Dealing with a property in probate
Posted on 27th March 2019
Handling a property which is in probate can be a bit of a minefield, especially if you have never dealt with anything like this before. Our advice is to try and not worry about it too much, as long as you have an estate agent who handles these sorts of cases on a regular basis and you have a solicitor who specialises in probate then it can all be handled with ease.
After 11 years of dealing with cases like this we have pretty much seen everything that you could come across and the first thing that people need to do, which they sometimes delay, is getting a value on the house as soon as possible.
The reason you will need the valuation is two-fold. Firstly, you will need a valuation for probate purposes, and the key thing to remember is that the value for the property needs to be put in place for the date of death, not on the date of valuation. In most instances, this will be the same figure, but we have dealt with cases like this when the date of death was up to 12 months previously. This is what your solicitor will need to get the grant of probate in place.
Secondly, you will want a marketing valuation, which may differ slightly from your probate valuation. The chances of you achieving exactly the same figure when the property is sold that you have put on the probate valuation is quite slim, and knowing what a realistic marketing figure is very important.
Usually, at the valuation appointment, an estate agent who knows what he/she is doing should be able to cover this all in one go, and be able to advise you accordingly if you have any other questions. There are some complicated elements that sometimes crop up and we will cover those in future blog posts for you.
For more information on this and anything else relating to the housing market just give us a call on 0116 3409989 or to find out a guide on your property's current value go to http://valuation.thepropertyfox.co.uk/
Tagged as: The Property Market
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