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.
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. 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.
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.
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.
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.
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.
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.
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.
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.
Over the years that we’ve been helping people with their inheritance and probate sales, we’ve been asked a lot of questions. You may find several of the answers in this section.
My parent has died, leaving behind a property, what should my first step be?
How will I know I’m getting an accurate valuation for sales and tax purposes?
Does it cost more to sell a probate property?
I don’t live locally, so how will viewings be handled?
Can I market the property while I’m awaiting probate to be granted?
How would you market the property?
What is the difference between using an estate agent and going to auction or a quick buying service?
Should I refurbish the property ready for sale?
What should I do about Inheritance Tax (IHT)?
