A Guide to Selling a Probate or Inherited Property
Our experience means we know just how emotional and draining this period can be for people. In many cases, you are not just selling bricks and mortar, but letting go of treasured memories and deep emotional attachment . We never forget that, and compassion and passion are at the core of our service to people in this situation.
The Guide
Selling probate or inherited property can be a very complicated matter depending on the size of the estate. And that’s why we’ve created this introduction to it. The information we share is based on experience and does not constitute legal advice. We can, if necessary, introduce you to experienced and trustworthy solicitors who know the local property market. After reading this, you may find it beneficial to have a no-obligation, confidential chat with us about your situation.
A Brief Guide to Probate
When selling a property left behind by a relative, probate is often involved. But what is it? It’s the formal permission needed to deal with someone’s estate, basically their property, money, and possessions, when they die. If you are named in the deceased person’s will as an executor, you can apply for probate. But even if they didn’t leave a will, depending on your relationship to them, you can apply to become the administrator of the estate. In most cases, you will need legal permission to sell their property, hence the need to apply for probate.
Prepare Properly
Before applying for probate, it’s advisable to do some preparations if a property is part of their estate.
Estimate the value of the deceased’s assets.
From a property perspective, it’s wise to get two or three valuations from respected local estate agents.
Be clear of any valuation as this may have inheritance tax implications further down the line.
We suggest contacting HMRC or a solicitor who can advise you professionally.
Please Note
You will not be able to complete the sale of the property until probate has been granted. Don’t worry if you’re still feeling unsure of things.
This is where a good solicitor, allied to working with a reputable estate agent can be hugely beneficial and reduce any stresses you may have.
Applying for probate can take between four and eight weeks. However, you can market a property for sale during this time as you await the granting of probate.
Five Things To Consider
This can be a tremendously emotional and challenging time for you, with many things to remember and loose ends to tie up.It’s easy (and natural) to overlook certain things. Below we’ve listed five frequently overlooked things you need to pay some consideration to.
1) Letting Go
The sentimental value of a loved one’s items shouldn’t be underestimated. And that’s why the clearance of their belongings and furniture needs to be handled with care and consideration. Wherever possible (and after legal advice),it’s often best to gather the family together to see who wants what and what items can be removed by a clearance company or donated to charity shops.
2) Security and Maintenance
If you are applying for probate, the property could be vacant for months. This means the security of the home needs to be looked at. Maintenance can also be an issue. In the colder months, the heating and water system needs to be regularly checked. In warmer months, the outside of the property may need care, especially as many potential buyers will be put off online by photos of overgrown gardens or broken fences/gates.
3) Insurance Cover
This is often overlooked when a homeowner has died, and the property sits vacant. Ideally, contact your insurance company, explain the situation, and see what levels of cover are available. Most offer ‘vacant property insurance’, a necessary cost for any property left unoccupied for more than 30 days.
4) Keeping it in the Family
Once probate is granted, selling to a family member may look like a relatively easy option. However, it can work out to be more complicated than a sale to a stranger. This is due to the need to agree on a suitable price, work to a timeline, and the emotions which are sometimes involved.
5) Quick Sale Caution
There are many companies out there that promise to buy properties quickly for cash. And as attractive as a quick cash sale can sound during a testing period of your life, you and any other beneficiaries of the sale can end up thousands of pounds out of pocket. This is because the property hasn’t been professionally marketed as it would be if you sold it through a reputable, local estate agency.
Your Questions Answered
Q: My parent has died, leaving behind a property, what should my first step be?
A: While we’ve seen some people handle a probate sale on their own, the vast majority contact a solicitor who is experienced in these matters to work on their behalf. That’s why we suggest contacting a local one who knows the area and the agencies that work within it. It is worth getting several quotes, fixed price quotes as a opposed to percentage costs are often favourable.
Q: How will I know I’m getting an accurate valuation for sales and tax purposes
A: Any agent can pluck a figure out of the air. But be warned, proceed with caution when you encounter this approach. You need to think like a detective here and ensure any valuation is backed up with comparable evidence which shows similar properties in the area achieving the price suggested. Successful sales are a main indicator is that the property was valued correctly and an agent should normally be able demonstrate this for you.
Q: Does it cost more to sell a probate property?
A: The sale shouldn’t incur higher legal fees than an ordinary property sale. However, there are additional costs to consider, like insurance and maintenance.
Q: Should I refurbish the property ready for sale?
A: Although a fresh coat of paint never goes a miss, you might not need to spend as much as you think you do. Each property is different, but our general advice here would be to make the property as clean and obstruction-free as possible. We can recommend trusted local companies who handle house clearance, cleaning, maintenance and repairs. Gardens are increasingly in demand since the pandemic, so if your property has one, ensure the front and back areas are neat, tidy, and easy on the eye.
Q: Can I market the property while I’m awaiting probate to be granted?
A: Yes. But you cannot legally complete on the sale until probate is granted.