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Completing house sale

6 replies

FBX125 · 29/11/2023 23:04

Can anyone help please.
Our buyers probate has not come through and is delaying completion of out chain. There are only 3 in chain. First time buyer is ready to complete but middle buyer is short of funds due to delay in probate, then the house I am buying is empty with owner in a care home. Is there anything we can do in this situation, someone suggested that buyer 2 completes her sale then exchanges contracts with us and then we exchange with our buyer but with a delayed completion date. Has anyone got any past experience with this. I hope I have explained myself ok Thank you

OP posts:
RandomQuestionOfTheDay · 29/11/2023 23:23

I’m confused I need a diagram. Is the probate-awaiting person selling an empty house that belonged to someone who died, or are they waiting for an inheritance to get the funds for a normal house move?

FBX125 · 30/11/2023 05:00

Sorry I am buying empty house, my buyer waiting for funds from probate to purchase my house and she has a first time buyer who wants to move in to her house now but funds from probate are not coming until march now. I believe it’s called Licence to occupy. Thank you

OP posts:
RandomQuestionOfTheDay · 30/11/2023 13:11

They can’t control when probate is granted through so I don’t see how they can exchange with a delayed completion.

If probate has been granted but they won’t get the funds until March I expect even then there’s a risk the funds won’t come through exactly when expected (why the delay to March does it need a house to be sold too?), then you’re in the hook to complete on your purchase too.

Either everyone sits tight or you have to find a new buyer who actually has the funds.

FBX125 · 02/12/2023 18:51

Oh no, I have been assured the funds are being released in march. No house involved just money in bank being divided between 3 children, probate was granted in September. I am even more worried now. Maybe time to look for another buyer, Thank you

OP posts:
FallingAutumnLeaf · 02/12/2023 19:00

Has your buyer looked into getting additional borrowing for 4 months to allow the chain to complete?

I'm not clear how you propose to break the chain? Your buyer can't complete, so you can't move. I wouldn't be exchanging yet on my purchase if I were you.

User136921 · 02/12/2023 19:11

It may be because when you get probate you are advised not to distribute for 6 months in case anyone comes out of the woodwork that is owed money or has a claim on the estate, people have 6 months to make a claim on the estate after probate has been granted. We had this when my estranged DF died, he didn't have a property but because I wasn't sure of everything because of little contact I waited 6 months to distribute.

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