Maximising Property Sale After Probate: Expert Guide

Yes, you can sell a property after probate has been granted. 

Probate is the legal process that gives the executor or administrator the authority to manage the deceased’s estate, including selling property. 

Here’s a detailed guide on the process:

1. Understanding Probate

Probate Grant: This is the official proof that the executor has the legal right to deal with the deceased’s estate. In England and Wales, this document is called a Grant of Probate if there is a will, or Letters of Administration if there is no will.

2. Preparing to Sell the Property

Valuation: The property must be accurately valued for probate purposes. This valuation is often carried out by a professional surveyor or estate agent.

Clearance: The property needs to be cleared of personal belongings, which can be managed by the executor.

3. Obtaining Probate

Application: The executor must apply for probate, submitting the will (if there is one) and a valuation of the estate to the Probate Registry. The application process involves completing several forms and may take a few weeks to a few months.

Fees: There are fees associated with applying for probate, which vary depending on the value of the estate.

4. Selling the Property

Marketing the Property:

Estate Agents: Engage a local estate agent to market the property. They will handle viewings, offers, and negotiations.

Online Listings: List the property on major property websites like Rightmove or Zoopla to attract buyers.

Accepting an Offer:

Conditional Sale: Any offer accepted will be conditional on probate being granted if it has not been already.

Contract Exchange: Once an offer is accepted and probate is granted, the sale process can proceed to exchange of contracts.

Completing the Sale:

Final Steps: After contracts are exchanged, the sale can proceed to completion. The buyer pays the purchase price, and the property ownership transfers to them.

5. Distributing the Proceeds

Once the property is sold, the proceeds must be distributed according to the will (or under the rules of intestacy if there is no will). This distribution is managed by the executor or administrator, who must also settle any debts and taxes from the estate before distributing the remaining assets to the beneficiaries.

Key Considerations

Taxes: The executor must ensure all applicable taxes, such as inheritance tax and capital gains tax (if applicable), are paid. These taxes can impact the net proceeds from the sale.

Legal Advice: It may be beneficial to seek legal advice to navigate the complexities of probate and property sales, especially if there are disputes among beneficiaries or complicated legal issues.

Timeframe: The entire process can take several months to over a year, depending on how quickly probate is granted and how long it takes to sell the property.

Resources

GOV.UK – Applying for Probate

Which? – Guide to Selling a Probate Property

Citizen’s Advice – Dealing with the Financial Affairs of Someone Who Has Died

By following these steps, the executor can effectively manage the sale of a property after probate, ensuring that the process complies with legal requirements and that the estate is settled according to the deceased’s wishes.