For probate purposes, the house’s value is defined as its open market value, which is what the property might reasonably fetch if it was sold on the open market to a (willing) buyer on the date of transfer.
Do you need probate to sell a house?
The answer to this question is yes, you can. Probate is needed in cases where the deceased was the sole owner of the property. If you need to sell property in such a situation, you can go ahead and list it on the market and even accept offers before obtaining the Grant of Probate.
Do you need a valuation for a probate property?
Arrangements should be put in place to have a valuation of the property for Grant of Probate, and a valuation is, after all, a speculative sales price. It also provides an up to date valuation if one is looking to list the property for sale.
Can a real estate agent sell a probate property?
You can use an estate agent to market and sell your probate property in the normal way. As with a normal house sale ask for a quotation of their fees first. Don’t forget to tell the estate agent that the property is a probate property so they can tell prospective buyers that there might be a delay in completing the sale.
What happens if the sale price is higher than probate value?
What happens if the sale price is higher than the Probate value? If the property is sold soon after Probate is granted and the sale price is more than the figure submitted for probate, HM Revenue & Customs may try to substitute the sale price instead of the previously submitted figure and recalculate the IHT liability.
What does house value mean in terms of probate?
What does ‘House Value’ mean in terms of probate? When it comes to valuing property for probate, the ‘House Value’, as it is commonly referred to, is regarded as its open market value, or OMV for short. As the term suggests, this is the value the property would reasonably be expected to fetch on the open market if sold to a willing buyer.
