I've done it, so it can't be difficult, obviously it depends on complexity.
Exactly. This isn't straightforward.
I've done it, so it can't be difficult, obviously it depends on complexity.
Exactly. This isn't straightforward.
My mum died earlier this year and left me her house, which is a large bungalow on a good-sized plot of land in a sought-after area of a Midlands town. The bungalow itself is only 2 bed and 1 bathroom, as it was built by my parents before I came along. It has also had very little done to it for about 20 years, so is rough around the edges.
While I wait for probate to come through, someone who lives near the bungalow has approached me and asked to buy it. He is in his 70s but has been in the building trade for decades and he wants to do it up before he and his wife move in as their last home. I quite like the idea that a developer doesn't buy it to rip it down and cram 3 executive homes onto the site.
For the purposes of valuing mum's estate, I got an estate agent to look at it and they said it was hard to price, as houses in this area vary widely and some have had a lot of money spent on them by people moving into the area. However, the agent agreed with my proposed ballpark figure.
This potential purchaser is having his own house valued tomorrow and wants the agent to also give him a price for mum's house. If he's happy with the numbers, he's willing to make me an offer.
Couple of slight issues:
1) I'm a little bit nervous about doing this without an estate agent involved, although I don't think they'd really be earning their fee if I already have a buyer lined up.
2) The potential purchaser would like to have some work done inside the house before it's ready for them to move into, so he hinted he might want to start this before I have probate.
3) I live 3 hours drive away, so will have to do pretty much everything remotely.
Any advice?
I thought everyone knows that estate agents are mostly licensed thieves. Sounds like you’ve already got one involved so be prepared for them demanding a large sum for doing virtually nothing. Your conveyancer will handle everything for you. You hold the keys so control access.
As someone who spent a couple of decades working in this field professionally, this does not seem like a strainghtforward one. Not at all.
Not if he starts, messes up, pulls out as mentioned?
Lots of Google hits about selling a house before probate granted eg.. https://www.gnlaw.co.uk/news/selling-a-house-during-probate/
8 Key Stages to Selling a House When Dealing with Probate
- Value the estate
- Pay any inheritance tax due
- Obtain the grant of probate
- Prepare the property for sale
- List the property for sale
- Accept an offer
- Exchange contracts
- Complete the sale
Pay inheritance tax before completion of sale? How is that generally possible?
I was going to write a post about this, but decided against it. Suffice to say much of the information presnted here is not to be relied on.
No, that does not remotely suffice
No. This is a cycling forum. It is not a place to give or receive legal advice.
I don't want to be put my name to it.
No. This is a cycling forum. It is not a place to give or receive legal advice.
I don't want to be put my name to it.
IHT is unlikely to be an issue (on the assumption the deceased was predeceased by her spouse and has received transferred regular IHT & main property allowances) , unless there was a lot of other assets, A valuation is needed for probate to confirm being under thresholds etc but that is all.The bungalow itself is only 2 bed and 1 bathroom, as it was built by my parents before I came along. It has also had very little done to it for about 20 years, so is rough around the edges.