• Transparency for all parties: One of the key advantages of auction is that it is completely transparent. The auction sales process provides an indisputable record of the market value on the day, which helps executors fulfil their duty to achieve the best price for the estate. This transparency is especially valuable when executors are dealing with multiple beneficiaries, as it removes any doubt over whether the property was sold fairly.

• Speed of sale: One of the biggest challenges in probate sales is uncertainty. Auctions mitigate this by offering a fixed timeline. On auction day, once the hammer falls, the sale is legally binding. Deposits must be paid on the day and completion must occur within 28 days. This means executors and beneficiaries can plan with confidence, knowing exactly when the funds will be released to the estate.

• Maximise value: Selling a probate property via auction can result in strong prices being achieved, and is a particularly effective route for unique or desirable properties in sought-after areas. If the property attracts strong interest, competitive bidding can drive the price above market expectations. For executors and beneficiaries, this can be a powerful way to unlock the full financial potential of the asset, helping to maximise returns for the estate with minimal delay.

• Suitable for properties needing renovation: Homes that require significant work or renovation can be particularly well-suited to auction sales. These properties may struggle to attract traditional buyers who are looking for turnkey homes or who may be deterred by the cost and effort of refurbishment. Auctions, however, typically attract cash buyers, investors, and developers who are actively seeking renovation opportunities and are comfortable with properties that need substantial work.

• Simple process for executors: Selling at auction can reduce the administrative burden for executors. With fewer viewings, no chains and legal information prepared and offered upfront, there is little room for any unwanted surprises. Once sold, the process moves quickly to completion, giving closure to those that are involved and those who may not have experience dealing with property transactions.

Further information

Contact Ralph Mendes da Costa