Following the loss of a family member or friend there are various processes that require completing in order to finalise the estate, one of which will be establishing the value of any land or property that forms part of it and as the Executor or Administrator, it will be part of your role to organise this.
At Bradleys, we are able to provide probate valuations across Somerset, Devon and Cornwall, although it is important to note that where the estate is taxable, the probate valuation must be undertaken by one of Bradleys Chartered Surveyors, not by one of our Estate Agent Valuers.
The common approach is to gain 3 marketing valuations to determine a fair and accurate value, which will be followed up with written confirmation. At the same time we are, if relevant of course, able to provide marketing advice including the thoughts on how saleable the property or land maybe and the likely demand that could be expected.
If you are wanting to find out more about the detailed valuations carried out by one of the Chartered Surveyors, there is more information about it on their website.
For any enquiries or if you are unsure whether the estate is likely to be taxable, then please feel free to contact your local Bradleys office and we will be pleased to help and provide further insight to the best of our knowledge.
Q. Can a house be sold before probate is granted?
The property can be marketed and a buyer sourced, a price agreed but ultimately the contacts cannot be exchanged and therefore, technically sold, prior to the probate having been granted.
Q. How long does it take to get probate granted?
This will vary according to the complexity of the estate. A very brief guide will be 6 weeks for a simple estate whereas it could be more like 12-14 weeks where the estate exceeds the inheritance tax threshold.
Q. We don’t want to show anyone around the house, are you able to do all the viewings?
This is completely understandable and generally we look to undertake all viewings for all our properties regardless. We never allow buyers to have a key and show themselves around and have many security procedures in place to ensure the keys are held securely.
Q. Should we clear the property so it is empty before putting it up for sale?
We do advise you remove any valuable items should the property remain unoccupied, although we do not advise you clear the contents entirely. A property will generally feel more homely with furnishings in. De-cluttering any property is always advisable if possible, however we can advise in more detail after we have visited each home.
Q. We have multiple family members and beneficiaries, are you able to keep us all advised with progress?
We will discuss and agree on what is best for you with each individual sale. We are more than happy to keep multiple people informed, although the executor(s) will be the primary point of contact.