Selling an inherited house with or without a will can be a long, expensive process – especially if the property is empty while the will is being settled or the legal processes are being completed. Even simple wills can takes 9 – 12 months to settle. More complicated wills with money to collect from investments, savings and pensions or wills with money to pay in inheritance tax or debt can take considerably longer to be read.
Whether a person has written a will or not; before a beneficiary can sell an inherited property, they or an executor acting on their behalf must obtain legal confirmation of their authority to sell the property or transfer ownership of the inherited property. If a will has been written, the authority is called a Grant of Probate. If the deceased did not leave a will, the authority is called a Grant of Letters of Administration. Both documents grant the beneficiaries or executors legal authority to close bank accounts, sell shares and investments and sell or transfer property.
Even a straightforward estate with named beneficiaries and no legal challenges or debts to pay from the estate with the application submitted by a solicitor, can take two to three months to obtain authority to sell an inherited property while various legal and taxation checks are made. It can take even longer if the application is made by the beneficiary rather than through a solicitor, if inheritance tax is due or there are any other complications affecting the inheritance.
An inherited property cannot be sold until the authority has been granted or the property has been transferred to the name(s) of the person or people who intend to sell the property.
Keeping an empty inherited property secure (paying for empty property insurance, the cost of regular visits to the property as required by most empty property insurances) while paying liabilities (council tax, mortgage repayments etc) and keeping basic amenities such as electricity and water connected (to prevent weather related damage and to conduct viewings in an uncompromising environment) while ownership is transferred to beneficiaries then while a sale is found, agreed and completed can be expensive, time consuming and emotionally draining process that can easily take 12 – 18 months to complete.
In A Nutshell
We save our clients time and money by working with will executors and/or the beneficiaries’ solicitors to apply for a Grant Of Probate so that the ownership can be passed directly from the deceased to the new buyers when the authority is issued rather than transferred to from the deceased to the beneficiaries then to buyers. Upon completion, the proceeds from the sale can be distributed to the executor or directly to the beneficiaries.
The process saves our sellers money spent maintaining an empty property, land registry fees and duplicate solicitor costs (performing the same actions twice to transfer ownership to the beneficiaries than the new buyers).
Continue reading Selling Inherited Property Faster
National Residential have been at the forefront in setting standards for selling property quickly and fairly since we began in 2007. We were a select group of industry representatives selected to define a Code of Practice For Quick House Sales Companies to The Property Ombudsman (TPO) and in 2013 we helped set up the National Association of Property Buyers (NAPB) to inform the public of companies that agree to the principles and abide by the practices listed in the code.
At the heart of the code is transparency – see Code of Practice for Residential Property Buying Companies
We believe that selling property using our ‘Modern Auctions’ method adds convenience and transparency to our property sales:
- by accepting a combination of online and telephone bids ensures no-one is prevented from making an offer due to other commitments, inexperience of internet bidding or financial arrangements that prevent us ring fencing funds for the holding deposit until the auction ends.
- all offers (including telephone bids) are added to the auction and our consultants keep all participating parties informed.
Although the process that follows online bidding to secure a purchasers agreement usually takes just 24 hours to conclude it can sometimes take longer and the bidding process is only formally ended once we are sure we have the highest bid, the seller has accepted this bid, and the winning buyer has paid their deposit and has passed the financial qualification process with our sales team.
To complement our existing sales options by providing sellers a faster qualification period and more certainty to the highest bidder at the end of an auction, we are pleased to introduce ‘Registered Auctions’ which will run alongside our existing auctions.
The platform is provided by the ‘Essential Information Group’ (EIG), a secure, independent online auction service provider since 1991.
Continue reading Introducing ‘Registered Auctions’.
We sell property in our 28 day auctions for 100% of their market value – but what is ‘market value’?
Market value is the top price that buyers from a mix of the private and investment sectors will pay for a property. It isn’t always the price sellers think their property is worth and it isn’t anything we can control – quite simply, it is what people want to pay.
There is, of course, more than one way to find the market value – one way is to start high and end low, reducing the price every 3 months or so until eventually it is what someone is willing to pay. On the plus side, sellers can dream big but the negative side of being ‘ambitious’ is potentially long and costly delay in selling your property.
The time it takes to sell a property fluctuates with season, the market, the asking price and regional influences but most people are aware of property that has been on the market for months and months and months…
Some estate agents recommend asking prices that, at best can be described as ‘ambitious’ (and at worst misleading) purely to secure representation.
Continue reading Performance Report for July, Aug, Sept & Oct
Waiting to sell your house is undoubtedly one of the most traumatic experiences you can have. Thousands of Homeowners and Landlords throughout the UK have taken the option to sell their house through National Residential rather than wait for possibly months with their local estate agent.
“Success has been built on providing the very best service for people selling their properties. We not only ensure the vendor gets the very best deal possible but we also ensure that all of our business practices are completely transparent. When you concentrate on being a loyal, friendly and courteous service, it’s natural for more people to come to us for help.”
David Coughlin, Managing Director of National Residential
Continue reading David Coughlin, Managing Director of National Residential shares the secrets of his success.
The National Association of Property Buyers (NAPB) was founded in 2013 in response to to the growth in popularity of Quick House Sales companies.
Quick house sales companies differ from estate agencies because they enable members of the public to sell their properties fast by buying them directly or brokering a deal with a property developer – i.e. without promoting them to the public or having to wait for someone to make an offer. Quick house sales companies that buy property directly must have significant funds available to make an instant purchase.
Continue reading National Association of Property Buyers (NAPB)
The Office Of Fair Trading reported “Quick house sales can be beneficial to home sellers who want a quick, guaranteed and hassle-free sale. Our study has shown this to be a dynamic and innovative sector where some businesses have modified their business models to try to offer a better service to home sellers.“
The Office Of Fair Trading, Quick House Sales Market Study, 2013, http://webarchive.nationalarchives.gov.uk/20140402173245/http://oft.gov.uk/shared_oft/market-studies/oft1499.pdf
Continue reading Quick House Sales – Good Practice Regulations
WARNING: A PROPERTY WITH A SHORT LEASEHOLD CAN MAKE IT IMPOSSIBLE TO FUND WITH A MORTGAGE AND AN UNATTRACTIVE PROPOSITION TO CASH BUYERS BECAUSE OF THE EXPENSIVE AND COMPLICATED PROCESS TO RENEW A LEASE. THE PROBLEMS CAN DETER BUYERS AND DRIVE DOWN PROPERTY VALUE BY A SIGNIFICANT AMOUNT
In A Nutshell
When a buyer wants (or needs) to buy a property with an extended lease, we make it easy for sellers to extend the lease so they get a better sales price for their property.
To our knowledge, no other estate agent offers this service and as a result, owners of short leasehold properties frequently struggle to sell their properties.
Short leaseholds are a major problem if you want to sell your house – especially in London where the cost to extend a leasehold can be very prohibitive. Short leaseholds start to affect the selling price of the property at about 80 years. The fewer years there are left on a leasehold, the more affect it will have a property sale price.
Continue reading Is a Short Lease Stopping You From Selling Your House or Flat?
BANKRUPTCY CHARGES CAN DOUBLE A DEBT.
You could lose your home and ADD bankruptcy fees and/or costs of up to £60,000 if you let trustees control repayment of your debt*.
*A trustee charged to manage a banckruptcy and ensure all debt is repaid can charge c.£300 per hour and you could be charged a Secretary of State fee of 17.5% on the amount raised from the sale of your home to repay your bankrupt debt.
Meanwhile, your bankruptcy creditors can also claim 8% statutory interest on outstanding amounts.
You will save money the sooner you can repay your debts.
Your house can be forcibly sold up to three years after your bankruptcy order if there is no other way to repay your debts.
You will probably get a higher price for your house if you sell it yourself and you could avoid thousands of pounds in added cost.
Continue reading Avoid Bankruptcy Charges & Trustee Fees
Since the 1980s and 1990s, many thousands of endowment policies have failed to mature as expected leaving thousands of policies with an endowment mortgage shortfall and homeowners struggling to make their final mortgage repayments.
If policy holders do not have savings or some other means to cover the mortgage repayment shortfall, it may be possible to extend the term of their mortgage if they still have a regular income.
However, if they cannot raise money to cover the shortfall or extend their mortgage term, they may have to sell their property to release the equity tied into it.
Downsizing To Repay an Endowment Mortgage Shortfall
A significant difference between the amount the property has increased in value and the money needed to make up the shortfall may provide enough funds to buy a smaller property outright and repay the endowment shortfall.
Continue reading Endowment Mortgage Shortfall
In June 2017 National Residential sold 41% of the properties listed in an average time of 32 days.
Compare that to the national average selling time of 60 days for June 2017 (see http://www.rightmove.co.uk/news/house-price-index/). Add to that out annual average of 56 days to complete for completions handled by our in-house team and you’ll see why our clients come to us for a quick sale.
That and the great prices we achieve of course – in June our average sales price was 128% of the ‘offers over’ price.
To find out how National Residential can help you to sell your property fast without any obligation to proceed, call us now on 01244 757152
Working with National Residential is positive for both Vendors AND Buyers
At National Residential, we work hard to ensure that the house sale process we offer is quick, simple and efficient for both vendors and buyers, thanks to our experienced and friendly team of customer service professionals, property-sale specialists and panel solicitors.
Continue reading Vendors and Buyers working with National Residential is positive
Selling your Home Online
Your home is likely to have been the biggest purchase you have ever made, so when it comes to selling it, you probably only have one route in your mind – the tried-and-tested traditional route of the High Street Estate Agency: the familiar ‘man in suit’ coming round with a laser measuring device and a clipboard, taking photos of your unnaturally clean and clutter-free rooms, and then enthusiastically leading family after family around your home and emphasising words like ‘functional’ and ‘bijoux’ and drawing attention away from the slightly suspect plastering job in the kitchen…
When selling your home with traditional High Street Estate Agencies, the audience of potential buyers you are able to reach can be a little limited. You may find your audience restricted to people who are physically passing by the Estate Agency and have a spare moment in their busy schedule to look in the window, as well as the few people who still look at the property pages of the local free newspaper (before ‘filing it’ straight in the recycling bin), and visitors to sites such as Rightmove and Zoopla who just happen to enter the exact search criteria for your unique property.
Selling your home online with National Residential is different – investors and property developers, as well as people looking to buy a new family home, regularly visit our innovative auction site. Our Professional buyers aren’t necessarily put off by pictures of messy rooms, a dated kitchen or a lack of curb appeal, unlike many traditional house buyers. Our professional buyers are looking for properties at the right price and that offer a good investment opportunity, and they want a fuss-free sale that can be completed quickly and efficiently, something that National Residential can help to provide.
So why not consider selling your house online through National Residential? Phone today for more information about our innovative, yet trustworthy, selling process – call us now on 0800 612 3694 or 01244 757152
Trusted Online Estate Agent
Every so often, we get a telephone call from a customer asking ‘Why can I trust National Residential with my property sale? What makes you so different from High Street Estate Agencies?’ and we are always happy to explain the numerous benefits of selling property with us!
Let’s clear up one important detail straight away! We are registered with the Property Ombudsman, just like High Street Estate Agencies, and are therefore subject to the same ‘good practice’ guidelines. This means that we work incredibly hard to ensure that all of our actions are honest and transparent, and will work closely with both vendor and buyer to ensure property sales happen swiftly and easily, without complication or ‘hidden’ fees.
Continue reading Trusted Online Estate Agent
In this ‘Digital Age’, where anything and everything is available to purchase online, the likelihood is that most people have used an auction site to buy or sell something, however small. I’ve used eBay, for example, a few times – it’s quick and easy to use, though I am extremely conscious of the fact that I don’t want to get too comfortable using it and end up with a whole house full of random stuff purchased ‘because it was a bargain’… Anyway, despite their user-friendly nature and the fantastic range of products that are available on buy through online auction sites, they do still appear to have issues associated with their human users – how many of you have run into problems, either with a buyer or a seller, who doesn’t fulfil their end of the sale? I certainly have.
As a result of issues that people may have experienced on other auction sites, when some people see National Residential’s innovative auction service, they are a little bit dubious – they want to know: is it really possible to sell a house with an online auction system? Given that nearly everyone has had a dodgy experience on an auction site where either a buyer or seller hasn’t fulfilled their obligations, how can National Residential ensure that buying a house via their online auction works for both the vendor and the buyer?
National Residential’s success with their online auction system is all down to the technology that they have incorporated into the system, as well as their dedicated team of experienced customer service staff who work tirelessly behind the scenes to ensure that all parties involved in the sale are serious and have the funds available to complete. Their hard work really has paid off – thanks to their rigorous buyer approval procedures, 95% of all agreed sales complete!
Continue reading Auction Properties
Modern Estate Agents
At present, only 5% of Residential Properties sold in the UK every year are sold via online Estate Agencies (Which), but in a world where we are increasingly shopping, saving, working and communicating digitally via the internet, whether you access the internet from a fixed terminal at home or work or, like 68% of the UK’s population in 2014, via a mobile phone or tablet ‘on the go’ (source: Ons.gov.uk ), this figure is only going to rise!
National Residential have worked hard to embrace the modern, ‘digital’ Estate Agency ideal of 24/7 clear and simple access to properties for sale, regardless of whether you are at home or on the move. With National Residential, you can bid on a property 24 hours a day from the comfort of your PC, iPad, Tablet or Smartphone. (Modern Estate Agents)
Continue reading Modern Estate Agents
Online Estate Agent
With over 100,000 properties selling in the UK every month (Source: ‘Monthly property transactions completed in the UK with a value of £40,000 or above’), if you are looking to buy or sell a house, where do you start?
More and more people are turning to online Estate Agents when they want to buy or sell a property, thanks to the incredible convenience of these online platforms over conventional High Street Estate Agencies. If you are looking to buy a house, there are now thousands of potential homes available for you to browse through online at the stroke of a keyboard! If you are looking to sell your home, you can now market your property to significantly more people than you ever could if you were relying solely on potential passing trade outside an Estate Agent’s window!
However, even when it comes to online Estate Agencies, not all are created equal! They may all be more convenient than traditional, bricks-and-mortar High Street Estate Agencies, but not all can guarantee a speedy house sale service. National Residential can!
Continue reading Online Estate Agent
How can we sell your house fast?
If you are looking to sell a property quickly – whether it is your family home or an investment property – National Residential are here to help you!
For those looking for an urgent sale, National Residential hold a dedicated ‘Home Purchase Fund’ that could be used to purchase your property for up to 80% Market Value in just 7 days. There are no additional legal fees or Estate Agency Fees to pay, and the money could be in your bank account 7 days later if you qualify for this service and agree to the price we offer. For more information, Sell House Fast
If you have a little longer to spare and would like to receive 100% Market Value for your property, then our 28-day online property auction service could work for you. National Residential currently offer two different 28-day sale options:
1 28-Day Fixed Price Sale – with ZERO Fees. If you choose this option, we will agree a Fixed Price with you to include all your legal fees and any estate agency fees. We sell your property for a higher price to an investor who pays our fee and all your fees (including any fees for lease extensions), and on completion you receive the agreed Fixed Price with no deductions for any fees whatsoever (apart from your mortgages of course!).
2 28-Day 100% Market Value Sale. If you choose this option, you pay your own fees. You set a minimum Reserve price for your property and our job is to beat it! Assuming we achieve or beat your Reserve Price, then we agree a sale and on completion, you pay all your own legal fees and you pay us a commission fee of 2.5% + VAT (min £3995 + VAT). From our commission we also pay the local estate agents fees.
All properties sold via our 28-day House Sale options are advertised on property portals such as RightMove and Zoopla, as well as through local Estate Agents and on our very own Auction Platform (view current properties for sale here: http://properties.national-residential.co.uk/Index.aspx). As a result, your property is advertised to a huge range of potential buyers so that we can get the very best price. National Residential is also registered with the Property Ombudsman, so you can trust that all of our processes are honest and transparent. So what have you got to lose?
Call us today on 01244 757152 or 0800 612 3694 and find out how we can help you to sell your home, fast, and for the best possible price.
Sell Your House Fast
Sometimes life can throw up unexpected hurdles or ‘curve balls’ – perhaps an unexpected promotion or posting at work that involves you relocating, or the happy news of a new addition to your family that means a bigger house is required. There are a number of reasons why you may need to reconsider your current housing situation, possibly urgently, and it can be quite a confusing and stressful time. However, it doesn’t need to be – National Residential specialise in selling houses fast.
Continue reading Sell Your House Fast
Quick House Sale
National Residential have a great deal of experience when it comes to helping people sell their properties quickly and easily, as you can see from some of our many glowing testimonials:
“I found National Residential was a friendly speedy service that let you know what was happening from the start to completion. I really liked the efficiency that I was given. I thank you” Mrs M, Blackpool, December 2014
“Everything was explained in clear English and not legal jargon. The politeness and understanding we were shown – we were not made to feel like 2nd class citizens because of our position. It has enabled us to sell our home quickly and resolve some very important issues. We both sleep easier now.” Mr and Mrs C, Rochdale, November 2015
“National Residential did exactly what they said they would do. Sold my house fast with no hassle whatsoever.” Mr and Mrs P, Wrexham, November 2015
But don’t just take our customers word for it – the statistics from our recently sold properties speak for themselves!
Continue reading Quick House Sale
How to Sell your House Quickly
Sell your house in as little as 7 or 28 days, guaranteed. There are many reasons you may have for selling your property, or needing to sell it quickly, personal or otherwise. Selling with National Residential will be a stress free experience. Sometimes, things in life happen that we have no control over and sometimes we need to free up cash or move quickly when life doesn’t really go as planned. National Residential allows this flexibility in life and can help out when things happen that we can’t control.
Continue reading How to Sell your House Quickly