New buyer’s premium model allows beneficiaries to collect the full market value from the property sale.
A new service, promising to revolutionise the probate property sales sector by retaining the full value of asset sales with the beneficiary, has launched into the UK market.
Executor Solutions has developed a model for probate sales based on auction principles, where buyers pay a buyer’s premium over and above the sale price. This covers professional fees, allowing vendors to collect the full sale price.
By taking advantage of the new service, solicitors will be able to release their fee earning time, whilst retaining the integrity of their own service to clients and offering them significant cost savings.
There are thought to be around 100,000 estate disposals which involve property sales in the UK every year and significant percentages of the capital raised through sales are consumed by fees for the professional services of solicitors and agents.
Explaining the purpose which drove the establishment of the new service, Michael Edwards, client services director at Executor Solutions, said:
“We set ourselves a challenge of developing a model which would both save solicitors time and save money for the estate disposing of assets.
“Over two thirds of the sales we have achieved so far have been completed through an open-house format. We know that beneficiaries are very keen to maximise the value from sales and are equally reluctant to use proceeds for professional fees. Most people have never been in this situation previously and we are already getting significant traction in this market.”
This compelling case for vendors is mirrored by the huge time saving solicitors experience when probate sales are routed through the new service.
Michael continued:
“In taking complex probate cases off the tables of solicitors, we free their time to concentrate on more productive fee-earning activities within their practices. We do the heavy lifting and can even take on the day-to-day management of vacant properties, to ensure maximum value is ultimately realised.”
The end-to-end service incorporates support from all aspects of the sales process including valuation, insurance, property maintenance, agent liaison and key holding.
To find out more about Executor Solutions and its new probate property sales service, visit www.executorsolutions.co.uk.
This article was submitted to be published by Executor Solutions as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
