Exchange on house before Probate granted?

PassingOutInTheParade

I have been advised that it is possible to exchange on the purchase of a property before Probate has been granted.
However, the sale can't complete until there is the Grant.

Has anyone done this, or can advise how risky this is, please?
Either from an executor's point of view, or buyer's.

AnotherJoe

Who advised you this? If it was a solicitor then they are probably right. Anyone else, probably wrong.
Seems very risky, and most likely ruled out if a mortgage is involved, even if its possible.
Sounds unlikely to me though, who would be signing the agreement to exchange? Someone who has no legal right to do it I'd have thought, so even if it was possible something could go wrong with probate and then as executor you've irrevocably agreed to sell something you don't have any right to !
And as a purchaser, you are on the hook to buy but months could pass, what happens if your circumstances change or your mortgage offer expires and you are no longer in a position to buy.

Keep_pedalling

As a buyer I would not do this, to much can go wrong.

Yorkshireman99

PassingOutInTheParade wrote: »

I have been advised that it is possible to exchange on the purchase of a property before Probate has been granted.
However, the sale can't complete until there is the Grant.

Has anyone done this, or can advise how risky this is, please?
Either from an executor's point of view, or buyer's.

A definite no no. Until probate is granted the executor has no legal aithority to enter into the contract.

PassingOutInTheParade

Yorkshireman99 wrote: »

A definite no no. Until probate is granted the executor has no legal aithority to enter into the contract.

Actually executors do have legal authority to exchange contracts, on behalf of the estate, before Grant of Probate.
I questioned this with my solicitor (and did a bit of Googling to be sure).

PassingOutInTheParade

AnotherJoe wrote: »

Who advised you this? If it was a solicitor then they are probably right. Anyone else, probably wrong.
Seems very risky, and most likely ruled out if a mortgage is involved, even if its possible.
Sounds unlikely to me though, who would be signing the agreement to exchange? Someone who has no legal right to do it I'd have thought, so even if it was possible something could go wrong with probate and then as executor you've irrevocably agreed to sell something you don't have any right to !
And as a purchaser, you are on the hook to buy but months could pass, what happens if your circumstances change or your mortgage offer expires and you are no longer in a position to buy.

Solicitor has advised it is normal practice to exchange before the grant comes through. They have been in the job for 12 years so I have to assume they know what they are talking about.

No mortgage as I'm a cash buyer. So no worries about expiry dates.

Thank you for everyone's opinions but I'm just asking to see if anyone has had any direct experience of the process.

Yorkshireman99

PassingOutInTheParade wrote: »

Solicitor has advised it is normal practice to exchange before the grant comes through. They have been in the job for 12 years so I have to assume they know what they are talking about.

No mortgage as I'm a cash buyer. So no worries about expiry dates.

Thank you for everyone's opinions but I'm just asking to see if anyone has had any direct experience of the process.

Until probate the executor is on very dodgy ground and personally liable if things go wrong. But why ask here if your solicitor has already answered your question? No prudent person would do it.

PassingOutInTheParade

Yorkshireman99 wrote: »

Until probate the executor is on very dodgy ground and personally liable if things go wrong. But why ask here if your solicitor has already answered your question? No prudent person would do it.

An executor's authority is granted by the will........yes, I have checked it is English Law not USA :-)

I simply asked if anyone had had any direct experience.
I wasn't asking for legal advice, or the opinions of people who don't have any experience in the matter.

Yorkshireman99

PassingOutInTheParade wrote: »

An executor's authority is granted by the will........yes, I have checked it is English Law not USA :-)

I simply asked if anyone had had any direct experience.
I wasn't asking for legal advice, or the opinions of people who don't have any experience in the matter.

As it happens I do have personal experience of it and at the time I took proper legal advice from a solicitor who told me that no prudent person would do so. Hard to see that you were not asking legal advice since that was de facto exactly what you did as was my reply. You would do well to remember that people on here answer voluntarily and there is no need to be rude to them. If you are unhappy with advice your solicitor has given then perhaps you should consult another one.

jonesMUFCforever

I can see both sides here - exchange means the buyer locked into the purchase or lose their deposit BUT if there is a delay or a problem with getting the Grant then what will you do? If I was the buyer I would be expecting damages if you could not proceed with the sale.

SevenOfNine

As executors we've sold properties twice. Solicitors did not exchange until probates granted. Though buyers both cash & paperwork was ready.

YM99 I've received a PM from someone, have directed them to PM you as I'm about to get on a plane & you are most helpful ( though your typing skills sometimes leave a lot to be desired :rotfl: )