Selling a property you’ve inherited or one that’s going through probate can be a complex process. There are legal, financial, and practical considerations to keep in mind. To help you navigate this process, we’ve created a comprehensive 11-point checklist to ensure you’re well-prepared.
1. Seek Legal Advice
If the property is subject to probate, it’s crucial to seek legal advice from a solicitor who specializes in this area. Probate laws can be complex, and an experienced solicitor will guide you through the process, ensuring that all legal obligations are met. They can also help clarify any issues regarding multiple beneficiaries, disputes, or outstanding debts tied to the estate.
2. Discuss Tax Implications
Inheritance Tax can be a significant factor when selling a property from an estate. Speaking with an accountant or tax adviser will help you understand any potential liabilities. Depending on the estate’s value, tax obligations may need to be settled before the property can be sold. Additionally, Capital Gains Tax could apply if the property’s value increases between the time of inheritance and sale. Seeking professional advice early can prevent unexpected costs later.
3. Obtain Property Valuations
Before listing the property, it’s essential to get a clear understanding of its market value. Arrange for three estate agents to provide valuations so you can compare their assessments. This will help you determine a realistic asking price and ensure the property isn’t undervalued or overpriced, both of which can impact the speed of the sale.
4. Select the Right Agent
Not all estate agents are the same, so it’s important to choose one that offers clear evidence to support their valuation. Look for an agent with experience selling probate or inherited properties, as they will be familiar with any unique challenges. Ask for examples of similar properties they’ve sold recently and discuss their strategy for marketing the home effectively.
5. Value Any Valuable Items
If the property contains antiques, artwork, or other valuable possessions, it’s worth getting an auctioneer or professional valuer to assess them. This ensures that any valuable items are sold for a fair price, rather than being unknowingly discarded. Before doing this, consult with your solicitor to check if any legal restrictions apply, especially if the estate is still going through probate.
6. Organize a Clearance Service
Over the years, a property can accumulate a lot of belongings, some of which may no longer be needed. Hiring a professional home clearance company can help with sorting, donating, recycling, or disposing of unwanted items. This can make the property feel more spacious and presentable to potential buyers.
7. Schedule a Deep Clean
A well-presented home is more appealing to buyers. If the property has been vacant for some time or hasn’t been cleaned thoroughly, hiring a professional cleaning company can make a big difference. A deep clean will freshen up carpets, remove dust and grime, and ensure the home looks its best for viewings.
8. Check Utilities
Before putting the property on the market, it’s a good idea to have the drainage, plumbing, and heating systems inspected. If the home has been empty for a while, there could be issues such as frozen pipes, leaks, or boiler malfunctions. Addressing these problems beforehand can prevent delays in the selling process.
9. Arrange Insurance
A vacant property is at a higher risk of vandalism, burglary, and weather-related damage. Standard home insurance may not cover an unoccupied home, so it’s essential to arrange vacant property insurance. Some insurers may require proof that the heating and drainage systems are functional before issuing a policy.
10. Safeguard Important Documents
There will be various documents required throughout the selling process, including probate paperwork, title deeds, insurance policies, and utility bills. Keeping these in a secure, easily accessible place will help streamline the process and prevent delays.
11. Begin the Selling Process
Once everything is in order, instruct your chosen estate agent to begin marketing the property. They will handle listing the home, arranging viewings, and negotiating offers. If you’re unsure about any step in the selling process, your agent can provide guidance to ensure a smooth transaction.
Need Assistance? We’re Here to Help
Selling an inherited property doesn’t have to be overwhelming. If you have any questions or need expert guidance, feel free to reach out to us at [email protected] or call 01942 233999.
