Sell a Probate House in Manchester
Dealing with probate property is one of the most difficult things that you will ever do.
Not only are you going through the emotional challenge of losing a loved one, but making sure the Will is dealt with accordingly can be stressful and complicated. You will need to communicate with your family members, ensure all processes are carried out correctly, and then deal with any properties that you may have inherited.
Without the support of an experienced expert, you may feel a tad out of your depth.
That’s where Sold.co.uk comes in.
You shouldn’t feel alone when going through such a challenging process, and by working with us, you never will. We will hold your hand through every stage and make sure that you are well-informed about what is required, and when.
So, if you have inherited a property and don’t know what to do with it, we can help. Whether the house is in Miles Platting, Whalley Range, Victoria Park or Blackfriars: contact Sold.co.uk today.
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Should I Keep or Sell a Probate Property in Manchester?
Don’t panic if you have inherited a property in Manchester, but don’t know what to do with it: you are not alone. This is a conundrum many people in the city face every year, and the ultimate decision you make will depend on a number of different factors.
Firstly, you should consider the wishes of anyone else who has inherited the house, too. For example, if the house has been transferred into the name of you along with a few siblings, then they should be involved in any discussions about what to do with the property.
Your willingness to sell the property, or to live in it yourself, will also vary according to a few factors. For example, if the Manchester property market is strong when you inherit it, and you feel that you could get an excellent price – then selling might be the best way to go.
On the other hand, if you have inherited a property in a neighbourhood which is ‘on the up’ and receiving lots of new local investment in facilities then you may want to keep the property as an investment, anticipating that it will increase in value significantly over the coming years.
For example, Mayfield is an area in Manchester with an ambitious transformation plan, so inheriting a house here could be considered quite valuable. In this case, you may choose to find a tenant for your house in this case and turn it into a new stream of income.
If you decide to sell using a high street estate agency in Manchester, then there are several great businesses in the city that can support you. Savills, Kaytons, Hunters and Leaders all have very good reputations – but Sold.co.uk is also widely regarded as one of the leading online estate agencies in the city, and can guide you through this, too.
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Selling a Probate Property to a Cash Buyer
When you have inherited a new property, listing it on the market and carrying out viewings can be a tiresome, time-intensive process. If you do not live close to Manchester, then it may also be difficult to keep travelling back and forth to the house.
In this instance, selling your new property to a cash buyer can be a great option. This route will get the sale ‘out of your hair’ as quickly as possible. The offer you receive from a cash house buyer will depend on the condition your property is in.
If the house fell into disrepair in the final years of your loved one’s life, then this may reduce the offer slightly – but if it is in good condition, it shouldn’t be too far below the usual market price, once you factor in the savings on estate agent’s commissions.
You may wish to carry out research on average property prices in the part of Manchester the property is in, so you can decide what you consider to be a ‘fair’ cash offer.
For example, the average house price in Stockport was £329k, over the past year, while the average in Moss Side was £195k so what you are willing to accept may vary depending on your neighbourhood.
Frequently Asked Questions About Selling House After Probate in Manchester
What is probate?
Probate is the process of dealing with someone’s money, property, and possessions after they have passed away. This task tends to be carried out by the Executor of the Will, who also tends to be the deceased’s closest relative.
When is probate required for a property?
If your loved one’s property was solely owned by them, and in their name only, then probate will be needed to take control of the property. Alternatively, if they owned the house in joint ownership with someone else, then the property will possibly automatically transfer into the name of the surviving person. In this case, probate wouldn’t be needed. If you are at all unsure, you should take legal advice for guidance on your specific situation.
Can you sell a house in Manchester before probate?
No, you cannot sell a house in Manchester before probate has been completed. You are allowed to list it on the market and carry out viewings – but the exchange of contracts cannot take place until after probate is finished.
What are the steps of selling with probate?
The main steps of selling with probate are:
- Get a valuation of the estate
- Pay any inheritance tax
- Get the grant of probate
- List the property for sale and find a buyer
- Exchange contracts and sell the property
The right legal experts can guide you through each of these steps.
Can I pass probate to someone else?
Yes, you can. Even if you are named as an Executor on the Will, you are not legally required to deal with the estate. Instead, you could let a family member deal with the estate in your name; you could renounce your right to administer the estate; or you could officially appoint someone else to do it on your behalf. As a final option, some people pay a legal expert to carry out probate for them.
Why does probate take so long?
There are lots of important administrative tasks involved with probate, which contributes to it taking a while to complete. Unfortunately, if all tax and legal processes are not done correctly, it can result in fines or legal action, so it is important to take care that everything is done the right way.
Sometimes, hiring a solicitor can speed up the process, because they are experienced in this area and know what they are doing. However, you are reliant upon them being responsive and efficient – so ask for recommendations and research the most effective companies before you hire one.
Can a house be emptied before probate?
Legally, you are supposed to wait until probate is granted before you empty a property. However, not everyone follows this rule. Either way, the contents of a house should certainly not be removed until the contents of the Will are known.
How to value probate property?
Before an inherited property can be transferred to its new owner, it is usually required to undergo a probate valuation, to determine how much the house is worth. Lots of property companies provide this service – although the fee they charge can vary from a fixed rate, to a percentage of the value, to a price in accordance with the size of the house.
Is there a time limit for probate?
No, there is not a time limit for probate. However, you will need to pay inheritance tax within 6 months of your loved one passing away.
Can I complete probate without a solicitor?
Yes, you can complete probate without a solicitor. Lots of people opt for this route because it is less expensive – however, it also leads you more vulnerable to costly mistakes, which might increase your bill further down the line. It is generally recommended that you seek the guidance of someone who has completed this process before, unless you have done it in the past.
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