I feel that Haroon has oversimplified the position.
Yes, if the surviving co-owner sells the property, they only need to appoint an additional trustee for the sale, and the purchaser has no issues.
However, who is entitled to the sale proceeds? Without a grant to the estate of the deceased co-owner there is no one with legal title to their share of the proceeds. Yes, the solicitor/conveyancer could pay the monies to whoever says they are entitled to them, but if they are then claimed by a third party – perhaps waving a will or even a grant – how does the solicitor/conveyancer explain their actions to their insurers?
There are also wider issues that may need to be considered, which I discussed in an article for Gill Steel’s LawSkills in December 2022. Unfortunately that is no longer available on-line, although I am happy to share a copy on request.
A PDF copy of the article ‘Probate, or any other grant – Why Bother?’ is now available here: Is a Grant of Probate needed when property is held as T in Common with one half being held by Trustees on a life interest trust - #53 by WebMod
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals