A Guide to Selling a Probate or Inherited Property
Navigating the sale of a loved one's property during an emotional time requires compassion, expertise, and proper guidance. This comprehensive guide will help you understand the probate process and important considerations when selling inherited property.
Welcome From Our Team
Hello, my name is Sharon, and I'm the Strategy & Growth Director here at NestFlex. Since we have been serving the people of Long Sutton & Wisbech, we've helped hundreds of clients sell probate or inherited property.
Our experience means we know just how emotional and draining this period can be for people. In many cases, you are not just selling bricks and mortar, but letting go of treasured memories and deep emotional bonds. We never forget that, and compassion and passion are at the core of our service to people in this situation.
Our aim is to help and guide you during these times, and to become your support partner for the property's sale. The information we share is based on experience and does not constitute legal advice. We can, if necessary, introduce you to experienced and trustworthy solicitors who are experts in this sector of the property market.
Understanding Probate
What is Probate?
When selling a property left behind by a relative, probate is often involved. It's the formal permission needed to deal with someone's estate—their property, money, and possessions—when they die.
If you are named in the deceased person's will as an executor, you can apply for probate. Even without a will, depending on your relationship to them, you can apply to become the administrator of the estate.
Preparing for Probate
- Estimate the value of the deceased's assets
- Get two or three valuations from respected local estate agents
- Be clear about valuations for potential inheritance tax implications
- Contact HMRC or a solicitor for professional advice
Please Note: You will not be able to complete the sale of the property until probate has been granted, which typically takes 4-8 weeks.
Five Critical Considerations
1
Letting Go
The sentimental value of a loved one's items shouldn't be underestimated. The clearance of belongings and furniture needs to be handled with care. Whenever possible (and after legal advice), gather family members to decide who wants what items and what can be donated to charity or removed by a clearance company.
2
Security and Maintenance
If the property is vacant during probate, security becomes a priority. Regular maintenance checks are essential—heating and water systems in colder months, and garden upkeep in warmer periods. Remember that overgrown gardens or broken fences can deter potential buyers viewing property photos online.
3
Insurance Cover
Often overlooked when a homeowner has died, insurance for vacant properties is crucial. Contact your insurance company to explain the situation and inquire about 'vacant property insurance'—a necessary cost for any property left unoccupied for more than 30 days.
4
Keeping It in the Family
Once probate is granted, selling to a family member may seem easier but can become complicated. This is due to the need to agree on a suitable price, work to a timeline, and navigate the emotions that are sometimes involved.
5
Quick Sale Caution
Be wary of companies promising quick cash purchases. While tempting during a difficult time, you and other beneficiaries could lose thousands of pounds if the property isn't professionally marketed as it would be through a reputable local estate agency.
Your Questions Answered: Part 1
My parent has died, leaving behind a property. What should my first step be?
While we've seen some people handle a probate sale on their own, the vast majority contact a solicitor who is experienced in these matters to work on their behalf. We suggest contacting a local one who knows the area and the agencies that work within it.
How will I know I'm getting an accurate valuation for sales and tax purposes?
Any agent can pluck a juicy looking figure out of the air. Be warned, proceed with caution when you encounter this approach. You need to think like a detective and ensure any valuation is backed up with comparable evidence which shows similar properties in the area achieving the price suggested.
Does it cost more to sell a probate property?
The sale itself shouldn't incur higher legal fees than an ordinary property sale. However, there are additional costs to consider, like insurance and maintenance.
Your Questions Answered: Part 2
I don't live locally, so how will viewings be handled?
We will accompany all viewings as standard. As a local estate agent, we will also regularly visit the property to check everything is ok. We can arrange for local tradespeople to carry out any maintenance and we work with trusted house clearance companies.
Can I market the property while awaiting probate?
Yes. But you cannot legally complete on the sale until probate is granted.
What is the difference between using an estate agent versus auction or quick buying services?
While auctions and cash buying companies may provide a faster route to a sale, it often means you could be missing out on thousands. As a trusted estate agent working as your support partner, we'll be on hand to guide you every step of the way, leveraging our extensive network and local knowledge to achieve the best possible price with minimum stress.
Marketing Strategy & Property Preparation
How We Market Your Property
We apply a different strategy to each property – because no two properties or sellers' situations are the same. Fundamentally, we look at three core areas:
- Location – Where the property is and the amenities, services, and environment around it
- Presentation – Current condition and potential improvements
- Process – The systematic approach we follow to ensure the best price is achieved
Should I Refurbish Before Selling?
Although a fresh coat of paint never goes amiss, you might not need to spend as much as you think. Our general advice:
- Make the property as clean and obstruction-free as possible
- Consider using trusted local companies for house clearance, cleaning, and repairs
- Ensure gardens are neat and tidy, as they've become increasingly important to buyers since the pandemic
For tax considerations, speak to your accountant, solicitor, or qualified IHT adviser rather than relying on internet research.
Probate Sale Checklist
1
Legal Consultation
If probate is involved, arrange a call with a solicitor who is experienced in this area.
2
Tax Planning
Speak to your accountant or tax adviser about any Inheritance Tax issues.
3
Property Valuation
Get three estate agents to value the property. Choose the agency who provides evidence to back up their valuations and who you feel safe with around your emotions.
4
Valuable Items Assessment
If the property has valuable items, consider getting an auctioneer to value them. Check with your solicitor regarding any legal implications for probate.
5
Property Preparation
Arrange for home clearance and cleaning companies to attend the property if necessary.
This checklist will help you navigate the complex process of selling a probate property with confidence and clarity.
Final Preparation Steps
1
System Checks
Ensure that the drainage and heating systems have been checked.
2
Insurance Coverage
Arrange vacant property insurance. Some insurers will insist that systems have been checked before issuing cover.
3
Document Organization
Create a safe place for any paperwork you may need to refer to throughout the process.
4
Marketing Launch
Instruct your agent to start marketing the property following their established process.
Following these steps will help ensure a smooth, efficient sale process while maximizing the property's value for all beneficiaries.
We're Here to Help
Selling a probate or inherited property doesn't have to be overwhelming. With the right support and guidance, you can navigate this process with confidence and peace of mind.
If you have any questions about this guide or need personalised assistance with selling an inherited property, our team at NestFlex are here to help. We understand the unique & complex challenges you're facing and can provide the compassionate, professional support you need during this difficult time.
Call us on 01775 661555 or email [email protected] to schedule a no-obligation, confidential consultation about your situation.