Selling as an Executor of a Will
Selling the home of a loved one can be an emotional time especially if it was once your family home. Whilst you may be now starting to come to terms with events, this can be a difficult stage. We can help by reducing the stress and making the conveyancing process quick and easy.
Attwells Solicitors are property and personal law experts, we specialise in jargon-free law. Our aim is to offer you practical advice as well as legal support during this time. Our conveyancing team work closely with our personal law solicitors therefore will be able to support with probate or any questions you have relating to it. Our advice is covered by the SRA and we are rated 4.4/5 by Feefo.
To arrange your conveyancing now simply click the link below. We will ask you to complete a brief form and pay a small deposit. This will be deducted from your final conveyancing bill.
If you would prefer to call, please call our head office on 01473 229200. Your conveyancer will be happy to correspond with you via the telephone and post if preferred, as we know not everyone is www dot fans or have an email address.
Once you have arranged your conveyancer you may be keen to know the following:
- Selling a property after probate
- Gifting your money
- Investing your money
- Selling costs
- The conveyancing process
As the Executor of the Will you must write to all asset holders to get valuations of the deceased’s assets on the date they died. For bank accounts, this will be a statement. For property, you will need three professional valuations. For specific assets, like collections and shares, there are special valuation rules. You must also ascertain the extent of any Liabilities of the deceased.
Once the value of the estate is known, you can decide which IHT Forms and Probate Forms need to be completed to obtain the Grant of Representation.
Once the Grant of Representation has been obtained you need to first pay any Inheritance Tax (IHT) and Capital Gains Tax or Income Tax due. Any tax and administration costs due can be deducted from the estate before it is distributed amongst the beneficiaries.
Upon selling the property you may have a substantial amount of money left to you. Many want to use this as a pension pot or choose to invest it or help a family member.
If you wish to help a family member maybe a grandchild to get onto the property ladder or someone with a debt or desire, it’s important you have this arrangement memorialised. We realise this may seem unnecessarily or heavy handed however you need to consider all the what ifs.
For example, if you gift money to your granddaughter for a house she is buying with her partner. This money will not be payable if they separate and sell their home any time in the future, unless there is an agreement.
Many legal options are available when gifting money depending on the circumstance. We would recommend you discuss your future plan with your conveyancer as they will be able to advise you.
If you wish to invest a percentage of your sale proceeds, we would recommend you seek independent legal advice after speaking with a financial investment expert.
As I’m sure you are aware investments can go up or down. You can invest your money using various methods and at various levels of risk. Your best course of action would be to speak with an independent expert or your bank manager.
- Estate Agents Fees – Estate agents normally charge sellers between 1-1.5% of the sale price.
- Energy Performance Certificate (EPC) fees can be between £35 to £120. Some properties are exempt for EPC and others will already have an existing certificate. This is the responsibility of the seller only.
- Our Legal Fees – Your legal fees are based on the property value. As you are buying your first home these are likely to be lower. You can calculate your legal fee by clicking here.
- Land Registry Fees – Again this depends on the value of your property and if you are purchasing as a freeholder or as leaseholder. From £0 to £80,000 the fees are £20-£40. From £80,0001 to £100,000 they are £40-£80. £100,0001 to £200,000 you’ll pay between £95-£190. The next bracket, £200,001 to £500,000 you’ll pay £135-£270. For a property between £500,001 to £1,000,000 the fees are £270-£540 and finally for properties over £1,000,000 its between £455-£910.
- Removal Costs – This very much depends on your needs. If you are moving out of a bedroom or house share you might find hiring a van is much more cost effective. In Ipswich Gallagher Car and Van Rentals offer van rental form £48.60 per day. In Colchester we would recommend Thrifty Car and Van Rental, their prices start from £73.98 per day. These companies by also supply van hire across the East Anglia.
When selling a property it's natural to feel unsure and concerned about the process, however Attwells are here to help. Below we have outlined the conveyancing process, all the stages required to selling a property.
Firstly, you need to arrange your conveyancer as soon as possible.
- Accepting the quote: Simply click the accept button within your email or agree the fee over the phone.
- Paying money onto your account: This effectively allows us to create a matter for you.
- Welcome pack: We will ask you to complete a few forms which will help us progress your conveyancing. This can be done digitally – so please ask for a paper-free version.
- Instruct your mortgage valuation: This will also include a survey of the property.
- Searches: We will undertake searches for you of the local utilities and authorities.
- Draft Contracts: We will receive your draft contract and ownership information.
- Review contracts: Review and approves the contract. Plus, the ownership information and raise enquiries with the seller.
- Searches are back: We will have received the results of all searches of the statutory authorities.
- Send reports: We will send reports on the property, contract and mortgage and obtain confirmation of how you will own the property.
- Send you documents to sign: We will also require your 10% deposit.
- The moving date is agreed: All documents and the deposit are received from you. The contract is now exchanged, and purchase is now binding.
- Statement: You will receive a statement as to money required to complete. Your mortgage funds will be requested from your mortgage provider.
- Completed: Move in and receive the keys.