWP state pension. I am the sole beneficiary.
Pretty straight forward.With my 2 childrens blessing we agreed to sell her house as it's where she died and none of us could envisage ever wanting to live in it .Too many painful memories, she was a much loved lady
I had a solicitor to deal with the will etc , all tax has been paid , a receipt issued from HMRC and approx 3.5 weeks ago all docs sent to the probate registry. My solicitor said that there was slight delay at Oxford and probate should take between 3-4 weeks. I asked her if it was OK to sell the house as the valuation had been done by a surveyor. I thought the house was over valued but knew that I could claim any tax paid back at a later stage. My solicitor said I can go ahead with the sale and I can exchange without probate but not complete.
I hope or don't envisage any problems with this as I'm probably 2 weeks away from exchange anyway as Mum's house is under offer, surveys have been done and now the searches are taking place so a way to go yet. Probate is imminent .
My question is this, I'm using the proceeds of the sale to relocate closer to my children and have seen a house which I'd like to put an offer on, I know not to exchange on my new house before exchange has taken place on my Mums house but do any of you think it would be a good idea to carry on the purchase process.
One of the reasons I ask is when my Mums house completes then realistically how long will my solicitor hold the proceeds for. There are no outstanding debts and no other beneficiaries of the will. My Mum had written to me a note where she would like my 2 children to have 5k each. I told the solicitor and she could do a deed of variant (not sure if this is the right terminology) or I could just give them the money out of my own inheritance.
I have chosen to give my children the money myself as they both know about it and they know I would not ignore my Mum's wishes. I'm not sure what happens when probate is issued and how long my solicitor (executor) needs to hold the money for. Also when probate has been granted and completion goes ahead maybe 2-3 weeks after the grant will the proceeds actually go into the solicitors account at all ??
