Wait for Probate or get things moving?

Margot123

My friend has had an offer accepted on the 'house of his dreams'. The owner has passed away and it's being sold by the family.
The estate agent now informs him that Probate has only just been applied for and should be about 2 weeks.

I myself have sold properties under Probate and think 2 weeks is a little optimistic for the Grant to come through.

He's keen to get the ball rolling but do you think it would be wise to wait for Grant of Probate? He's concerned that the sellers will pull out of the deal if he doesn't instruct his solicitor asap. The estate agent has already asked why they haven't been instructed, which I think is a bit cheeky considering the sellers can't actually prove they are able to sell.

As I say, I've always been on the opposite side and had Probate already in place prior to advertising the properties, so can't really advise him what to do.

Has anyone been in this position as a buyer and can give their views, please?

davidmcn

If it's the house of his dreams and he doesn't have a particularly tight timescale to keep to then I would suggest he gets on with it.

Voyager2002

He should choose a solicitor; agree a fee for the legal work; but ensure that the solicitor knows that probate has not yet been obtained. The solicitor will know not to do any chargeable work until the seller is in a position to proceed.

Margot123

Voyager2002 wrote: »

He should choose a solicitor; agree a fee for the legal work; but ensure that the solicitor knows that probate has not yet been obtained. The solicitor will know not to do any chargeable work until the seller is in a position to proceed.

That makes a lot of sense.
I suppose anyone could say they have the authority to sell, but the legal proof is another thing.

getmore4less

They need to do some more legwork.

When did the owner die,
when was it first put on the market
Has the house been staged,
Are the executors and all beneficiaries motivated to sell.

what's the guess of the estate, IHT etc. can cause delays.

If the application has really gone in and any IHT paid then 2 weeks is not a bad estimate for a grant coming back.

davidmcn

Margot123 wrote: »

I suppose anyone could say they have the authority to sell, but the legal proof is another thing.

It is however immensely unlikely that anyone would market a property which they weren't entitled to sell (no more likely than any seller having a legal impediment which comes to light at a late stage).

More likely is just that it takes longer than hoped for them to get probate.

Owain_Moneysaver

Voyager2002 wrote: »

He should choose a solicitor; agree a fee for the legal work; but ensure that the solicitor knows that probate has not yet been obtained. The solicitor will know not to do any chargeable work until the seller is in a position to proceed.

Unfortunately even taking the instruction and opening the file is likely to be regarded as chargeable work by the solicitor. However if friend is keen on the property it's more likely the agents or executors will be more forthcoming about progress of the probate application to a solicitor than to a lay person.

G_M

If the application for Probate has gone in, and HMRC hae already been satisfied regarding any Inheritance Tax, and assuming the forms are all in ordr, then 2 weeks is possible.


But as a buyer, you are unlikely to know any of the above. And cannot rely on what an estate agent tells you. So it could take months for the grant.

Margot123

Thanks all.

Well, it is all a gamble for him.
Only thing I can say to him is that he calls his solicitor to ask their advice.

getmore4less

The easy one is when they died,

if it was a week ago 2 weeks is ambitious.

if it was 6 month and they marketed it 2 weeks ago more realistic.

dawyldthing

Mine took 6 months to all go through in the end so they can take there merry time