What is Probate Property?
Probate is a term used to describe the legal process of administering the deceased's estate where the deceased has made a will.
A Grant of Administration is also a term to describe the legal process of administering the deceased's estate where there has been no will left under the rules of Intestacy.
Selling Probate Property at Auction?
Before you can list the property, it is advisable to have applied for the Grant of Probate or Grant of Administration, a sale of a property cannot exchange contracts or complete without these. It usually takes 6-8 weeks to obtain these Grants, although it can take longer in complex cases.
This process involves collecting all the assets and liabilities of the deceased and distributing the estate to the beneficiaries in accordance with the deceased’s will. If you are at early stages and require support or guidance, please contact our office on 0333 366 1087
Benefits of Selling Probate Property at Auction
There are many benefits to selling probate property at auction, especially modern method of auction: -
- Quick sale - when selling your property through modern method of auction can often be the quickest way to sell your property. Unlike traditional property auctions held in a room or since COVID-19 can be held online on a specific date, through modern method of auction, once a legal pack has been obtained you can place the property for auction without having to wait for a specific date.
- Sell to the right bidder - just like any auction or selling your property through private treaty, you still have the choice of choosing the right interested party to suit your requirements whether that be the highest bid or someone who has a cash offer but not necessarily the highest bid.
- Sales rarely fall through - once a sale has been agreed, the purchaser is required to pay a non refundable buyers reservation fee. Once this transaction has taken place, notification of sale is distributed to all relevant parties.
- Property sold as seen - selling probate property at auction is often beneficial as the property can be sold as seen without the requirement to spend any time or money on making the property presentable. Typically, properties with renovation or modernisation works required attract more interest at auction and often a bidding war can take place helping you achieve the best possible price.
Frequently Asked Questions
Can you get probate if there is no will?
You cannot get a Grant of Probate if there isnt a will however you can still administer the estate through a slightly different process called a Grant of Administration
Can I sell property without probate?
The simple answer is no, you cannot sell a property without probate. However, you can commence marketing the property at the same time as applying for probate.
How quickly does property sell for through modern method of auction?
Through modern method of auction, we recommend you market the property for 60 days. Typically, sales are agreed prior to the end of the 60 day advertised auction and is subject to sensible guide and reserve prices.
How much will it cost me to sell my property at auction?
The simple answer is nothing! We don't charge sellers a commission through modern method of auction. The only cost you will be subject to is the preparation of the auction pack which typically costs £400 + VAT for residential property. Commercial property fees are slightly higher and are quoted on a lot by lot basis.
Will I be required to carry out any works or improvements before marketing?
Usually the answer is no. Properties requiring modernisation or improvements can attract more interest at auction.
What are my next steps?
To find out more about selling your probate property at auction, please call out office on 0333 366 1087 where we will advise you on the next steps.