Property Services

The legal process under which a deceased person’s estate is managed is widely known as probate. Many estates include property, so the term ‘Probate Property’ is a commonplace term when handling such matters.

A probate valuation of the property or properties of the deceased will need to be obtained as part of the probate application. The valuation is crucial in terms of knowing what the property could be worth on the current market and also what type of ownership the deceased had such as joint tenants or tenants in common. When one of the owners dies and the property is owned as joint tenants then the property automatically passes to the surviving owner. Where a property is owned as tenants in common each owner has a distinct share of the property and there is no right of survivorship, instead it will pass in accordance with the deceased owners will.

One way of establishing a probate valuation is to use a local estate agent’s market appraisal, in the same way one would if they were looking to sell and move on. If the value of the property is likely to be higher than the Inheritance Tax threshold (£325,000) then a RICS Probate valuation will need to be carried out, RICS being Royal Institute of Chartered Surveyors. These valuations are much more expensive but far more thorough.

Executors of the estate have a responsibility to the beneficiaries to ensure the property achieves its best price. In order to do this the property may need some repairs and renovations, cleaning and garden maintenance. Costs can be reimbursed from the estate funds. The contents of the house will also need to be cleared, some of which may prove to be valuable and looked at professionally or as in most cases the contents hold a lot of sentimental value and simply just need to be cleared away ready for the sale of the property.

It is important to note here that whilst executors can prepare the property for sale by way of valuation, making any necessary repairs, undergoing a house clearance, marketing it and even accepting an offer they must wait for either the Letters of Administration or Grant of Probate before completing the sale.