Property and the Probate Process

Property and the Probate Process

We are often asked what needs to be done with a property following the death of a loved one. Here are some useful tips and things to think about.

Selling a Property

Selling a property as part of the probate process can be a complex process.  Probate is the legal process of administering the estate of a deceased person.  When someone dies, their assets, including property, must be valued, any tax due on the estate and any debts paid and then the assets can be distributed to the beneficiaries in accordance with the deceased’s wishes set out in their Will or, if there is no will, in accordance with the rules of intestacy.    If the deceased owned a house, flat or land, it will be included in their estate.  In the normal course of events, it is not possible to exchange and complete the sale of the property before the grant of probate is issued.

Securing the property

If the property is empty then you should check the windows and doors are locked where possible.  Ensure that all appliances are switched off and ensure there is no running water anywhere (except to the boiler if necessary).

Check for valuables

You should check the property for any valuable items.  Check every room for things like jewellery and anything that might have a value.  Also look for documents such as bank statements, bonds and share certificates.  Keep an eye out also for deeds to the property and keep all documents and valuables in a safe place.

Have the property valued

You will need to get an open market valuation of the property as at the date of death from a local estate agent or a surveyor.  It is a good idea to get two or three valuations from separate agents so you have a more accurate idea of how much the property is worth.

Insurance

Ensure the property is covered for buildings and contents insurance and inform the insurers of the situation. The insurers may impose conditions on the insurance policy, such as a requirement to visit the property regularly.

Time Frames

The process of obtaining the grant of probate can take several months to complete depending on the complexity of the estate and any disputes that may arise; and the sale of the property cannot be completed until the grant of probate has been received.  However, you can put the property up for sale, conduct viewings and even agree to an offer without having the grant of probate (but it is of course important to make the situation clear to any purchaser).

Contact Us

To ensure that you are following the correct procedures Rix & Kay’s specialist probate team are here to help. Contact Sharon Rye, Probate Manager, on t. 01825 744 418 or via e. SharonRye@rixandkay.co.uk.