Selling in probate

Losing a loved one is undoubtedly a challenging experience, and when emotions run high, dealing with legal and property matters can feel overwhelming and the last thing you want to think about. You may have solely inherited a property, or you and more family members have jointly inherited it, and there may even be disputes about what to do with it.

If the decision is solely or jointly made to sell the property in probate, it's important to understand the process and take the necessary steps, to ensure a smooth transaction.

Probate is the legal process of administering a deceased person's estate, which typically involves validating their Will (if one exists), identifying and appraising assets including properties, paying debts and taxes, and distributing remaining assets to beneficiaries. During probate, the property may remain in limbo until the legal proceedings are complete.

Selling a house after a person dies is a bit different to a usual house sale and requires some more key considerations. We have complied the below guide to help you navigate this difficult situation.

1. Communication is paramount

Before you start actioning and taking steps to sell the property, it is important that you and any beneficiaries of the late person’s Will have clearly communicated, and are on the same page, to ensure a smooth transaction and no upsets along the way.

The executor(s) of the Will are able to make a decision to sell the property without needing a sign off from the other beneficiaries. Whilst this is legally not needed, it is advisable to clearly communicate and have agreement between all parties as to the sale to keep the peace going forward.

It is strongly advised to have all communications in writing.

2. Application for Grant of Probate

To be able to sell a house you have inherited, the executor of the late person’s Will, has to apply for the Grant of Probate to be legally allowed to sell it.

Probate is a legal document issued by the court, and confirms the executor has legal right to deal with the property and any money left by the late person. It can take up to 12 weeks to get Probate granted and cost up to £273, depending on if the executor is doing the application themselves or with the help of a solicitor.

The executor also has a duty to sell the property for market value, or they otherwise run the risk of other beneficiaries suing them for the difference.

3. Clear and empty the house

Before placing a property on the market, or getting any property experts to come to value, it is advisable to clear the property of the late person’s belongings and furniture. Sometimes, there can be a lot of clutter or obstructions which may make it harder for property experts to value the house.

The property will have to be clear before completion of the sale, but doing it early, ensures that property experts can clearly see all parts of the house, as well as people coming for a viewing, can view it as a blank canvas they can decorate with.

Charity shops can sometimes come and collect larger items or furniture for free.

Before anything is cleared away, it is a good idea to check with any beneficiaries if they would like to keep any items from the house which may be sentimental or valuable.

4. Get a valuation done on the property

Get your home valued by a property expert. The valuation will reflect the market rate, as well as the date the late owner died.

Getting your home valued by us is free. We will ask for details of the property, location, condition and accurately estimate its value. Value your home here.

5. Get legal advice from a solicitor regarding the property Title and Deeds

To determine definite ownership of the property, you will need to gather legal documents such as Property Title and Deeds. A solicitor will be able to get them from the Land Registry for you.

The solicitor will need to check them and provide advice on any restrictions which may be preventing you from the sale of the property e.g. an outstanding mortgage you didn’t know about or the property having multiple owners you were not aware of, that may have a stake in the property. 

6. Choose the right property sale method

Once the Probate is granted, you can sell the property in whichever method you want.

The method you sell the property will depend on a few factors: how fast you need to sell, how much time can you dedicate to it and how much money you want to sell it for.

People listing with estate agents over the years, are no longer finding it is the best route when selling a house in Probate. They may not live near the property they are selling, so they are wanting to leave in the hands of professionals in the area entirely. They may also want to sell it fast, and with the average estate agent taking 8-12 months to sell a property, people turn to other methods of selling like auctions.

People choose to sell their properties at auction with us, as we are able to conduct it up to 4x faster than an average estate agent, and in as little as 28 days. It is free to sell your property with us, and we are pleased to say that over 80% of our properties sell for over asking price. See if auction is the right route for you here.

7. Make sure to get insurance for the property

In case of accidents or break-ins, insurers may choose not to pay out on any claims, if the policy is still in the name of the person that has died. In order to change this, simply call up the current insurer, explain the situation and charge the name on the account.

You will have to tell the insurers if someone is living at the property or not, as they may not cover a property or the contents in it, that has been empty for more than 30 days, due to increased risk of break ins and burglary. You may choose to remove valuable objects from the property to decease this chance.

8. Make sure to get market value price when selling

It is the Will's executor's legal obligation to sell the property for market value or more. If it is sold for less, then the executor runs the risk of being sued by any other beneficiaries of the Will for the difference in value. This is why selling with sneaky cash buying companies, is not a good idea, even if it can be done quickly. Cash buying companies could offer as little as 70% of the value of the property and offer to buy in 7 days, however, they would often reduce that offer on day 7, to as little as 50% of the value of the property. This is significantly lower than the property value and runs the risk of being sued by any other beneficiaries.

Here at Smart Auction UK, we can help sell your property for free, fast and for market value or more. We sell properties 4x faster than average estate agents and without any hassle. We are pleased to say that over 80% of our properties sell for over the set reserve price. Please see our recent sold property success here.

9. Be realistic about the timescales

The Grant of Probate will be needed for the formal exchange of legal contracts. The Grant of Probate can take up to 12 weeks, and whilst you can put the property on the market and accept offers, you need to wait for the official Grant of Probate to sell the property.

For the quickest route to sell the property, it is recommended that you look at modern property auctions. Our auction experts have vast experience in selling your house quickly and in difficult situations like these. We have helped many people when they were grieving, and elevated stress from them and the property sale.

10. How much will it cost to sell the property?

You can incur reasonable costs and charge them to the estate whilst in the process of selling the property. Your legal costs will be the same as a normal house sale, but there are other cost considerations such as:

Bills on the property e.g. heating property over winter so it doesn’t get damp, insurance costs, clearing and cleaning or any repairs or improvements to the property.

Estate agent fees can be high, and it is an executor's duty to not incur high fees that essentially take money away from any other beneficiaries. We offer a free house selling service by way of modern online auction. It is free to list and sell with us, as our fees are covered by the buyer. We also achieve over reserve price on over 80% of our sales, ensuring that you will get the right price on sale of your property. Click here for our process to sell your property by modern auction.

As always, it is best to check and agree that everyone else involved is happy with this money being spent to keep the peace.

Conclusion

Selling a property after probate can be a complex and emotionally challenging process, but with careful planning and professional guidance, it's manageable. By understanding the legal requirements, preparing the property appropriately, and navigating the sales process diligently, you can successfully close the chapter on this aspect of estate administration in a short matter of time. Remember to seek support from qualified professionals to ensure a seamless experience during this transitional period.

If you want to learn about the modern online auction, see if it is the right method for you here, or give us a call on 0330 223 6118 for a non-obligation chat and advice on how to navigate your situation.