A Probate property is a property that has been left in a will and needs to be sold so the funds can be distributed by the executor to the beneficiaries. These properties represent a significant opportunity in the UK property market, with probate sales estimated to be worth £500 million annually.

Benefits of Probate Properties

No chain: Probate properties are usually completed very quickly as there's no upward chain to cause delays. This means transactions can progress smoothly without the typical complications that arise when multiple property sales need to align. For estate agents, this translates to faster completions and more reliable transactions.

SDLT: On most occasions you have No Stamp Duty to pay, so vendors are very keen on the savings. This tax advantage makes probate properties particularly attractive to buyers, who can save thousands of pounds compared to standard property purchases. Estate agents can highlight these savings as a key selling point when marketing these properties.

Motivated sellers: The beneficiaries usually want the property sold fast so they can get their inheritance, which means they are usually slightly below market value, generating a lot of interest. Executors are typically focused on fulfilling their legal duties efficiently rather than holding out for the absolute maximum price, creating opportunities for smoother negotiations and quicker sales.

At LetsBid Property, we've developed a specialised Probate Tool that helps estate agents identify and secure these valuable instructions. Our platform provides comprehensive information on probate properties in your area, including contact details for the solicitors handling these cases. This enables agents to position themselves strategically before competitors even become aware of the opportunity.

Estate agents who specialise in probate properties often report higher conversion rates and faster transaction times compared to their standard listings. This efficiency translates directly to improved business performance and stronger relationships with local solicitors who handle estate administration.

The key to success with probate properties lies in approaching executors and beneficiaries with sensitivity, as they may be dealing with bereavement while managing property sales. Establishing yourself as an expert who can reduce the administrative burden during this challenging time will help you stand out from the competition.

At LetsBid Property we help estate agents get probate instructions and build meaningful relationships with executors across the UK. Find out how our software works here and discover how you can tap into this valuable market segment.