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Probate Property Guide

Knowing the ins and outs of probate can be highly beneficial when dealing with an estate. Especially when dealing with a probate property and sale process. Here is a complete guide to probate properties and everything you need to know.

What is probate?

Probate is the process of dealing with a person’s estate after they pass away. In technical terms, probate refers to getting permission to legally handle and distribute the estate. Ensuring the correct beneficiaries receive their inheritance, whether there is a will or not.

What is a probate property?

Estates can be both small and large, but its important to ensure they are distributed correctly regardless. Larger estates often include a property making up the bulk of the estates value. A probate property is a property within the deceased’s estate, often their home which they have left behind. The deceased must have owned the property for it to be considered a probate property. Simply renting, or staying in a property they do not own is not considered as such.

A probate property doesn’t just consist of 4 walls and a roof, it often encapsulates the entire property. This includes all the contents inside and any valuables which may be within the house. This may consist of cars, antiques, jewellery and so on.

Selling a probate property?

The grant of probate not only gives permission to handle an estate but also to sell the property. Surviving wives, husbands and partners can usually sell the property without a grant of probate can usually sell the property without a grant of probate. However, if you do in fact need a grant of probate it is important to obtain one as soon as possible. This will grant the authority to sign any paperwork needed to complete the sale transaction. The larger/ more complicated the estate is the longer it can take to obtain a grant of probate. Once obtained the selling of the probate property can begin, similar to selling any other property.

Buying a probate property?

Unlike ordinary properties, it is likely that you will be dealing with an executer of the estate opposed to the previous occupant. Executers can have limited knowledge of the property and could have trouble producing certain document which would be easy with a regular property. Despite this, probate properties can often be a bargain and a great way to get your hands on a goof property for a lower price. However, it’s always a good idea to take precautionary steps. It’s the buyer’s responsibility to find any problems with the property. This may be particularly present in a probate property that may have been rushed to market without preparation for sale. For this reason, it’s a good idea to have additional property checks carried out.

How can PPS help?

Dealing with a probate property can be a complex process for those who aren’t familiar with probate. There is a lot to undertake both with property clearance and legal documents. Nominating Probate Property Services to administer the estate doesn’t just mean we will get all documentation in order, we will also complete a full property clearance. Our property clearance services are divided into two phases:
Phase 1 is the stage where we clear paperwork, secure the property, and carry out bank searches. Phase 2 consists of the removal of larger items such as furniture and a deep cleaning of the property. For more information on our services click here. Please follow us on LinkedIn for more blogs on the probate property sector.