The loss of a family member or partner is likely to be one of the most difficult times for anyone and this is often accompanied by having to deal with clearing and selling the home they lived in.
The sale of a property in these circumstances is usually referred to as selling a probate property and in this blog, we will give some helpful hints and advice as to what is required when you sell a property in probate;
The term probate simply means that you are gaining the legal authority required to sell and distribute the estate of the deceased. The person who does this is referred to as the Executor.
If the deceased left a will, Grant of probate is needed. If they passed away without a will then you will need to apply for Grant of representation. The Grant of probate gives the Executor the right to sign contracts on the deceased’s behalf when a property is sold.
Before applying for probate you will need to have the property valued as usually any property owned by the deceased will form the majority of their estate. The valuation will also help determine the level of inheritance tax due so, even if the property will not be sold a current valuation is always required.
Here at Diggins & Co we are able to assist with this and our valuations are always free and without obligation.
If you are looking to sell the property, it can be marketed for sale prior to the Grant of probate is issued. The Executor can accept an offer and agree a sale prior to this also, however you cannot exchange contracts without the Grant.
Every estate is different but on average, grant of probate usually takes around three months, which is a similar timescale for a sale to reach point of exchanging contracts.
If you find that you need to sell a property in these circumstances why not get in touch with us for FREE, NO OBLIGATION ADVICE.
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