Process of selling a property following a death
Selling and dealing with a property after the death of someone close to you can be a challenging and emotional process. If you find yourself in this situation, there are several legal and practical considerations to keep in mind. This article will provide an overview of the key steps and aspects involved to guide you through this process.
Obtaining the Grant of Probate or Letters of Administration
First of all, you must have the legal authority to act on behalf of the deceased’s estate. This is done by obtaining a Grant of Probate or Letters of Administration from the probate registry office.
If the deceased left a will, an executor named in the will must apply for a Grant of Probate. This legal document confirms the executor’s authority to administer and distribute the estate.
If there is no will, an application for Letters of Administration must be made by the person entitled to do so. This is set out in Rule 22 of the Non-Contentious Probate Rules 1987.Understanding the Grant of Probate
Valuating the property and inheritance tax considerations
The property should be valued by a professional surveyor or estate agent to determine its market value. This is essential for calculating any inheritance tax liability due on the estate.
Preparing the property for sale
In preparation for the sale, the property must be cleared of the deceased possessions. This can be done by either selling or donating those possessions to charity and professional clearance companies can help with this process. It is also important to address any necessary repairs or essential maintenance to the property. This will make the property more appealing to potential buyers.
If there are any debts against the property these will need to be settled. If there are any outstanding mortgages on the property, it is vital that you communicate with the lender to confirm that the proceeds of sale will be sufficient to pay it off.
5 things to consider during the sale process
- Appoint an estate agent:
Choose an estate agent with experience in handling probate sales and be clear with the agent’s fees and terms of engagement. - Legal considerations
Ensure the title deeds to the property are in order. If the property was jointly owned, it may already pass to the surviving owner. Appoint a solicitor experienced in probate sales to handle the conveyancing process for you. - Emotional considerations
Selling a property after a death can be emotionally challenging. Consider enlisting support from family members or professional services to help manage the process. - Consultation with professionals
Always consult with your legal and financial advisors before making decisions. This will ensure that you are always in compliance with the latest laws and tax regulations. - Distribution of proceeds
When the sale is completed, the proceeds are to be used to settle any debts and taxes due on the estate. When the executor is satisfied that all of these have been settled and no further debts are owing, they can consider distributing the net proceeds of sale in accordance with the will or intestacy rules.
We are committed to assisting you:
At Nantes our experienced private client team can assist with all aspects of the administration of an estate and our skilled conveyancers can help with the sale of an estate property. To book an initial appointment you can call us on 01305 425100 or 01308 422313 or via our contact page.
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