If a loved one has died and a surviving husband, wife or partner wants to sell the property a simple check on the title deeds can usually identify what documents or additional steps are needed to sell the property.
Selling a jointly owned property when one owner has died? We can help to guide you through the steps required. The first question to ask is do you actually need to go to the expense of obtaining probate.
Current assets and current liabilities provide an indication of the cash flow of the business during the coming year.
All you would be required to provide to us to sell the property is a certified copy of the death certificate.
If the property is held in the deceased’s sole name or, if held in joint names and both owners have died, then Probate or Letters of Administration are needed to sell.
Want to know if you can sell before probate is granted?
If the property is in joint names and one of the owners is still alive then invariably the property can be sold without the Grant of Probate.
The proceeds can then be held by the two trustees pending the Grant of Probate post sale.
If there is no restriction then the property was held as “joint tenants” and so the title automatically passes to the co-owner without the need for probate.
However, the risk is also greatest for those operating as sole traders.
If the firm should fail, a sole trader’s business debts could become personal debts – and the business’s creditors may pursue them personally for payment.
You can’t borrow more than £500 without telling the lender you’re bankrupt, or act as a director of a company, or create, or manage, or promote a company without the court’s permission, or manage a business with a different name without telling people you do business with that you’re bankrupt.'Should a sole trader experience financial difficulty, advice should be sought as soon as possible from a restructuring and insolvency expert, who will carry out a review of the business and advise on the most practical solution available.