The Next Steps: Handling A Probate Sale
What is probate property?
Probate itself is an encompassing term for the legal management of a deceased person’s estate. Usually including the person’s property, the term ‘probate property’ has become a common phrase.
Dealing with a probate sale?
Probate might be a term you have never come across but becoming familiar with it can be beneficial even if you are not going through it at the moment. Knowing what’s involved and how your estate agent can help you deal with a probate sale, will help make the process more manageable and less stressful.
Selling a probate property isn’t the same as other property sales, the process is different and is carried out at a challenging time when emotions are high.
Who is responsible for the probate property?
If there is a Will, the executor named can apply for a Grant of Probate. This might not be necessary if the property was held in joint names.
Obtaining a Grant of Probate allows you to handle the Will of the deceased person including the sale of their property. It is important to apply for a Grant of Probate as soon as possible as the process of obtaining the document can take several weeks.
What is involved in the probate sale process?
After determining whether a Grant of Probate document is necessary, and gaining it if needed, you can begin the process of selling your probate property.
Getting an accurate valuation for the property is important for inheritance tax purposes. If a property is thought to be valued improperly you will need to pay the underpaid inheritance tax. Make sure you call out a trusted estate agent who understands probate sales and who has solid knowledge about current, local property prices.
Ensure the property is sale ready, windows and doors have working locks and possessions are cleared within the property. Check if any refurbishment or repairs are required and action these as appropriate
Regular visits to the property is strongly advised when it is vacant, just to check on everything. You can instruct a management company to look after it before and during the sale. We can help with this at Nicol & Co through our property management services, so get in touch with the team if you need help.
Listing the Property
Working closely with a professional, local and experienced estate agency is important, they’ll be able to provide the guidance you need to make the process as straightforward as possible. They can organise the marketing and carry out viewings. They will also speak to the buyers and communicate with the necessary parties including conveyancers.
How quickly can a probate property be sold?
Unfortunately there is no shortcut to selling a probate property quickly. All legal obligations must be met to ensure everything is done correctly and carefully, but like with all sales, at Nicol & Co we’ll work hard and proactively to make your probate sale as quick and efficient as possible, whilst at the same time striving to secure the best sale price possible.
If it is a route you would like to go down, let us know and at Nicol & Co we will help to ensure it is sold efficiently.
How can Nicol & Co help?
At Nicol & Co we understand dealing with a probate sale can be difficult. Our team has experience in helping customers sell a probate property in Worcestershire and can make sure we provide the support and clear communication needed. We can point you in the right direction, keep you informed and help you along the process.
From checking in on your property every week if you find it too difficult to recommending expert conveyancers, we can be there for you.
If you’re looking to sell a probate property or find out more information about how we can help, don’t hesitate to contact us. We have three branches for you to visit, or if you prefer giving us a call or sending us a message get in touch here.