Buying a house under probate

BATDAN

Hi all,

Have been house hunting for a while now. Finally found a house we like and have made an offer. The house is being sold by the nephew of a recently deceased.

Our initial offer was declined and a counter offer made. The second offer was again declined. Both times we were given the reason that the vendor selling wishes to give it more time. Clearly looking to squeeze as much out of it as possible.

A couple of weeks have now past. There have been six people offer in total. We are told we are still in the lead but the vendor wants to keep waiting. As we have been looking for nearly six months now we know that usually a property such as this is snapped up within the first week (hence the 6 quick offers). If it's not, viewings rapidly decrease as time goes on and newer properties come on the market. This has pretty much been confirmed by the agent.

Today I have been reading up on probates etc. Obviously now my first call tomorrow is going to be finding out the status of this.

Subject to probate status being suitable I wonder if anyone here has any other suggestions for questions and things to say that may assist on getting this moving? I hear something about some rule preventing the vendor stalling too long for higher offers in these circumstances but can find very little information on this?

Thanks in advance.

MrJB

A vendor is not required to sell at any price. Is the nephew acting as an executor to the deceased's estate?

G_M

The vendor can wait (not 'stall') for as long as he wants. There is no law saying he has to sell, either now, later, at your price, or any other price.

There IS a requirement on Executers to get a fair price for the property, otherwise the Benficiaries of the will can complain the Executer sold too cheaply and they lost out.

In my own case, my siblings and I are all joint Executers and joint Beneficiaries, so the issue above does not really arise. This may be the same with the nephew.

But we'll be in no hurry to sell, and will wait till we get what we think is the best price. If after some time we find the property is not selling, we'll lower our sights.

With a Probate sale, the critical issue is whether Probate has actually been granted. Without that, the sale cannot Complete, and some people get carried away and start advertising before the Grant of Probate.

If you are really keen, then

a) check probate has been granted
b) increase your offer

BATDAN

Thanks for your replies.

Yes I assume he is acting as an executioner.

Probate check will be the first question to the agent tomorrow.

We are not looking to increase our offer at the moment. We increased initially to get ahead of another bidder before a further 4 came in below us. Within the last 2 months we've seen 5 houses with the same footprint sell in the area. We've done our research and followed the progress of each and even know the sale prices. We are fairly confident that our offer is the top end of what the properties worth given its condition. Further confirmed by the agent who is very much giving us the impression that any offer will be declined at this time as the vendor just wants to wait. No point increasing our offer for the same outcome.

G_M

No need to explain or justify your offer to us.

You asked " if anyone here has any other suggestions for questions and things to say that may assist on getting this moving?" and I gave you the answer.

Up to you whether to

* act on the suggestion and up your offer

* sit tight and wait

* start looking at other properties

or some combination

AdrianC

BATDAN wrote: »

Yes I assume he is acting as an executioner.

I hope not, because that'd bring a whole new level of legal delays in...

G_M

AdrianC wrote: »

I hope not, because that'd bring a whole new level of legal delays in...

I can't see why, provided Probate has been granted and the will is not being contested.

a straight-forward probate sale differs in two tiny respects

1) proving grant of probate to the buyer
2) proving grant of probate to the Land Registry.

Both simply require presentation of the Grant of Probate!

[Deleted User]

OP used the word executioner lol..,, sorry OP but it made me giggle as well.

G_M

OOOooops!

:beer:

and there's me being all serious.......

AdrianC

Sorry, just a bit of gallows humour for the OP while he's hanging around.