selling a probate property

Selling a Probate Property: What You Need to Know

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Selling a probate property can be a sad, complex and time-consuming process. Whether you are an executor, administrator, or a beneficiary of an estate, it’s crucial to understand the legal and procedural aspects involved. Here’s what you should look out for and be aware of when selling a probate property.

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1. Get the Property Valued

It is essential to obtain a professional valuation of the property. This can help ensure you price it correctly, avoid disputes among beneficiaries, and comply with inheritance tax requirements. A probate valuation should reflect the property’s open market value at the date of death. Sometimes, this can do done by an estate agent, other times it should be an RICS qualified surveyor. Speak with the solicitor handling the probate on this. 

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2. Apply for Grant of Probate

Before you can complete on the sale a probate property, you must have the legal authority to do so. Your solicitor will guide you in this process. It is possible (and sometimes advisable, depending on the situation) to put the property on the market prior to receiving the grant of probate; often this depends on the complexity of the estate.  ​​

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3. Prepare the Property for Sale

Probate properties are often sold in an ‘as-is’ condition. However, minor repairs, decluttering, and staging can make the property more appealing to buyers and potentially increase its value. Your estate agent can spend time with you on this point and make sure the house looks it's best, without having to make significant investment. 

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4. Choose the Right Estate Agent

• Local - make sure your agent is local to the area, and understands the families personal circumstances. 

• Specialist - choose an agent who is a specialist in working with the deceased's particular type of property. They are likely to have a deeper understanding of the common quirks of that kind of home, in addition to a relevant database of prospective buyers.

• Experienced - selling the home of a loved one if often a difficult and challenging time. Your agent should be experienced, diligent and understanding, having dealt with this kind of situation many times before. It makes the process so much easier. 

• One point of contact - given the sensitivity of the sale, try to make sure the person you entrust the sale of the property to is actually the personal your are going to be working with. They should be the one, predominantly, showing the house, and always the one updating you and guiding you through the process. 

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5. Be Aware of Potential Delays

Probate sales sometimes take longer than standard property transactions due to legal and administrative processes. Buyers should be made aware of potential delays to avoid frustration or withdrawn offers - this is particularly relevant if you decide to market the house prior to receiving the official grant of probate. 

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6. Finalising the Sale

Once a buyer is found and contracts are exchanged, completion can take place. The proceeds from the sale are then used to settle any remaining estate debts before distributing the remainder to beneficiaries as outlined in the will or intestacy laws. Again, your solicitor will guide you through this part of the process.

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Conclusion

Selling a probate property requires patience, sensitivity and a clear understanding of the journey as you move through it. Seeking expert agents, solicitors and surveyors is a must, and will make the journey much smoother and easier to navigate. We have excellent local socilitors and surveyors that we can put you in touch with. Please note, we do not take any commission from them, they just take really good care of our clients.