We endeavour to assist charities and beneficiaries by maximising the value of bequeathed probate properties and minimising the work required for legacy teams, executors or the solicitors administering the Estate.
Maximising legacies for charities and beneficiaries
Maximising legacies for charities and beneficiaries
We endeavour to assist charities and beneficiaries by maximising the value of bequeathed probate properties and minimising the work required for legacy teams, executors or the solicitors administering the Estate.
Read on
The Problem
Probate property pitfalls
Legacy professionals, solicitors and executors often don’t have the time or resource to fully manage the sale of a property.
Around 100,000 (HPI, 2019) properties are sold a month in the UK, with the majority being sold via local estate agents on the open market. In some cases, usually when a solicitor or executor has little local knowledge or is far from the property, they are sold quickly without achieving the best price. When charities are involved, this can directly affect the legacy received.
Where does the money go?
How Estate value can be lost
Problematic properties
Properties in unmodernised condition, or with problems such as short leases, knotweed or tenants that won’t leave, may get sold under their true value. We have the experience to either resolve the problems or find the best buyer for the property “as is”.
Our service ensures that a property is marketed fully, with several offers received, and that a sale proceeds in a timely manner.
Resource constraints
Whether it be a busy firm of solicitors, an overstretched legacy team or an executor with a family, we know that dealing with a property sale can take over 20 hours, not including travel time to and from the property. If you are overseas or far from the property, this can take months of work.
We can take care of this from start to finish, freeing up your time to resolve and distribute the Estate.
Time pressure
If an executor or beneficiary wants or needs to sell quickly, this often results in a property being undersold. We believe families or charities should never miss out. We have a panel of over 50 cash buyers, all able to proceed in under 48 hours upon receipt of paperwork. If you have received an offer, contact us to see if we can better it. If you choose to proceed with the offer you have, at least you know you have explored all the options available to you.
Our services
How we can help
The proposals below are designed to give executors and beneficiaries peace of mind, knowing they are receiving the true value of a property. This will also reduce the strain on a solicitor/executor, allowing them to focus on administering the Estate.
Managed Sale
We will handle the sale from start to finish in conjunction with the executor(s). After an agreement is signed, we will hold a set of keys for the property and ensure that it is marketed fully and an Estate receives the full value of a property. This typically results in a £15,000 uplift to an Estate (comprising £4,000 saved in legal fees and £11,000 in achieved property value). In one recent case, a property achieved £30,000 over the asking price.
This service is chargeable at 1.75% + VAT of the final sale price (an initial deposit of £249 + VAT taken on instruction is deducted from the final payment, due on completion). The service is presently available in London and the Home Counties. This charge is inclusive of estate agency fees.
Reviewed Sale
Where executors wish to deal with the marketing of the property, we will help ensure that true value is achieved. Using tools like RightmovePlus, EIG Group and other analytical data, we provide you with a real time market appraisal. We then monitor the sale throughout, ensuring a property is marketed for a minimum time period, on all portals, and receives a number of offers before proceeding.
This is a hands-off approach that prevents quick ‘trades’ being conducted and sets sensible guidelines for probate sales. Our experience tells us this service adds from £9,000 extra value to an Estate (approximately £7,000 in value achieved for the property and £2,000 saved in solicitors’ fees).
This service is chargeable at £649 + VAT per property and is available nationwide.
Value Added Development
In some cases the best way to maximise the properties contained in an Estate will be via refurbishment and development. This is a tailored product that will only be available for select properties and would need to be discussed on a property by property basis. Working in conjunction with executors, we can add kitchens and bathrooms to very unmodernised properties to make them suitable for mortgage buyers, as well as obtaining planning permission on land/properties with potential.
If a charity has been left a property in its entirety, the beneficial tax position often means it is best to undertake the work and see a considerable uplift in value before sale.
We have a very experienced team of architects, builders and financiers to assist with adding value. Please do get in touch if any assets would benefit from this more hands-on management.
Managed Sale
We will handle the sale from start to finish in conjunction with the executor(s). After an agreement is signed, we will hold a set of keys for the property and ensure that it is marketed fully and an Estate receives the full value of a property. This typically results in a £15,000 uplift to an Estate (comprising £4,000 saved in legal fees and £11,000 in achieved property value). In one recent case, a property achieved £30,000 over the asking price.
This service is chargeable at 1.75% + VAT of the final sale price (an initial deposit of £249 + VAT taken on instruction is deducted from the final payment, due on completion). The service is presently available in London and the Home Counties. This charge is inclusive of estate agency fees.
Reviewed Sale
Where executors wish to deal with the marketing of the property, we will help ensure that true value is achieved. Using tools like RightmovePlus, EIG Group and other analytical data, we provide you with a real time market appraisal. We then monitor the sale throughout, ensuring a property is marketed for a minimum time period, on all portals, and receives a number of offers before proceeding.
This is a hands-off approach that prevents quick ‘trades’ being conducted and sets sensible guidelines for probate sales. Our experience tells us this service adds from £9,000 extra value to an Estate (approximately £7,000 in value achieved for the property and £2,000 saved in solicitors’ fees).
This service is chargeable at £649 + VAT per property and is available nationwide.
Value Added Development
In some cases the best way to maximise the properties contained in an Estate will be via refurbishment and development. This is a tailored product that will only be available for select properties and would need to be discussed on a property by property basis. Working in conjunction with executors, we can add kitchens and bathrooms to very unmodernised properties to make them suitable for mortgage buyers, as well as obtaining planning permission on land/properties with potential.
If a charity has been left a property in its entirety, the beneficial tax position often means it is best to undertake the work and see a considerable uplift in value before sale.
We have a very experienced team of architects, builders and financiers to assist with adding value. Please do get in touch if any assets would benefit from this more hands-on management.
Case studies
How we’ve helped
Here are some examples of instances where the Probate Property Partnership assisted in a probate property sale.
Overseas beneficiaries
- Property in South-East London with a short lease
- No acting solicitor
- Beneficiaries in Australia plus a charity
The beneficiaries received an offer from a neighbour, but contacted PPP to see if we could help. We first served notice to extend the lease, then asset managed the sale from start to finish and added over £32,000 to the offer previously on the table.
Hoarder property
- Property in Kent
- Solicitor in Birmingham
- Five beneficiaries and three charities
This property was part of an Estate and the deceased was a hoarder. The solicitor instructed PPP and we cleared the property over a period of two weeks, once any items of sentimental value had been removed. We then marketed the property on all portals and, after receiving 23 offers, accepted one from a cash buyer who completed within a fortnight.
Why us?
Experience
The two founders of the Probate Property Partnership have over 15 years’ combined experience in dealing with probate cases and the properties associated. We currently manage a variety of asset classes and developments across London with an eye for maximising value for our clients.
Ethics
We believe that in our own small way we can help contribute to charities’ revenue and in turn their invaluable work in furthering their causes. At a time when government funding for charities in the UK is being heavily reviewed, we believe maximising existing sources of income to be of great importance. We are also regular contributors to charitable causes both in the UK and abroad.
Relationships
Our established relationships with an array of property professionals, from EPC providers to architects, valuers, estate agents and finance providers means we find solutions to complex problems quickly. We have dealt with short leases, unregistered titles, sitting tenants, portfolios and unmortgageable properties.
Value
By using the Probate Property Partnership, you will be assured that the Estate’s largest asset is in safe hands. We’re committed to achieving the best outcome for the beneficiaries.
Contact us
We’d be pleased to hear from you whether you’d like our help with maximising the value of an Estate or simply wish to know more about the Probate Property Partnership.
phone: 0207 193 8469
email: contact@probate-property.com
Alternatively, you may use the contact form if you prefer. Please mention your phone number in the message if you’d like us to give you a call. (We’ll never sell your personal information, or do anything like that.)
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