How long did your probate purchase take?

user1977

p00hsticks said:

jj_43 said:

p00hsticks said:

jj_43 said:

did you know there is a stamp duty exemption for buying probate property?

I've never heard of that and it isn't mentioned on the list of exemptions on gov.uk - can you provide a link to support it please ?

https://www.gov.uk/stamp-duty-land-tax/reliefs-and-exemptions

OP - if the sellers have the grant of probate then it should proceed as quickly (or slowly) as any other sale.

If they've marketed it before obtaining the grant then you can't  exchange / complete until they have that and that can take any time from days or many months to obtain.

https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm21040

thanks for the link, but I'm not convinced that it applies in the case here, where we appear to have an individual buying a probate proerty for their personal occupation ?

The link refers to 'property traders' and say that for the transaction to be exempt from SDLT  'the purchase is in the course of a business that consists of purchasing dwellings from the personal representatives of deceased individuals'

Indeed, it's not relevant to a normal purchase just because it happens to be from a deceased's estate.

After all, what would be the purpose of allowing a tax break for such a transaction?

JIL

We viewed our home in April 2019. Put in an offer and it was rejected. Two months later the sellers came back to ask if we were still interested, we were and 4 weeks later things started moving. 
However it transpired not only was probate an issue it was also subject to equity release so a mortgage company was involved. 

We finally got the house at the end of January 2020.

Chronotrigger

Timeline of my probate property purchase below:

21st Oct 2021 - Offer accepted on property. Probate applied for by the estate of the deceased shortly after.

25th Jan 2022 - Probate granted by courts.

21st Feb 2022 - Exchanged and Completed on same day.

Took me 4 months in total also got my mortgage and solicitor searches too during this time. I was worried that it could take me a while as they hadn't actually applied for the probate until after accepting my offer but luckily it wasn't too long for me.

As for the no stamp duty tax thing, I'm sure my solicitors would have prevented me from paying it if it was indeed applicable to probate sales.

Mrs_Z

I haven't purchased a probate property but I am trying to sell one!
What I can say is that from the application to granting of probate took a very painful 5 months and this was for a simple estate. The probate office refers to about 8 weeks turnaround time and there have been cases where it has been granted much faster, and many where it got delayed.  If I were you, i'd prepare for at least 2 months minimum.  Best of luck!

EndlessStruggle

Thank you all for your advice and info.

I have fingers crossed but my buyers are FTB so willing to hold on a little bit if it isn't going to be too long.

If not I'll break the chain and stay with family as the house is in the same road as my parents.