Probate FAQs

Probate Property – The Process

Probate is the legal and financial process taken in order to manage and deal with a deceased’s will and estate. Usually taken care of by a family member, spouse or partner.
The executor of an estate of the deceased’s will generally sell property left unless, the beneficiaries would like the property transferred into their names. It is common there is more than one beneficiary and the property(ies) is sold to split the equity.
The property cannot be sold until the grant of probate is completed. The executor can, however, instruct the sale and put the property on the market.
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 2-3months.
Inheritance tax will be levied against the deceased’s estate and depending on the value of the estate left behind, you may have to pay inheritance tax.
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.

How soon can you sell the property once probate has been granted? The short answer is – straight away. Once the grant of probate has been issued the executor can officially sell the property.

Probate property fairs very well in the auction room for many reasons. This property type is perfect for the auction route as the speed and sale of the property guarantees peace of mind. It is often the case that beneficiaries are looking to receive their share of the equity swiftly and efficiently.

Often the property isn’t local to the beneficiaries so it can be impractical to sell with an agent local to you.

A large proportion of this type of property need some level of refurbishment. Whether just cosmetically or whether it needs a full refurb, investors are attracted to these properties as there is opportunity to add value, these types of investors are property traders.

By instructing Connect UK Auctions you are ensured a maximum price, will always be achieved, in your chosen timeframe. Auction provides transparency which is a factor to consider, especially if there is more than one beneficiary.

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.

Book your free auction valuation now now or call 0800 448 0100 (FREEPHONE)

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