Selling a property after probate can add more stress to an already stressful time. There’s so much to consider from regulations, property valuations and ensuring the best possible price can be found. Additionally, for some people, a quick sale is required more than anything. However, an estate sale can take a long time in Aberdeen. In fact, the average time on the market for properties in Aberdeen is well over 450 days. That can be a long time to wait. This doesn’t even include all the legalities that need to be covered before the property can even be listed for sale. Therefore, it’s important to understand the probate process and the various steps involved in getting the probate property sold. In this article, we’ll be taking a look at what happens following probate and how long it can take to sell a property after probate in Aberdeen.
Understanding Probate in Aberdeen
Probate is the legal process that occurs after an individual passes away. It involves the estate sale, which includes the distribution of assets and settling any debts. In Aberdeen as well as Scotland, this process is governed by Scottish law and is overseen by the Sheriff’s Court.
The first step of the process is to apply for a grant of representation. This allows the executor of the estate to legally manage the deceased person’s assets, including their property. However, this grant can take several weeks or months to obtain, depending on the estate’s complexity.
Different forms of probate are available in Scotland, and each comes with its own requirements and processes for selling a property.
- Confirmation – There are two types of confirmation probates that differ by the estate’s value. An estate of under £36,000 is considered a ‘small estate’; if higher, then it will be a larger estate. Additionally, as long as the deceased owned property or a sum of money in Scotland, confirmation can be applied for; if not, then probate will have to be applied for.
- Small estates certificate – If the value of the estate is below £36,000, the executor applies for a simpler form of confirmation. This will speed up the probate process and will be a cheaper process overall.
- Intestate estates – Without a will, the estate will be distributed according to Scottish law. As a result, the executor will have to identify heirs and receive their agreements before the distribution of assets can begin.
From the above, it’s clear to see that the type of probate can further affect the overall length of time required to conduct an estate sale. There are other factors that can affect how long it takes too. For example, if the estate includes property registered with the Land Register of Scotland, then the executor will have to obtain a certified copy of the title sheet from the Land Register. This can take several weeks and will add to the length of time required for an estate sale.
Selling a Property After Probate in Aberdeen
Probate property refers to a property that is being sold as part of the probate process. Probate property can only be sold once the estate executor has obtained a probate grant. It will be their responsibility to obtain the best possible for the property. Therefore, they will usually have to conduct a property valuation and ensure that the property is marketed appropriately to buyers. It is worth noting that should an executor of an estate sell the property below the valued price, other estate beneficiaries can sue the executor. This can make for a much more emotional and stressful situation.
As mentioned earlier, applying for and receiving a grant of probate can take many months. However, the executor can find an estate agent and begin preparations before receiving the grant. This can potentially help speed up the process.
Factors That Can Affect How Long It Takes to Sell After Probate
There are other factors that can also affect how long it can take to finalise an estate sale. Here are some factors to be aware of.
The biggest factor that will affect the likelihood of getting a quick sale is the state of the market. Selling a probate property in Aberdeen may take much longer than in other places. This is because, on average, the time on the market for a normal property is above 450 days. That doesn’t include the time in getting grants and approvals but just how long the property spends listed for sale.
Condition of the Property
Next, the property’s condition will make a significant difference in making a quick sale. If the property is well-kept and in good shape, it is likely to attract a more serious buyer. Whereas, if it is apparent that there is work needed on the property, a different type of buyer is required. This will also affect the possibility of getting a price that aligns with similar properties. A way to avoid this would be to carry out some work on the property, from painting, cleaning, and other basic renovations. However, this may cost money and time.
From seeking legal advice, conveyancing, and estate agents, the overall time for completing an estate sale is dependent on so many other people. Therefore, delays in one area will no doubt affect others leading to a much longer process that can sometimes be stressful.
So how long does it take?
Overall, it can take up to 9 months to get to the position of being able to sell the property. This includes applying for grants, finding an estate agent and carrying out conveyancing. Then you factor in the 450 days on average for time on the market in Aberdeen. So, it can take almost two years before an estate sale can be completed.
Selling property isn’t always easy in Aberdeen. When you consider the additional steps and processes required for probate, it can take much longer to sell a house fast in Aberdeen.
Luckily, you’re in the right place. Here at WeBuyAnyHome, we can buy a property in as little as seven days and with cash. As we’re a property-buying company, we’re always looking to add to our portfolio so we can purchase your probate property. We don’t take advantage of your situation; we can provide a free cash offer as close to the market valuation as you can get from a cash house buyer. Additionally, we also have our own solicitors, so there are no extra legal fees for you. Simply get in touch to see how we can help.