When a property owner passes away, their estate must go through probate – a legal process that confirms the validity of the deceased’s will and grants the executor the authority to distribute the estate’s assets, including any property.
One common question is: how long does a probate property sale take? The answer depends on a variety of factors, as well as the method of sale chosen. Let’s explore those factors and the different methods of sale: auction, traditional estate agents, and “cash for home” companies.
Factors Affecting the Length of a Probate Property Sale
Grant of Probate: Before any sale can proceed, a Grant of Probate must be obtained. This is a legal document that gives the executor the authority to manage and distribute the deceased’s estate. Obtaining this can take several weeks to several months, depending on the complexity of the estate and the efficiency of the probate registry.
Property Condition: Probate properties are often sold as-is, and their condition can significantly impact the sale timeline. Properties in poor condition may require more time to find a willing buyer unless sold at a significant discount.
Market Conditions: The state of the property market can affect how quickly a probate property sells. In a booming market, properties may sell faster, whereas in a slow market, it may take longer to find a buyer.
Legal Complications: If the will is contested or there are disputes among beneficiaries, this can delay the sale. Ensuring all legal matters are resolved beforehand can help expedite the process.
Type of Sale: The method chosen to sell the probate property plays a crucial role in how long the sale will take. Different methods have different timelines and advantages.
Sale Methods for Probate Properties
Estate Agents:
Selling a probate property through a traditional estate agent may be the conventional method but it can be a lengthy process. Overall, this method can take 3 to 6 months or longer if the market is slow or issues arise, and with the added risk of fall throughs, a sale is never guaranteed. This delayed process can cause issues when dealing with probate sales, especially if you are requiring the funds to settle any inheritance tax due within the six month time frame.
“Cash For Home” Companies:
“Cash for home” companies offer a faster alternative but often at a lower price. These companies provide a valuation within 24-48 hours. If their offer, typically below market value, is accepted, the sale process moves quickly, with the legal process completed in 2 to 4 weeks. This method usually takes around 4 to 6 weeks but often results in receiving a lot less than the property’s market value.
Auction:
Selling a probate property at auction is the most efficient and effective method. Auctions are quick and streamlined, ensuring efficient sales. They offer a diverse and motivated pool of buyers, with probate properties often sparking the interest of investors looking for desirable properties or lucrative renovation projects that probate properties can often provide.
On auction day, the process is transparent and competitive bidding can increase the sale price, maximising value. Once the hammer falls, exchange takes place with completion typically following 28 days later. This accelerated and certain process eliminates lengthy negotiations or the risk of the sale falling through, guaranteeing your sale.
Selling a probate property can be affected by factors such as obtaining the Grant of Probate, property condition, market conditions, and legal complications. The chosen method of sale plays a significant role in determining how long the sale will take. While traditional estate agents and “cash for home” companies have their benefits, auctions often stand out as the best-suited method for probate sales due to their speed, certainty, and transparency. Executors and beneficiaries should carefully consider their priorities and circumstances when deciding on the best approach to sell a probate property.
This article was published by Connect UK Auctions 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.
