The process of selling a house in probate
The process of selling a house in probate is slightly more complicated than selling a house under ordinary circumstances. Probate is when a person is given permission from a court of law to deal with the estate of a deceased person which includes gathering together assets, paying off any outstanding debts and distributing assets to those who are entitled to them.
When a property owner dies, they should give the name of a specified person who will take care of the legal affairs of their estate. This person will be required to have ‘Probate’ or a ‘letter of administration’ that allows them to act as the personal representative. It will then be legal for them to sell the property in compliance with the terms of the will.
If selling a house in probate is something that you’re considering, you will need to make an informed decision before you decide to go ahead:
- Always check that the credentials of the company and if they are registered with the Ombudsman Services: Property or The Property Ombudsman.
- Never accept a verbal agreement, get everything in writing as this means you will be covered if anything goes wrong.
- Accurately value the property before you commit to the process as, although you are selling your property for a discounted rate, you should still receive a fair amount of cash for it.
- By being honest about both the conditions of the property you’re trying to sell and your financial situation, you should receive the price you were initially offered.
- Don’t be afraid to negotiate price and terms.
- Avoid companies that will tie you to them for a long period.
- Seek advice from an independent advisor.
By offering to buy a property in probate, Probate Purchasers will allow you to sell quickly to clear debts, dispose of inherited property, relocate quickly for age or health related reasons or sell as a result of a relationship breakdown. Additionally, you can use us as a way to try a different route if you’re struggling to sell through a traditional estate agent.
For more advice on selling a probate property, contact us today.