When Can I Sell My Probate Property?
Statistics have shown that probate property listings account for 10% of the UK property market at any one time. Demand for probate property has increased in recent years, mainly due to the reasonable asking prices, and the opportunities for buyers to renovate the home to meet their needs and personal tastes.
However, homeowners should be aware thatprobate property can only be sold if certain legal conditions are met. For instance, selling a property in probate can only be completed if your name is already on the deed to the house. If you don't own the deed to the house, probate property sales can only be completed once a Grant of Probate has been issued.
The Costs of Selling Property in Probate
A probate property sale is no more expensive than the cost of selling a home that isn't in probate. Executors charged with carrying out the last will and testament are additionally under no obligation to use the same solicitor for the sale of the home as they used to manage probate. However, as with selling any property, there are cost considerations to be factored in when selling probate property.
Obtaining a property valuation for probate is the responsibility of the executor. An honest property valuation, one that accurately represents selling intentions and the current state of the local property market, is the best way to attract potential buyers. Not only this but, accurately valuing property for probate is paramount to understanding the correct inheritance tax code in instances where inheritance tax is applicable to the probate property sale.
Providing more than 1900 FREE property valuations each month, Springbok Properties can accurately value probate property. We have a wealth of experience providing detailed probate property valuations. Call us TODAY on: 0800 068 4015 to find out your probate valuation house price.