Renting house whilst buying

sarmia

We are currently selling our property and purchasing another which is in probate. The agents have told us probate should be through in about 2 weeks but still loads of legal work to be done. Our buyer wants to be in as soon as possible and we dont want to lose them by delaying. Would we be able to offer to rent the house we are buying until completion? The house has no mortgage and has been left to the owners child. 

Slithery

You can offer.

Their solicitor, however, would tell them what a bad idea it is and not to entertain you...

sarmia

Even if a proper contract is drawn up?

Slithery

Yes.

What happens if you pull out of the purchase for any reason? The vendor is then stuck with tenants that could take 9+ months to legally evict.

sarmia

Ok thanks. 

martindow

sarmia said:

The agents have told us probate should be through in about 2 weeks

On what is this based? They are enthusiastic to keep the chain together so they can get their fee.  I would take this comment with a (very large) pinch of salt and tell my solicitor to stop any chargeable work until probate has actually been obtained.

notrouble

Probate may take 2 weeks. Or 2 months. I have a friend who's been waiting 2 years as the Pobate Office has questioned the validity of the will.

The EA has no real idea except perhaps what the seller has optimisticaly told them.

zagubov

Where were you going to stay while the buyers are renting your house from you?
If that's no problem, why are you  concerned about buying and selling at the same time? 

babyblade41

Recipe for disaster .. probate can be tricky and there is quite a back log.  I never understand why properties are offered for sale before probate has been granted 

NeverTooLate

We were in the same position and the solicitor acting as the executor for the estate agreed to us renting the property. We didn't need to in the end as exchange and completion happened sooner than expected.

It doesn't hurt to ask.

chunkytfg

notrouble said:

Probate may take 2 weeks. Or 2 months. I have a friend who's been waiting 2 years as the Pobate Office has questioned the validity of the will.

The EA has no real idea except perhaps what the seller has optimisticaly told them.

This is the right comment.

18 months ago we offered on a probate house that the Ea said had had probate granted.  Waited 9 months with before finally finding another house,  didn't tell the probate house that we had offered on a different house and then 7 weeks  later exchanged on the second house and only then did we tel the EA we were pulling out.  When we pulled out after nearly 11 months it turned out the probate sale not only didn't have probate granted but that t hadn't even been applied for as the solicitor dealing with it was making a right meal out of it.

We have watched the house on right move and from passing it on a daily travels and it still hasn't actually sold to the point it was removed from sale last month after being STC for a second buyer after us for a further 6 months.

It has still not sold and no idea when it will be.

Do not get any work done thats chargeable until you get the EA to get the sellers solicitor to confirm in writing to your solicitor that probate has been both applied for and granted.  Before then they can't sell it so it's no different to me trying to sell you buckingham palace!