Selling Probate Property with Multiple Beneficiaries involved
The latest probate property you have to sell is potentially fraught with tension. Several family members are set to inherit a share and all have differing opinions on how much it should fetch and how to proceed. What’s the most effective way to get the property sold, ensure everyone’s best interests are met and hopefully keep the peace?
What’s the property worth?
With multiple beneficiaries the chances are they’ll all have a different opinion on the property’s current value. If they’re not local or haven’t seen the property for a while they may be unsure of its condition which may influence their opinion. Perhaps they’re unwilling to accept the word of one estate agent;
How can Executor Solutions help?
Our valuation reports are particularly robust and are based on appraisals by three different estate agents. We’ll include all the supporting evidence you need to reassure each of the beneficiaries that the valuation is accurate, including a good selection of photographs of the outside and inside of the property and also the surrounding area. For those who haven’t seen the property in some time, if at all, this will help them to appreciate its condition and the environment around it. You’ll be pleased to know our reports are also Section 160 compliant.
Some want a quick sale – others just want to get more cash!
Some family members may take a pragmatic view and want the property to be sold as quickly as possible. Others may be prepared to let the property languish on an estate agent’s books for several months at an unrealistic price in the hope that they will eventually, against all odds, achieve a sale that reaps them a bigger share of the proceeds. However, this may create other headaches in terms of maintaining the property and keeping it safe and secure, not to mention cash flow consequences to all concerned. A prolonged sale can also cause problems settling the death duties on the estate.
How can I address this?
The robust nature of our valuation report is designed to stop any conjecture and establish a true valuation at the outset. We then market the property with three different estate agents and in 80% of cases we find a buyer within four weeks.
How do I choose an estate agent when every family member wants to use somebody different?
It’s quite possible different beneficiaries will have their own ‘pet’ agent they want to use. Because we market your property with three agents there’s every chance you’ll keep them all happy.
With so many people involved how do I keep on top of things?
Executor Solutions will manage the whole process on your behalf and keep you – and all of the beneficiaries if you wish – fully appraised throughout. And should the property need any maintenance, repairs, locks changing, boiler servicing, garden tidying, etc, in the meantime we can arrange this too.
And what about those taxes?
Again, by establishing an accurate valuation at the outset we are more likely to achieve a sale at, or very close to, the asking price on the family’s behalf. If inheritance tax has already been paid on the estate this reduces the likelihood of having to recover monies from HMRC if the property fetches less than expected or, indeed, having to pay more tax if the property achieves more.
Everyone wants regular updates…
All of those with an interest will expect to be kept informed of progress. Dealing with death is difficult enough but when tensions are high between different beneficiaries it can be even more challenging. You may find yourself being chased by all sides for information, especially if individuals aren’t communicating directly with one another. Executor Solutions is known for its sensitive approach and high levels of customer service. We will provide you – and each beneficiary on your instruction – with weekly updates so everyone knows exactly where the sale is up to. In short, Executor Solutions will provide a level of professionalism, service and expertise that everyone will appreciate.