Dealing with a Probate Sale
A probate sale is a type of property sale that occurs after the owner of the property has passed away. In the United Kingdom, the process of selling a property through probate can be complex and time-consuming, as it involves a number of legal and administrative steps. However, it is a necessary process that must be carried out in order to transfer ownership of the property to the person or persons who are entitled to it.
The first step in the probate process is to determine who is responsible for administering the estate of the deceased person. This is typically the executor named in the will, but if there is no will or the named executor is unable or unwilling to act, the responsibility falls to a close relative or the court.
Once the executor has been identified, they must apply for a grant of probate. This is a legal document that gives the executor the authority to deal with the deceased person’s assets, including their property. The application for a grant of probate must be made to the Probate Registry, which is a division of the High Court.
Once the grant of probate has been obtained, the executor can begin the process of selling the property. This typically involves engaging the services of a real estate agent to handle the marketing and sale of the property. The executor will also need to arrange for any necessary repairs or maintenance to be carried out, and may need to deal with any outstanding debts or liabilities that the deceased person had.
The sale of the property is typically carried out through a private treaty sale. In a private treaty sale, the property is advertised for sale and interested buyers can make offers to purchase it. The executor has the final say on which offer to accept.
Once the property has been sold, the executor must distribute the proceeds of the sale to the beneficiaries of the estate. This typically involves paying off any outstanding debts or liabilities, and then distributing the remaining funds to the beneficiaries as specified in the will or according to the rules of intestacy (if there is no will).
The probate process can be complex and time-consuming, but it is an important step in ensuring that the property of the deceased person is properly administered and distributed according to their wishes. If you are responsible for administering the estate of a deceased person and need to sell their property, it is important to seek the advice of a legal professional to ensure that the process is carried out correctly.
To find out more you can download a copy of our free probate guide here or get in touch with the team for assistance.