Selling a Probate Property
The sale of a probate property isn’t always as straightforward as other property sales – there is additional legal work required by the vendor (executor). Find out about selling a probate property directly to us.
Most properties in the UK are sold through estate agents, but the difference with probate sales is that there can often be issues raising finance for the average buyer. Reasons for this can be because probate properties are often in need of modernisation, protocol forms cannot be completed accurately and paperwork is sometime not available. Some of these issues only come to light later in the sale process and can often result in a mortgage application being rejected, meaning the sale has to start from scratch. Meanwhile the vendor has to maintain an unoccupied property and wait for a new buyer.
We are familiar with the issues that can arise when selling a probate property and we are not dependant on external funding, so can offer a reliable sale with no fees and no commission.
The length of time probate takes depends upon the size of the estate. The starting point is to value the Deceased’s assets and liabilities. Thereafter, the inheritance tax returns can be completed and the application to the probate registry made. Once the grant is issued the various assets can then be collected, and the estate distributed. For estates involving inheritance tax, usually where a property is included in the estate it can take up to 5 months. Those cases were the Estate is under the inheritance tax threshold are often much quicker to conclude and typically can take anything between 2-3 months.
The service offered by Land Registry may not necessarily be required directly by the executors or beneficiaries, but if there is no mortgage on the property we would recommend using their property alert service.
Guidance from the official UK Government website regarding wills, probate and inheritance. The website provides a step by step guide to the process of dealing with selling a probate property.