Key Areas to Consider when Your Property is in Probate
There’s a lot to consider when your inherited property is in probate; the application process alone can be a long and complicated process. While inheriting, selling and buying probate property is complex and sometimes confusing, probate properties make up a significant percentage of property on the market. The Telegraph recently reported that about 1 in 10 properties coming to market now are probate properties. In order to get to grips with probate property, here are some key areas to consider.
Keeping accurate records from the get go will help you to avoid costly surprises
In order for a grant of representation to be given, executors and administrators need to get a valuation of the deceased’s estate, as the UK Government explains on its website. This includes getting a value of any money, property and possessions left behind. While this might initially appear straightforward, there are some things to consider in order to avoid falling into any costly pitfalls. Keeping accurate records from the beginning of the process will benefit you in the long run. Inaccurate valuations of the property and its contents could lead to you paying too much or too little Inheritance Tax; remember that, as executor, you can be held personally liable for any issues.
Sensitivity is key when working with beneficiaries to establish what’s best for everyone
While some of us who inherit probate property feel a sentimental connection to it, others might be keen to sell it on. Where there are multiple beneficiaries of an estate, executors should be sensitive to the wishes of others. In 2016, Citizen’s Advice stated, as reported by BBC News, that the number of people having died without leaving a will had doubled in the last five years. In situations where probate has been granted despite the absence of a will, administrators need to strike a balance between compassion and action. Indeed, if a mutually agreed decision can’t be made, renting rather than selling a probate property might provide a good compromise in the meantime.
Selling a probate property can be difficult
While an old family home may have immeasurable sentimental value, its physical condition might not be all that great. Often, probate properties are relatively old – and prospective buyers could be particularly conscious of wear and tear. Taking time to accurately assess the condition of the house is crucial before trying to sell. If you’re concerned that the selling process will take too long, you have other options. For example, Probate Purchasers take the stress out of the process, buying probate homes quickly, discreetly and ethically. Moreover, they are registered with the property ombudsman, so you can be happy in the knowledge that your sale is not only quick but perfectly safe.
Despite it being an incredibly difficult time, inheritors need to aware of the common problems and handling errors that can befall them once they inherit a property. Whatever you decide to do with your probate property, researching your options and keeping abreast of the situation will help you to keep the process as smooth and stress-free as possible. Considering these key areas carefully will help to alleviate any problems that might arise with a probate property.