Guide to probate property
When a loved one passes, there is a lot to think about. Probate property can be challenging to understand, particularly if it is your first time experiencing such circumstances. This guide has been created as a point of reference to use should you find yourself experiencing having to deal with probate property.
What is probate property?
The term ‘probate’ refers to the court-appointed process under which a deceased person’s property is managed. This is usually directed by instructions illustrated in their will and handled by an Executor. If the person passes away without a will, the Executor in most cases will be court-appointed and is known as a public administrator. Any assets owned by the deceased will be put up for probate and sold to pay off any remaining debts or to leave money for the family.
Should you sell the property?
If you have an emotional attachment to the property, you may not feel ready to sell it, however, if you are unable to see yourself living in the property long-term, consider selling it to avoid any unmanageable expenses or stress.
For most people left in the difficult predicament of having to sell someone else’s property, ensuring the process is as seamless as possible can at least offer some relief from the stress of the situation. Fortunately, estate agents and solicitors have dealt with probate situations many times before and will have plenty of knowledge and experience to assist you in the process.
Grant of probate
The first step you will need to take is to find out whether you need to obtain a grant of probate in order to have the approved authorisation to move forward. For spouses or partners of the deceased, if you wish to sell the property, the likelihood is that the home can be sold without a grant of probate, providing the property was held in joint names. Once the grant of probate has been obtained, the selling process becomes much less complicated. It is advisable to make the best of the property before putting it up on the market if you are looking for a speedy sale.
For more information on applying for probate property, please visit the government's website.
Conveyancing delays
Conveyancing delays are not uncommon, usually due to the grant of probate not being obtained and the process of getting one becoming complicated or longwinded. If you do require a grant of probate to sell, the best way to ensure a speedy process is to obtain one as soon as possible, as having the document means that you will have the required authority to sell the property and can sign any paperwork involved in the transaction.
Buying a probate property
Most people who inherit probate properties generally do not want to live in them and are looking for an uncomplicated sale. Therefore, the transaction tends to be much quicker than that of an occupied property. Executors will also want the home to sell as quickly as possible due to the burdens of tax, insurance and maintenance fees.
The first question you should be asking your estate agent is whether the seller has a grant of probate. If the answer is yes, then there should be minimal delays in the process. If the answer is no, then you need to find out whether they have made an application to the Probate Registry.
Probate properties are commonly old and in need of some repair, and if Executors are unwilling to carry out repair work, they could be more willing to sell below market value. However, you will need to make sure you do your due diligence and research the property thoroughly to avoid any unwanted surprises further down the line.