Selling property as an executor is a responsibility that can feel overwhelming. You are not just handling bricks and mortar; you are managing the wishes of someone who has passed. It’s a task that requires sensitivity, diligence, and a clear plan.
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Selling Property as an Executor: Your Role as an Executor
As an executor, you are the steward of the estate. Your job is to ensure that everything is handled fairly and according to the deceased’s wishes. This means being organised and transparent with all beneficiaries.
The Probate Process
Before you can sell the property, you must go through probate. This is the legal process that allows you to manage the estate. Here’s a simple breakdown:
- Locate the will.
- Apply for probate.
- Value the estate.
- Pay any inheritance tax.
- Collect assets and settle debts.
- Distribute what remains.
Valuing the Property
Getting the right price is essential. Too high, and you scare off buyers; too low, and you short-change the estate. Here’s how to get it right:
- Get multiple valuations: Aim for at least three from reputable estate agents.
- Consider a surveyor: A professional can provide an accurate assessment.
- Research the market: Look at recent sales in the area to gauge what buyers are willing to pay.
Preparing the Property for Sale
First impressions matter. A well-presented property can sell faster and for a better price. Focus on these key areas:
| Task | Importance | Potential Impact |
|---|---|---|
| Deep clean | High | +5% value |
| Declutter | Medium | Faster sale |
| Minor repairs | High | +10% value |
| Garden tidy | Medium | Improved curb appeal |
Your legal obligations
As an executor, you have legal obligations. You must:
- Act impartially.
- Keep accurate records.
- Aim for the best price possible.
- Complete the sale in a timely manner.
If you’re unsure, seek legal advice. It’s better to ask than to make a mistake.
Who said tax doesn’t have to be taxing?
Be aware of the tax implications involved in selling the property:
- Inheritance tax: This may need to be paid before you can distribute assets.
- Capital gains tax: If the property has increased in value since the deceased’s death, this could apply.
- Income tax: If the property was rented out, you may need to consider this as well.
Distributing the Proceeds
After the sale, it’s time to distribute the proceeds according to the will. If there’s no will, follow the rules of intestacy.
The Different Methods of Selling Your House: A Straight-Talking Guide
When it comes to selling your house, you’ve got options. Let’s cut through the fluff and look at three main routes: estate agents, auctioneers, and cash house buyers. Each has its merits and drawbacks. Your job? Pick the one that fits your situation like a glove.
Estate Agents: The Traditional Route
Pros:
• They know the local market like the back of their hand
• They’ll handle the nitty-gritty of viewings and negotiations
• Your property gets maximum exposure on major portals
Cons:
• You’ll pay for the privilege – typically 1-3% of the sale price
• The process can drag on for months
• No guarantee of a sale
Auctioneers: The Quick and Dirty Option
Pros:
• Speed – your house could be sold in weeks
• Potential for a bidding war to drive up the price
• Certainty – once the hammer falls, it’s a done deal
Cons:
• You might not get the best price
• Fees can be hefty – usually around 2.5% plus marketing costs
• It’s a gamble – your house might not sell at all
Cash House Buyers: The Fast Track
Pros:
• Lightning-fast sales – often within 7-28 days
• No chain, no fuss – they buy directly from you
• They’ll take properties in any condition
Cons:
• You’ll typically get less than market value – often 70-80%
• Some buyers are sharks – do your homework
• Limited room for negotiation
Here’s a quick comparison table:
| Method | Speed | Price | Certainty | Fees |
|---|---|---|---|---|
| Estate Agent | Slow | High | Low | Medium |
| Auctioneer | Fast | Variable | High | High |
| Cash Buyers | Very Fast | Low | Very High | Low/None |
Remember, there’s no one-size-fits-all solution. If you need a quick sale and can stomach a lower price, a cash buyer might be your ticket. Got time and want top dollar? An estate agent could be your best bet. And if you’re feeling lucky and want a shot at a quick sale at a good price, the auction house awaits.
The choice is yours. Just make sure you go in with your eyes wide open and your wits about you. Not all cash buyers have the cash and can waste your time.
Sell Your Property Fast and Stress-Free with Property Saviour
If you’re looking to sell your property quickly and without the usual hassle, Property Saviour is your answer. We buy houses in any condition, and we do it fast—often within 10 days. You won’t have to worry about repairs, viewings, or endless negotiations. Just get your solicitor to send us the contracts, and you can sit back and relax while we handle the rest. Plus, we’ll even contribute £1,500 towards your legal fees, making this a no-brainer.
Why wait? With Property Saviour, you get a fair cash offer within 48 hours, and the price we agree on is the price you’ll receive—no hidden fees or last-minute haggling. Our friendly team is here to make the process as smooth as possible, understanding the urgency and emotional weight that comes with selling a home. So, if you’re ready to take the next step, get in touch today.
Fill out our online form or give us a call, and let’s turn your property into cash without the stress.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
