As we have mentioned in a previous blog, the "four D's" are mostly the reason why people decide to sell a property:
In this blog, we are going to focus on the sale of a probate property:
When a person passes on, their Will determines who will inherit any assets that they accumulated during their lifetime - minus any outstanding debts, charges, or mortgages on the deceased's estate. Family members often inherit a property from a relative - often the family home, but on occasion, rental properties can also be inherited by people who have no desire to be a landlord.
A probate property is often associated with emotional issues and memories which can cause or amplify the pain of losing a loved one. There is added pressure if a number of siblings have inherited a property and are keen to sell it to release cash funds. There may be mixed opinion on the best strategy to sell the property, and someone's desire may be for a quick sale of the house, while others may be happy with the conventional route of testing the market with estate agents, or perhaps attempting to sell it themselves.
Bearing these issues in mind, a quick sale of the property can often draw a line under everything in a neat and pain-free manner.
No need to be liaising with estate agents about viewings, or worrying about paying council tax, utilities and maintenance which are all responsibilities when one is left with an empty property.
A cash sale of the property can help end the painful period of probate and ensure that family relationships are not compromised.
Being an Executor and undertaking the probate process is very time consuming and can take up to two years, depending on the complexity of the estate and any other issues that may be present.
The Law Society explains as follows:
Dealing with the affairs of someone who has died can take a long time. It is not unusual for it to take up to a year, perhaps longer if things are not straightforward. Many organisations may be involved in the process, for example, banks, building societies, insurance companies and HM Revenue & Customs.
The estate cannot be dealt with until all claims to it have been received. Individuals have six months from the date when probate was granted to make claims against the estate.
Other things that may affect the time taken are:
- whether the financial affairs of the person who died were in order;
- what the person who died owned and where it is;
- whether the person who died had an interest in a business or a farm;
- what the will or the rules of intestacy say;
- whether there are any legal disputes (claims against the estate or claims by the estate);
- whether inheritance tax needs to be paid; and
- making sure that all HM Revenue & Customs files are closed and that matters relating to income tax, benefits agencies and pensions have been sorted out.
Arguments between family members, beneficiaries or personal representatives can also delay matters. Any disagreements must be sorted out before the affairs of the person who died can be settled.
- See more at the Law Society Website.
Once probate had been granted, then property can then be sold.
The executors or administrators of the estate are the parties who will be required to enter into the contract to sell the property and complete the enquiry forms - these forms are generally known as protocol forms (TA6 and TA10 forms).
The information you have on the property may be limited but most buyers will want some replies to basic enquiries, and you may struggle to find this information. There will also be various guarantees and warranties that you will need to supply, or perhaps give undertakings to provide before completion. If you have very limited knowledge and information on the property, this may be difficult.
As a cash buyer of a property, we can make immediate decisions and act on limited information. We will also pay your legal costs and will buy the property "as seen" meaning that you do not have to worry about a house clearance or going through a loved one's possessions.
If the probate property is tenanted, we will buy the property and take over the tenancy in a seamless manner so that you do not have to worry about losing equity to paying the mortgage while the property is void, or having the burden or attempting to evict tenants, serve notices and in some instances you will need to attend court hearings. If the property is vacant, you will be responsible for the council tax and utilities until the property is sold.
The Directors of Open Property Group comment:
"Selling a property that once belonged to a loved one or was even the family home can be a traumatic experience. We therefore aim to make selling the house as straightforward and simple as possible.
House sales can drag on for months, extending the pain and hassle of losing a loved one. That is why so many people selling probate properties are happy to sell them to a cash buyer for a quick sale and guaranteed money in their bank account.
With over 30 years of property buying experience between us, we are able to act fast, but also with sensitivity to the situation - taking the hassle away from you and allowing you to move on".
Open Property Group is a new name in the "quick sale of houses" sector with the mission to raise standards and improve customer experience. Give us a call on 0800 990 3939 to receive a no-nonsense cash offer for your property or send us an email at email@example.com
Watch the video below which explains more about selling your property fast or click here to continue reading this article