Purchasing a probate property

babybiscuit76

This is a long story so I’ll try and keep it short! 

I would really appreciate some input, advice, clarity or thoughts on our situation. 

We sold our house in July (the buyers buyer is FTB, so chain is good) 
In Aug, we offered £40k (bidding war 🥴) over asking on a house that needs modernisation (we have a budget for re-doing 2 bathrooms, kitchen, floors & general decor) 
We arranged a level 2 homebuyer survey.
9 Reds, 8 ambers flagged. 

We arranged trades (on advice of our solicitor & surveyor) 
Windows have wet rot, Oil boiler starts but doesn’t heat rads or water, flue needs relined, chimney repointed. Approx £20k (we only investigated some of the issues the others we could live with and sort in time) 

2 weeks ago we found out it’s in probate and will take months (agent didn’t tell us our solicitor did) 

The vendor has offered us a “caretaker agreement” to let us move in to let our chain below complete. 

We let vendor know (via agent) ref costs to remedy survey issues and asked for £10k reduction in our offer price (felt this reasonable meeting 1/2 way as the issues were unforeseen) 
Renegotiations have been dismissed. 

The agent said they would go to the underbidder or potentially go back on the market if we don’t want to proceed at current offer. 

The vendor has since had the oil boiler serviced and confirmed it started and passed but hasn’t confirmed the heating or water works. 

At this point we don’t know which professional to trust, the heating engineer who said it doesn’t work or the word from the agent that it works. 

It’s causing a lot of anxiety, we are so far into the process and we have paid quite a bit trade reports etc and moved our 4 yr old to a school in the area (which is a 40min commute each way) 

We need to decide to continue or walk away which is difficult to do not knowing if the heating works or not! 

The caretaker agreement in theory sounds great, we have no idea at this point how that would work. 

What’s your thoughts? 

Can anyone provide some clarity / perspective on our situation please. 

lookstraightahead

To be fair I wouldn't have offered over in the first place and I wouldn't  ask for a reduction based on a Level 2 survey either - but that's just me. Sounds like you feel you overpaid.

having found out that it's a probate property, which could take a long time, personally I would cut my losses. I don't know how a caretaker agreement works but it sounds complicated.

I would sell to the buyers (as no doubt they will be getting twitchy), rent for a while in the area you want to live in then use the time to buy again with no chain, and a child who is settled in school. You will be half way there with less stress next time.

TBG01

We arranged trades (on advice of our solicitor & surveyor) 

So those that act in your best interest.

Windows have wet rot, Oil boiler starts but doesn’t heat rads or water, flue needs relined, chimney repointed. Approx £20k (we only investigated some of the issues the others we could live with and sort in time)

Looks like their advice paid off.

2 weeks ago we found out it’s in probate and will take months (agent didn’t tell us our solicitor did) 

Youd think they'd (they would) know a simple, but important piece of information?

The vendor has since had the oil boiler serviced and confirmed it started and passed but hasn’t confirmed the heating or water works. 

They should have paperwork confirming its been serviced. Your Solicitor will request that from their Solicitor. You can then ask to inspect the property again to test out the heating and water (granted heating might not be instant)

At this point we don’t know which professional to trust, the heating engineer who said it doesn’t work or the word from the agent that it works. 

The heating engineer who doesn't necessarily need the work or the agent who has more to financially gain and who has already shown that they either don't know, or will withhold important information from you? Those two? 

Keep in mind that the agents act in the vendors/their best interest. They couldn't care less if the property you've bought falls down the following day.

Ksw3

I wouldn't trust an agent personally. 

The probate thing could go either way. We were in a situation where probate had been applied for but got put on hold and we were told it could take months/years but eventually was granted after 4 months. Has the application been made?

I think it's ok to negotiate on price if your survey shows things that you couldn't have known from the age or first inspection of the property. Much depends on your finances and outlook on life on how important it is to negotiate. We have taken the view that we'll sort stuff once in having also offered over. I don't need a bargain as much as I need a house but that's not true for everyone.

It does feel like you are perhaps not wanting the house anymore. If that's the case you can pull out without giving a reason but there certainly seems a lot to think about. 

p00hsticks

babybiscuit76 said:

2 weeks ago we found out it’s in probate and will take months (agent didn’t tell us our solicitor did)

If 'in probate' means that no application has yet been made, or it;s been made but not yet granted then there's no saying how long it coudl take, it could be days, weeks or years. (I had an application granted in ten days just over a year ago but others over on the 'Deaths, Funerals and Probate' board regularly report long delays at present.

If probate has already been granted, then the timescales should be the same as buying any other property, with the only real complication being that the executors selling the property may not be as knowledgeable about the property as the deceased owner would have been.

Alderbank

Caretakers agreement - which country is this in?

I have only known of these in Ireland.

jj_43

the typical route for a probate property that needs some modernisation is a sale direct to a flip property investor, then via auction, to a developer. Sounds like the seller had got a good price, you offered a good price based upon it not being a probate property, and i guess you can overlook the work needed because it is in a good location? If it's the worse house in a great area then yes probably stick with it, if not then I would walk away.