What happens if I have a probate property sale?
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The process of valuing an estate for inheritance tax purposes and selling assets, namely property, can be a time-consuming process. Indeed property is likely to be the most valuable asset within the estate, and it is important to obtain a probate valuation, which is HMRC compliant, covers Section 160 Inheritance Tax Act 1984 and Taxation of Chargeable Gains Act 1992, and must withstand the scrutiny of executor, beneficiary and Tax Office.
Engaging the services of a RICs surveyor can be a costly procedure and relying solely on the services of 3 estate agent valuations may run the risk of undervaluing or overvaluing the estate. Thankfully there is a tried and trusted solution and the team at Property Ladder Group are adept at providing cost effective and compliant probate property valuations.
Our staff will initially arrange valuation appointments, at a time and date convenient for access. In the event that the deceased owns more than one property, we will be pleased to coordinate multiple valuation appointments, to suit access arrangements, dependant on whether the property is vacant or if tenanted, and if tenants are in situ, suited to a their availability. The process starts with obtaining valuations from 3 local estate agents, we utilise their expertise and local knowledge, to provide opinion on presentation, photos to evidence condition of the property, their opinion on pricing, and provide an overview of local market conditions. Our research is vigorous, and if we feel that an agent has undervalued or overvalued, we will take time to challenge their opinion, to ensure that there is consistency in our recommendation. Valuations are undertaken throughout the UK, where naturally there are variations on pricing. Our mission is to understand regional and national property trends, and factor all data provided, to ultimately establish an accurate, HMRC compliant valuation appraisal.
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The design and layout of a PLG property valuation report has been created with the purpose of managing a beginner’s expectation to understand the context, it is illustrated and conveyed in an easy to read format, however, not undervaluing the significance on compliance. We understand that this can be a stressful time, and in comparison to a complex and costly RICS report, which can often provide lengthy and difficult to read, our report delivers a succinct and accurate opinion, giving greater confidence and understanding.
The cost of a Property Ladder Group HMRC compliant report is £150 + VAT delivered in a timely manner, in clear and concise format, with a guarantee of a full aftercare support service which includes representation against disputes.
Our trained and sensitive staff will take time to run through the report, which can be posted or emailed to executors, beneficiaries and legal representatives. Our staff understand that this may be an unfamiliar process at what can be a difficult and stressful time, and are on hand to answer any questions or queries throughout the whole process. PLG are mindful of the delays in obtaining Grant of Probate and following valuation would initially suggest our Essential Extra service as part of the pre-marketing preparation, including lock changes, house clearance and garden maintenance.
Once ready to market, the property will be listed with 3 local proactive agents and will not be locked into a lengthy sole agency contract. The property will be listed at a price as agreed with the Executor, with the aim to ensure the highest price is achieved in a timescale that suits the estate and beneficiaries. Prospective buyers would be informed that the property is a probate sale and exchange of contracts will be delayed until probate has been granted. Buyers who require a mortgage, should safeguard that their lender has provision to extend their mortgage offer, if required. We take ownership of the marketing; we pay the selling agent on completion and provide support every step of the way. Our complete sales progression service is designed to provide real time updates, and is highly proactive to ensure completion takes place in the fastest possible time.
Property Ladder Group
Property Ladder Group are a one stop shop for all probate property matters. Our experienced team manage the whole sale process, from initial probate property valuation, onward marketing, collecting agent viewing feedback, negotiating offers, issue of sales memo and full sales progression service through to completion. Our essential extra service is a bespoke service, tailored to meet individual requirements, the team will be pleased to undertake one off jobs, as well as taking care of vacant property insurance, changing locks, inspection and monitoring of vacant properties.
Darren Leggett & Helen Graham
PLG was founded in January 2020 by Helen Graham and Darren Leggett, both experienced property professionals with over 50 years’ experience working in the property sector. Our core business originates from law firms, professional deputies, probate practitioners and house builders. We are also pleased to oversee residential property sales for the general public. Our in-depth knowledge and passion for driving the best customer service experience make us a dynamic force within the property sector. Our approach is forward thinking, our vision is clear, and having the freedom to deliver a first-class service without compromise are ultimately our inspiration for creating The Property Ladder Group.
The ethos behind PLG is not to be defined by boundaries, we think outside of the box. Our tech inspired approach enables us to work quicker, smarter and more efficiently, saving you time and giving added value to your clients. Our services are extensive and our flexible approach allows us to adapt a service to suit your client’s individual requirements. We have a wonderful team ethos, we value our staff and encourage their creative ideas, which constitutes to a positive working environment.
Clear, concise communication is a key component to any business. Property Ladder Group have commissioned innovative technology which allows for real time reporting at every stage of the process, from valuing, reporting, marketing, selling or progression. This dynamic approach allows our team to go the extra mile to achieve optimal results, enabling us to sell properties quickly and for the best possible price.
Find out more
PLG work in harmony with solicitors and attorneys, who understand the importance of receiving a reliable and cost-effective service. Our aim is to ultimately provide a compliant and accurate property valuation, with onward sale, in a timely and cost-effective manner. To find out more, give us a call today on 0330 124 7434
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