Probate properties represent a unique segment of the real estate market in the UK. These properties are typically sold after the owner has passed away, and the legal process of probate has been completed. This article aims to shed light on the prevalence of probate property sales in the UK and identify the key stakeholders involved in these transactions.
Probate Property Sales in the UK: A Statistical Overview
While exact figures on the number of probate properties sold annually in the UK can be challenging to obtain due to the private nature of these transactions, industry estimates and data from various sources offer valuable insights. According to recent reports, it is estimated that approximately 1 in 10 properties on the UK market is a probate sale. This statistic underscores the significance of probate properties within the broader real estate market.
Who Sells Probate Properties?
Estate Agents Vs Auction Houses:
While the traditional route of selling through an estate agent has been the norm for years, there’s a compelling alternative that’s gaining traction – selling property at auction. The main attraction of auctions is that when listing a property with an estate agent, the timeline can be uncertain, stretching from weeks to months. Auctions, however, offer a defined timeline, exchanging on auction day upon the fall of the gavel with completion usually occurring 28 days later. This can be advantageous for probate properties when a quick sale is desired. Auctions also provide a transparent platform for buyers to compete for the property, leading to a higher sale price. Read more on the advantages of selling at auction over selling through an estate agent.
Executors and Administrators:
The primary individuals responsible for selling probate properties are the executors or administrators of the deceased person’s estate. The executor is named in the deceased person’s will, while an administrator is appointed by the court if there is no will or no named executor. Their role is to oversee the distribution of assets, including real estate, in accordance with the deceased’s wishes or legal requirements.
Legal Professionals:
Solicitors and legal professionals also play a vital role in the sale of probate properties. They provide legal advice, guide the executor through the probate process, and ensure that all legal requirements are met during the sale.
Probate property sales represent a significant portion of the UK real estate market, with approximately 10% of properties being sold through this process. Executors, administrators, and legal professionals are the key players involved, with many sellers now opting for the advantageous auction route due to the streamlined process, competitive bidding and total transparency that they offer. Understanding the dynamics of probate property sales can be invaluable for individuals involved in the probate process or those looking to invest in this unique segment of the real estate market.
