Selling the property assets of a deceased relative is a complex and challenging task for family members and auction is increasingly being seen as the quickest and most straightforward option.
Probate property sales are a complicated business, and can cause additional stress and worry at an emotional time. The major asset, usually the house, needs to be sold to settle the terms of any will but it is rarely a straightforward process and tight legislation can often result in lengthy delays.
So what are the benefits of using the auction process to sell a probate property?
Here at FSS, we have extensive experience in the sale of probate properties. The auction route to market is being used more frequently in such cases and has a number of advantages:
- It can prevent delays. The auction process provides the transparency HMRC is looking for to sanction the distribution and settlement arrangements of the estate. Problems can arise if HMRC is not satisfied with the overall valuation process or the final sales figure against the estimated market value of the property. By selling at auction, the open market value is established, close to the date of death and therefore the District Valuer acting on behalf of the HMRC has to accept the sale figure. Otherwise, the final settlement of the estate could delayed until protracted negotiations with the District Valuer are concluded.
- It makes sale to a relative more transparent. Where a member of the family wants to buy the property from the estate, if they buy at auction no one can question the price paid in the open market.
We can, of course, help to sell the property in the traditional way but having an auction arm to our business allows us to offer more options. Probate properties can vary considerably in size, condition and value.
At FSS we have the expertise to help make the entire process easier and are always sensitive to our clients’ needs.
We are used to working alongside solicitors and have a thorough understanding of the legislation surrounding probate properties.
There are lots of considerations to take into account but it’s worth remembering you do have a number of choices available to you when it comes to settling your probate property arrangements.
If you would like to discuss the sale of a probate property please call Richard Smailes on 01423 534193.