When someone passes away, their estate—which includes their home, other properties, money, investments, and other assets—must be managed according to their will and the law. Navigating this process during a time of bereavement can be overwhelming. Here, we break down the essentials of selling a property in probate to help ease the burden.
Understanding Valuation for Inheritance Tax Purposes
Before applying for probate, a valuation for inheritance tax purposes is necessary. This valuation can be obtained from a qualified estate agent or chartered surveyor. As outlined in Section 160 of the Inheritance Tax Act 1984, the valuation should reflect the market value based on a hypothetical sale, considering the following:
- The seller and buyer are prudent and willing parties.
- The property is offered on the open market to achieve the best price.
- Adequate publicity and advertisements are made for the sale.
- The valuation should consider a "special purchaser" who might pay more due to a special interest.
The Role of Estate Agents
At tlc, we pride ourselves on being experts in the field of selling probate properties. With Toby Brown, an AssocRICS qualified professional, leading our team, no other agent sells more properties than us in Kensington, Chelsea, Earl's Court, and the surrounding areas. Engaging our professional estate agents early in the process ensures you receive invaluable advice tailored to achieving the best price for your property. Our team recommends specific improvements and prepares your property meticulously for photos and marketing, ensuring a smooth and successful sale. For more details, visit our probate services page.
Marketing the Property Before Probate
You cannot legally sell the property before probate is granted. However, you can start marketing, conduct viewings, and agree on a sale subject to contract. Buyers can apply for mortgages, arrange surveys, and begin the conveyancing process. However, exchange of contracts cannot occur until probate is granted.
Preparing the Property for Sale
At tlc, we understand that each property is unique and requires personalised preparation. Here are our top tips to ensure your property is market-ready, inspired by Toby and Baxter's expert advice:
- Garden Maintenance: Keep the garden neat and tidy to create an inviting first impression.
- Declutter: Remove excess furniture and personal items to showcase the space.
- Clean Thoroughly: Ensure the property is spotless to appeal to potential buyers.
- Winter Precautions: During colder months, drain the central heating or keep it on low to prevent dampness.
- Emergency Repairs: Address any urgent repairs to maintain the property's condition and prevent further damage.
- Notify Insurers: Inform your insurance company that the property is empty to maintain coverage.
- Enhance Security: Install security lights on a timer or ask a neighbour to check in regularly.
- Redirect Post: Ensure all mail is redirected to avoid any accumulation.
- Legal Preparations: Instruct a solicitor to manage the estate's sale and complete necessary protocol forms like the fixtures and fittings list and property questionnaire.
- Sign Up for Move Ready: Consider our Move Ready legal pack, which provides essential information to the purchaser's solicitor, expediting the sale process.
For more detailed tips and insights, visit our blog on presentation tips. Following these steps will help your property stand out in the Kensington and Chelsea market, ensuring a smoother and faster sale.
For more tailored advice on selling a probate property in Kensington and Chelsea, or to discuss your unique circumstances, contact our expert team at www.tlclondon.com. We're here to guide you through every step of the property journey, ensuring a smooth and successful sale.
