Selling a probate property

In most cases a residential property is the largest asset within someone’s estate.

It is also the asset that, apart from sentimental items, receives the most attention from the beneficiaries, usually due to the fact that it has the most value and therefore makes up the bulk of most inheritances. This focus has increased further in the UK, with rising living costs adding more financial pressure.

Research and reports also show that bereavement and moving / selling a property are two of the most stressful life events for UK citizens, and probate property sales combine them both.

That’s before any potential curve balls are thrown into the equation, such as:

• sibling disputes
• extended family dynamics
• executor financial difficulties
• beneficiary financial difficulties, and 
• unexpected contents of the will.

To add to this potentially overwhelming pressure pot, it’s crucial to make sure any property is managed correctly, from valuation and sale, including any extras such as clearances and cleaning.

Solicitors that we speak to for the first time generally go through the following process:

1. Value the property – either through three local estate agents, or where inheritance tax is applicable, then a professional valuation by a Royal Institution of Chartered Surveyors is arranged.
2. Wait for the grant of probate.
3. Place the property on the market with a local agent – this sees a fee of anything between 1% and 3% plus VAT depending on where the property is located in the UK. In many cases the estate agent used is one known to the solicitor due to a reciprocal business agreement.
4. Offers are received – you are usually advised to accept, even when the figure is lower than the value placed by the same agent on the initial inspection.
5. You next hear from the agent chasing the exchange of contract.
6. Clearances and cleans are fine if local to you, but there can be challenges if the property is ‘out of area’.

Probate sales can often be the cause of claims against solicitors, and the number is increasing – although the sector is more aware than ever of the importance of service delivery.

So why is this the case? In my opinion, the two key factors are:

• increased useage of social media and the provision of online information means there is greater knowledege of what properties sell for, leading to increased scrutiny on the value of offers received, and
• increased reliance on inherited money – it is not uncommon for beneficiaries to spend their inheritance before it has been received.

Although awareness of these factors may not help you avoid a claim payout (it is impossible to completely avoid a claim being made against you) you can ensure that if and when a claim is made, you are fully prepared and able to evidence that you have satisfied every expectation and legal requirement expected of you.

At Property Ladder Group (PLG), we provide legal professionals with specialist support to deal with this unregulated part of the probate process, and there has not been one successful claim made against a PLG service user. Our process works as follows:

1. We value the property - this includes any that are inheritance tax applicable. Our reports are easy to read, completed swiftly, and issued in a format that suits you and your client.
2. The property is placed straight to market as early as possible. Subject to there being no issues that hold up the grant of probate being issued, PLG will start the marketing process at the earliest opportunity.
3. Offers are always reported, and we will always advise and guide you as to what your options are. We never leave the estate agent to negotiate – our own property sales department handles this for you while communicating with you throughout and working to your instructions.
4. Sales progression – with your conveyancing team, we are able to provide support so that exchange of contracts happens at the earliest opportunity.
5. Our in-house maintenance department are able to assist with quotes of all kinds, from lock changes through to clearances and cleaning. We obtain multiple quotes for you, and then drive these quotes down, making it a cost-effective solution

For further information on the full range of services PLG provide, please visit theplgroup.co.uk