Selling a property is often a complex and time-consuming process, and it can become even more challenging when probate is involved. If you’re dealing with a property that’s part of a deceased estate, it’s important to understand how probate works and how it could affect your sale.
What is Probate?
If you’ve ever had a close family member pass away, you may have encountered the probate process. According to Gov.uk, probate is the legal right to manage a deceased person’s estate, including their property, money, and possessions. Before any assets, including a property, can be sold, probate must be granted.
How Probate Affects Property Sales
When a property is part of an estate, the beneficiaries cannot legally sell it until probate has been granted. The Government advises against making financial commitments or putting a property on the market before receiving probate approval.
However, since the probate process can take months, many beneficiaries choose to begin marketing the property while waiting for approval. This approach can reduce the period a property remains vacant, which can be costly due to council tax, utilities, and increased insurance premiums.
While marketing the property early can save time, it’s important to remember that a sale cannot legally complete until probate is granted. This can lead to delays, particularly if there is a buyer in place but no probate approval yet. In some cases, these delays can cause buyers to withdraw, disrupting the sale chain.
Buying a Probate Property – What You Need to Know
If you’re considering purchasing a probate property, be aware that while the sale can proceed in principle, completion will depend on when probate is granted. This could extend your timeline, potentially affecting your own sale if you are part of a property chain. Understanding where the sellers are in the probate process before making an offer will help you manage expectations and plan accordingly.
How Long Does Probate Take?
In the UK, the average time for probate to be granted is around 16 weeks. While this isn’t significantly longer than a typical property transaction, the uncertainty surrounding probate can add an extra layer of complexity. Clear communication between all parties, including solicitors and estate agents, is essential to keep the process moving smoothly and minimise disruptions.
Navigating Probate with Fisher and Partners
If you find yourself in the position of managing a probate property, we’re here to help. At Fisher and Partners, we understand the sensitivities and challenges of selling an inherited home. Our experienced team will guide you through the process, ensuring clear communication and a smooth transaction.
If you’re looking to sell a probate property, we’d be delighted to offer a free market appraisal. Contact your local managing partner today to arrange a time to chat, we’d be delighted to hear from you.
