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Buying a probate property with multiple recipients
ChilliBob
Posts: 2,389 Forumite
Hey guys,
We're considering buying a probate property, which we're told has multiple recipients involved, we're also told that probate is 'about a week away'...
With a transaction like this, what's the likelihood of it all completing before the end of the year? (I suspect it's not the critical path, but we'd be cash purchasers of it)
Thoughts much appreciated! Thanks!
We're considering buying a probate property, which we're told has multiple recipients involved, we're also told that probate is 'about a week away'...
With a transaction like this, what's the likelihood of it all completing before the end of the year? (I suspect it's not the critical path, but we'd be cash purchasers of it)
Thoughts much appreciated! Thanks!
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Comments
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I doubt the fact there are multiple beneficiaries ought to make a difference, other than possibly in them all agreeing the price in the first place (assuming the executor(s) want to run that past them before accepting).0
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Cheers. In my Aunt's case there were two executors, my Mum and a cousin. It seems you can have between 1 and 4 - I guess 1 or 2 is more common.
I suppose the question is more does a no chain but probabte property tale a while because probate complicates things and makes it drag on really?0 -
The vendor is the deceased's estate, managed by the executor.
Once the sale completes, disbursal of the bequests from the funds received is the executor's problem.
Once probate is granted, it's really just like any other sale - except you may not be able to get much information, as the executor may simply not have the information.
Is the title registered?0 -
ChilliBob said:Cheers. In my Aunt's case there were two executors, my Mum and a cousin. It seems you can have between 1 and 4 - I guess 1 or 2 is more common.
I suppose the question is more does a no chain but probabte property tale a while because probate complicates things and makes it drag on really?
Agree with @AdrianC's third para.
I waited until Probate was granted before putting my late Mum's flat on the market. Tomorrow will be 12 weeks since I accepted the FTBs offer and no potential exchange dates given by their solicitor. They are holding up the sale not me. I was fortunate that my Mum kept good records and I have been able to produce almost all asked for. You may have to have various indemnity insurance policies.0 -
Our purchase took 11 weeks. Probate had been done .3 people named as the sellers
Paid cash no survey.Was end of last year.0 -
Cheers for the feedback guys. So, seems to me that:
1. Request proof of grant of probate (not the admin thing)
2. If this *is* in place then probably normal transaction times come into play, so as above 11-12 weeks or so.
This tells me:
A. If its not granted yet then there is slim chance of completing this year
B. If it is granted already, there is a chance we could complete this year, but it's far from guaranteed
Is that a fair assessment?
Cheers again0 -
Not necessarily.ChilliBob said:
A. If its not granted yet then there is slim chance of completing this year
If grant of probate is imminent (which from the information you are being given sounds possible, although I do wonder what makes them think it "is about a week away" - in my experience you don't really get an update when it's likely to come through it just arrives) then there's no reason why completion before the end of the year isn't perfectly realistic.
Essentially you can do all of the other legal work involved in buying a property right up to the point of exchange without probate.0 -
Interesting, thanks for that. From personal experience though probate does take ages, so if it's not actually with them then that could be a big blocker to completion. I think if we offer I'll do it conditional on seeing the probate grant0
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Recent experience, at least in my corner of the world, is about 8 weeks for grant to appear from when application has gone in.1
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The executors might as well keep the property on the market for the time being. If the sale isn't going to progess.ChilliBob said:Interesting, thanks for that. From personal experience though probate does take ages, so if it's not actually with them then that could be a big blocker to completion. I think if we offer I'll do it conditional on seeing the probate grant0
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