Property is a Probate sale. What does that mean ?

[harbinger]

If there is a will, does it go through quickly?
Other claims on property/contested will?
Does a solicitor drag it out to get best price or sell asap?

It can take months for probate to all be finalised for all the reasons above. If it has already been finalised (our purchase house was) then it shouldn't be too much of an issue.....just a chain free house. So check carefully.

It can also mean that the sellers are keen to sell because they need to get the estate finalised - they may be more willing to take a ckeeky offer.

It just means that the sellers are the executors and the proceeds of the sale then go into the estate for splitting between the benficiaries.

The solicitor may well be on a fixed price (ours was) - so probably in their interests to make things run through smoothly.

But as will any sale - it depends on the individuals involved.

Check that vendors have obtained grant of probate - once that is in place sale can generally go through quickly and hopefully to suit purchasers. Don't presume that a cheeky offer will work though - that may work where market is slow moving and beneficiaries just want to get it sold ASAP. Where market is strong interest will be high - especially for houses in good areas needing a face lift.

There may be a quick turnaround.

We were interested in a house that was a probate sale. It was sold under sealed bids with a date of about a month after it went on sale to get the bids in and the proviso was that the "winning" bidder had to get the exchange done in a month after that.

My experience is relatives willed a house are more greedy wrt offers than a normal vendor.

We bought ours as a probate sale - great location but needing full refurb. Probate had been obtained before our offer, so it all went through in 6 weeks. However the place had stood empty for nearly a year while probate was sorted. I think it can take around 6-9 months to obtain.

Just check! We needed to move quickly. The estate agents assured us that probate had been granted on the house when in reality it had not yet even been applied for. It took months and months.

Yep that might take a while!

So, basically check that probate has been granted. The EA should be honest about this (I presume!)

Thanks everyone.

Probate properties are advertised for sale before Probate is granted. My aunt's was as per instructions from the Executors. However, exchange/completion can't take place until Probate is granted. So, if you don't mind waiting several months (ours took 6 months), before the Probate is granted, you can get all the paperwork/conveyancing/surveys done during the time and then be ready to complete as soon as the Probate comes through.

An Estate Agent would be acting for the Executors and will forward any offers to them, not the Solicitor (unless the Solicitor is the Executor), so wouldn't have thought the Solicitor would have any say in how long or when a sale is achieved.

I was executor for my grandmother and had to sell her house for the beneficiaries. I think the solicitor obtained Probate on my behalf and he dealt with the legal side of the sale. We didn't use an estate agent as it was in a very popular location. We just got valuations then showed people around ourselves. The sale went ahead only 2 months after my grandmother died. So it can be quick sometimes.

The executor has a duty to sell it for the best price possible which I think can add complications, such as if a new offer comes forward when you're on the verge of exchange. That's why such houses sometimes go to auction, as that's considered to be selling for the best price possible.

Spickle Property is in a retirement complex. They want to move before another winter. A six month wait would be out of the question.
Perhaps best to look elsewhere?

They expected to move in a six week(ish) window. I take it that will not be the case with a probate property?

Well, you need to check whether Probate has already been granted.

If it has, purchase can go through very quickly.

If not, you have to wait for the Solicitor to do all the necessary paperwork first, and depending on how complex it is, it can take a few months to sort out.

If Probate hasn't been granted yet, has the Solicitor applied for it? If so, it should only be a few weeks before it is given. Depends very much on how far along negotiations re distribution of the estate has come.

My aunt's house was put up for sale as soon as the Executors met with the Solicitor at the beginning of negotiations, it was "sold" within a week to a young couple who were getting married a year later so the six month wait for fine for them.

Hope that helps!

we've just moved into a property. the owner died in January. it went on the market at the start of march, we put our (lowish) offer in mid June and moved in 5 July - 3.5 weeks. all happened very quickly.

probate and the will issue might be your hold ups. I would keep looking if you/your purchaser is keen to move quickly. you don't need to pull out of this one at this stage.