Renting to potential buyers during probate

xylophone

However, my Licenced Conveyancer (I'm not using a solicitor) advised me that I would still now have to go to Probate to get permission to sell Dad's share.

See my post above - your mother is still living and you are her PoA - are you sure that you cannot proceed with another Trustee appointed?

G_M

Hargel112 wrote: »

....... He fully supports the idea of me renting it and has advised that the rental would effectively lapse as soon as completion took place.//////.

I too am surprisd that you need Probate to sell.

But I'm even more surprised by the comment above.

Does your Licenced Conveyancer know anything about tenancy law? I suspect not. In contrast to a solicitor, whose training covers all areas of law, a Licenced Conveyancer studies just one area: conveyancing.

You will have to ensure the property is safe and complies with relevant regulations.
You will have to declare rental income to HMRC.


Have you looked at the budget?
Realistic rental income?
Costs pre-leting?
Costs of the letting itself?
Tax?
Agents fees?


Is it worth the inevitable extra stress?


Yes, the tenancy would lapse on Completion, but what if Completion does not happen? There are multiple reasons this might be the case however much you "believe them to be genuine, young professionals"
You will be then unable to evict your tenants for at least 6 months by law (much longer in practice).


I suggest you browse the forum here to see what issue can arise for landlords, in additon to looking at the links I gave you earlier.

badger09

Hargel112 wrote: »

Thanks everyone for your replies. I had to appoint a new Trustee at the request of my buyers' solicitor to be able to act as PoA for more than one of my parents to sell the house when Dad was alive, so that is already in place. However, my Licenced Conveyancer (I'm not using a solicitor) advised me that I would still now have to go to Probate to get permission to sell Dad's share. I will have to investigate that further given people's comments above. He fully supports the idea of me renting it and has advised that the rental would effectively lapse as soon as completion took place. I am only child who lives 300+ miles away from the house, which has now been empty for 18 months and the only people involved in my Dad's will are myself and my Mum (with dementia), who are both named as executors. I fully acknowledge the risks re mad decoration etc, but have met my buyers and believe them to be genuine, young professionals who recognise that the house is well priced for the potential it offers. My selling options are considerably limited by the fact that I have been trying to sell a well built and maintained steel-framed house in a market dominated by Brexit. Having finally found buyers who work in the building industry and fully understand what they are taking on I am loathe to give up and start again. I would prefer not to be a landlord, but if that's the best option in this case I'd take it on.

Do you need to go through probate in relation to any other aspect of your dad's estate? If not, then there is no reason to delay the sale and become involved in allowing prospective buyers to rent the property.

I completely understand your reluctance to lose these buyers. Rather than rely on your licensed conveyancer, for your peace of mind, it would be worth your while paying a solicitor for a one off consultation, though I'm sure posters who have said probate is not necessary to sell the house, are correct.

Hargel112

Thanks everyone. I value all of the comments and will certainly do further investigation on the points raised.

Hargel112

Further to my last post, I want to say a sincere thank you to those who questioned my need to go to probate. After a call to the land registry, my Conveyancer obtained further advice from a probate expert and within 3 days we had exchanged on the sale completion due in a week. If ever there was an example of the value of forums like this, this is it. I am incredibly grateful to you all.

getmore4less

Although a lot of "probate" sales are from the last legal owner(deceased) estates I do wonder how many sales get delayed because of the widely held(wrong) view that for a TIC ownership you need a grant to sell if one of the owners dies.