Frequently asked questions
The executor(s) of the will are responsible for selling the property, unless the beneficiaries would like the property transferred into their names. It is common there is more than one beneficiary and the property is sold to split the equity.
Grant of probate is required before we, as auctioneers, can sell the property. The grant is a certificate issued by the court. This certificate proves the legitimacy of the will and allows the executor to proceed with the estate. If you are applying for the grant yourself, it will generally take longer than using a solicitor however, the time scale usually ranges between 2-3 months.
As part of the probate process for the grant, the executor will need to provide information about the estate. This will include submitting an average of numerous agents’ valuations of the property or a surveyor’s valuation.
Something the executor should check is whether the property is registered with the Land Registry. If it is, great, downloading the information from here is simple and straightforward. If not, ownership would have been for many years or the property is in a very rural location then, the ‘Paper Title Deeds’ will need to be located. This is something solicitors can obtain on your behalf.
The short answer to this question is No. If a property is suited to auction, expect the price to reflect that. Probate is one of the most suited property to this method of sale for the reasons explained above. When selling at auction a reserve price is always set by the client, the auctioneer cannot accept any bids or pre-auction offers below that figure.
Whether you are ready to sell or have further questions on selling at auction, our team are on hand to assist. We are specialists in property auctions and leaders in the sale of residential, commercial property and land throughout the UK.