Once a buyer is found, it is important that a contract-ready pack is ready to send the buyer’s solicitor. This is where it is important to get a solicitor on board to act for you as the executors as early as possible in the process. Many of the enquiries a buyer might raise late in the sale process can be addressed prior to marketing thereby not only accelerating the sale but also reducing the chances of a sale either falling-through or a buyer attempting to renegotiate at the “last minute”.
It’s a sad fact that over 33% (with some agents far more) of sales “fall-through” prior to exchange of contracts. In many instances such outcomes can be completely avoided or, in the least, the chances considerably reduced by not only having a sale ready pack but by having an experienced estate agency team to progress the .sale. Driving your sale forward until completion, our dedicated sales progression team will manage the whole process, liaising with the purchaser, their solicitor, finance broker, surveyor and any contractors or consultants to ensure that everything runs as smoothly and quickly as possible. In the event of there being any related sale, we will check with all parties in the chain from the outset and continue to do so throughout the sale process.
We offer a complete end-to-end service to sell probate properties quickly and for the best possible price.
Our service is bespoke and is a unique end to end service from property valuation through to sale completion. We pride ourselves on achieving the very best outcomes for our clients.
HMRC could (and have done in the past) seek to increase the Inheritance Tax owed should the house be sold for more than the probate value, usually when the sale is made, soon after the Grant of Probate has been awarded.
This has been a bone of contention for many who have gone through the probate process and the guidance isn’t exactly clear cut. Although increases of this nature are challengeable by way of negotiations with the District Valuer, it can be both time-consuming and distressing at a point when you least need aggravation.
Capital Gains Tax can also become an issue if the administration process is prolonged and the final sale price is higher than the probate value. In short, if the property is sold for more than the initial valuation, you could potentially be liable for Capital Gains Tax as well.
On the flipside, a house sold for less than probate value can result in a refund from HMRC for any Inheritance Tax overpayment the estate may have made. This, however, can only be claimed if the property in question is sold within four years of the deceased’s passing.
Recent shifts in the property market have increased the number of Inheritance Tax refund claims made to HMRC, but it’s usually well worth consulting a solicitor before trying to attempt the claim yourself.
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