Buying Probate Property - Advice Needed

[Deleted User]

I can share my recent experience with you . July 2021 my offer was accepted on a house  , August 21 found out it was a probate property and the sellers had to apply for this for both mother and father. Was told it could take up to 12weeks to obtain. No concrete updates were ever provided on timescales or what stage they were at. 7 months later the fathers probate was granted ( March 22) and in April got told still issues with the mothers and looking another 12 weeks . At this point I had to walk away from sale , luckily wasn’t in a chain , my lender gave me 2 mortgage extensions , but wouldn’t extend passed April. I really understand what your going through with this, is there anyway you can still sell yours and stay with family etc ?

akorn77

Deleted_User said:

I can share my recent experience with you . July 2021 my offer was accepted on a house  , August 21 found out it was a probate property and the sellers had to apply for this for both mother and father. Was told it could take up to 12weeks to obtain. No concrete updates were ever provided on timescales or what stage they were at. 7 months later the fathers probate was granted ( March 22) and in April got told still issues with the mothers and looking another 12 weeks . At this point I had to walk away from sale , luckily wasn’t in a chain , my lender gave me 2 mortgage extensions , but wouldn’t extend passed April. I really understand what your going through with this, is there anyway you can still sell yours and stay with family etc ?

Thanks for sharing your experience. The timelines in your case certainly do terrify me! I do have the option of selling and temporarily staying somewhere but if the transaction goes beyond September, I will need to obtain a mortgage extension and the interest rate will be 3%+ (vs. 2.2% I have now), so I decided that I wont want to take on a higher rate. Additionally theres a risk that I'll be left without an asset (i.e off the property ladder). Essentially I'm going to sit tight and hope for the best. If its not finalised in the next 3.5 months then I'll have to let the transaction fall through and chalk it down to my own poor decision-making, for choosing to buy a probate property without doing my research. 

[Deleted User]

It’s the waiting in limbo that’s the worst, but If this house is meant to be for you it will work out ! My solicitor said the estate agent should never market a probate property without paperwork in place first

RAS

You need to clarify at what stage the process is, via your EA or solicitor.  try the EA first.

Ask on what date the executors applied for probate. And if possible whether it was DIY or via a solicitor. The former tend to be processed much more quickly.

RoseBerni

I got a firm Farewill to do my late fathers probate 
It took 7 weeks in October last year 
House sold STC in mid Nov
but didn’t complete / exchange until mid April
And it was just me and FTB