Yes, you can sell a property at auction even if it’s in probate. Here’s what you need to know:
Probate and Property Auction
Probate is the legal and financial process of dealing with the property, money, and possessions of a person who has died1. Before the next of kin or executor named in the will can claim, transfer, sell, or distribute any of the assets in accordance with the will, a grant of probate must be obtained1.
Selling a Probate Property at Auction
Auctions are a good way to sell a probate property quickly, whatever its condition1. When a property sells at auction, contracts are exchanged on the fall of the auctioneer’s gavel and completion usually takes place just 28 working days later1.
You can put the home on the market while you’re waiting for probate but the sale cannot complete until it has been granted1. Bear in mind it can take three to six months for the grant of probate to be issued – so you should apply for this as soon as possible1.
Preparing a Property for Auction
Often properties being sold due to probate are empty. If this is the case you should make sure it is properly locked up. Turn off any appliances and ensure there is no running water. You should also let the home insurance provider, council, and utility companies know the owner has died1.
Conclusion
Selling a probate property at auction can be a fast and efficient way to handle the estate of a deceased person. However, it’s always best to seek legal advice before making any decisions about property transactions.
Do you have a property to sell? Contact us for a free property auction valuation.
For more information in selling your property call: 0330 043 3032 or email: info@oneauction.co.uk
