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We don't usually post reviews on the blog, but this one came in to us by email from a buyer, who isn't actually buying from us! Such lovely words we had to share...
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If you intend to handle the whole process yourself, rather than employing a solicitor, the first thing you need to do is to apply for probate – the legal authority you must obtain from the court before you can begin administering your late mother’s estate. As a key part of this process, the property needs to be professionally valued. This would be necessary even if you weren’t intending to sell, since the entire estate must be assessed for inheritance tax. What’s more, if some tax is deemed to be due, then it must be paid in full before probate can be granted. This can sometimes make things a bit complicated if you don’t have sufficient funds available to meet the tax liability, but if necessary your bank will normally advance the money, repayable via a charge on the property.
Most estate agents will happily provide a formal written valuation of the kind required for inheritance tax / probate purposes, in return for a small charge – typically around £50 - £150. Some may waive this fee, on the understanding that in due course you will instruct them to sell the property. Others will prefer to charge upfront for the service, and then deduct that amount from their commission, if and when they eventually achieve a sale.
In any case, as executor, you are entitled to be reimbursed out of the estate for any such expenses of this kind that you incur during the course of your duties.
As for the actual contents of the property, these also need to be valued for inheritance tax purposes – although in the case of ordinary household goods and personal possessions, you can easily do this yourself by providing a lump sum figure.
Once you have applied for probate, you can go ahead and put the property on the market in the usual way – although contracts cannot be exchanged until probate is actually granted. You should therefore ensure that your buyer is fully aware of the situation.
We have a highly experienced team of property specialists, who can help with probate valuations, sales and enquiries. For more advice, give us a call on 01392 204800.
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Ok, so you’ll probably have a clear idea of what you want – both in terms of absolute must-have’s, such as the number of bedrooms, outdoor space, location or price, and features you’d like but aren’t absolutely necessary, such as a certain style of property or a separate dining room, etc.
You might want to think about the time of day that you view. For example, if the property is near a school, you might want to avoid break times due to the noise or if it is on a main road you might want to see it in the middle of the day when the traffic volumes are lower. By the same token, you might specifically want to go at those times so you can hear just how noisy it is, and how much traffic there is.
Once you arrive, take a good look at the outside of the property. Do the windows, guttering, brickwork/render and roof appear to be in a good state of repair?
Inside, mould and blown plaster, particularly under windows and on or close to ceilings, should be noted as possible signs of damp or leaks. Are there any smells? Look at the electrical sockets and switches as well as the fuse board if you can – are they aged, or does it all look sound? Depending on the age of the house, tiny holes in floorboards or other timbers on close inspection could be a sign of woodworm...
All of this can of course be remedied – either quickly and relatively cheaply or at a higher cost, depending on the extent of the work needed, which will become clearer with a survey. The estate agent should have copies of any guarantees and inspection reports, has a legal obligation to disclose any known problems, and will have taken the condition of the house and its fittings into account for the valuation.
We have RICS Chartered Surveyors and property specialists within our team, who can help answer more general questions or those about any specific property. For more advice, give us a call on 01392 204800.
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We've looked at the upcoming kitchen design trends reported by some of the top interior design magazines to bring you a snapshot of what's predicted to be hot this year - think rich inky, jewel-like and organic colours, along with metallics, curves and texture.
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