Selling A Probate Property - Your Questions Answered
The loss of a family member or partner is likely to be one of the most difficult times for anyone and this often comes at a time when you need to contend 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 here we give some help and advice as to what is required when you sell a property in probate;
The term probate simply means that you are gaining the 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 required. If they passed away without leaving a will, then you would 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 a major part 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.
If you are looking to sell the property it can be marketed for sale prior to the Grant of Probate being issued. The Executor can acceot an offer and even agree a sale prior to this also, however you cannot exvhange contracts to a buyer without the Grant.
Every estate is different, but on average grant of Probate takes around three months. This is a similar timescale for a sale reach the point of exchanging contracts.
If you need to sell a property in these circumstances why not get in touch with us for some FREE, NO OBLIGATION ADVICE? Our entire team is very experienced and we can offer valuations and advice as to how to progress matters making things as easy for you as possible.
Until next time,