Losing a close family member or friend can be one of life’s most difficult experiences. Understanding English probate property sales can be a challenge too, unless you understand the principles. We wrote this article to help you understand how probate affects you in simple terms.
Original Illustration by Avery Associates
English Probate Rules May Add A Frustrating Hurdle
If the property forms part of a deceased person’s estate in England, then you usually may not sell it without completing certain legal steps. In a nutshell, this means complying with probate rules.
Many people, perhaps you too, may have never dealt with probate before. The legal terms can seem quite confusing. There may be pressure to make decisions while emotions are still running high.
Understanding the basic process can help families and friends avoid unnecessary stress, and costly mistakes when attempting an English probate property sale.
What Is Probate In Simple Terms to Help You Understand It
Probate is the legal process that gives someone the authority to deal with a deceased person’s estate. If there is a valid will, the executor usually applies for a grant of probate, which regulates English probate property sales. However, if there is no will, then the executor needs letters of administration.
Whether the estate includes a house or other property, you will need one of these permissions before you may proceed.
So I Cannot Sell an English Property Without Permission?
That’s quite correct, in most cases we encountered. Although you may usually market the property in the interim. Your frustration is you may not normally complete the sale without one or the other legal authority.
We share your feelings if you are hoping to move quickly. Your local estate agent might be able to explain the situation to potential purchasers, and help them manage their expectations.
That’s Quite Okay With Me. I am Not In a Rush To Sell
There is no legal requirement to sell an inherited property right away. Some families may decide to delay an English probate property sale, keep the home, and rent it out. Others may have to sell early and share the proceeds between several beneficiaries.
Other Factors to Consider Before Deciding What To D0
You may need to consider several other factors before reaching a decision. Is there an outstanding mortgage? Does the property require expensive repairs? Will it stand empty for several months? Empty homes still need insurance, maintenance, and security, all of which can become costly.
Sometimes the emotional attachment to a family home makes these decisions more difficult. You may like to allow everyone involved time to discuss the options calmly, before choosing the road ahead.
Property Valuation Under English Probate Property Law
A property sale may not complete with complying with English probate law. The executor must declare the value of the estate, and make arrangements to pay any inheritance tax in terms of this.
Determining a Realistic, Market-Related Value
Obtaining an accurate valuation of a property is one of the first tasks during the probate period. This valuation then becomes the basis for calculating the total value of the estate, and any inheritance tax that may be due. Without this first step, an English probate property sale remains on hold.
Valuations by local estate agents may not be sufficient without a detailed motivation. For larger or more valuable estates, a professional opinion by a qualified surveyor may be advisable.
An accurate valuation is important. If the property is undervalued or overvalued, it could create problems later if the tax authorities review the estate. The executor may become personally liable for significant errors.
Preparing The Property For Sale At a Realistic Value
An inherited property often contains a lifetime of personal possessions. Sorting through these belongings can be emotional and time-consuming.
Before putting the house on the market, families should remove valuable items, important documents, and anything specifically mentioned in the will. The remaining contents can then be sorted, donated, sold, or disposed of as appropriate.
A thorough clean, a tidy garden, and a few minor repairs can make the property more attractive to buyers, without requiring major expenditure.
Choosing Professional Help At a Difficult Time
Many straightforward probate cases can be handled without employing a solicitor. However, professional advice may be sensible if the estate is complicated, family members disagree, or the will is challenged.
Estate agents, solicitors, professional valuers, and accountants each have their own different role. Choosing an experienced professional can make the process smoother and help avoid costly delays.
When You Need Professional Help With a Probate Valuation
Selling a property during probate is seldom just another house sale. For many families, it represents the end of an important chapter in their lives. Taking time to understand the process, obtain good professional advice, and make decisions carefully can reduce stress for everyone involved.
This article comes to you with the compliments of Avery Associates in London, We prepare confidential property assessments by valuers in good standing with the Royal Institution of Chartered Surveyors in London.
We are also available to assist with valuing the contents, identifying collectible items, and obtaining best prices for these on the open market. And, if emptying the home is too painful for you, we could arrange a house clearance and a spring clean too.
Original Illustration by Avery Associates
More Information From The Avery Associates Website
What Happens to a House When Someone Dies?
How Leasehold Reform Could Affect the Value of Your Property
