Probate sale

Grizebeck

(Before anyone says I will seek and follow the advice of my solicitor on this one)
Probate has yet to be granted.
Offer has been made
Assuming the offer is accepted would people start the ball rolling before grant of probate (no mortgage so not worried about things like searches/offers running out etc!)or would you wait until probate is granted before you even instruct a building survey /get searches done etc.
I realise that probate could take months (no rush at all)

FreeBear

Do nothing until probate has been granted. Plenty of things will throw a spanner in the works - For example, if the will is contested, it could take years to be settled. HMRC could drag their feet (assuming the estate is over the Inheritance Tax threshold), the executors/beneficiaries might start bickering about how the estate is divided up.

Be prepared to walk away, or wait a very long time. That said, if things run smoothly, it could be wrapped up in 6-8 months.

Grizebeck

FreeBear said:

Do nothing until probate has been granted. Plenty of things will throw a spanner in the works - For example, if the will is contested, it could take years to be settled. HMRC could drag their feet (assuming the estate is over the Inheritance Tax threshold), the executors/beneficiaries might start bickering about how the estate is divided up.

Be prepared to walk away, or wait a very long time. That said, if things run smoothly, it could be wrapped up in 6-8 months.

Thanks that was my initial feeling it really could take a good while. I personally don't see any point spending any money until things are on a proper footing
That fact we are in no hurry helps and may even end up renogiating on price if it takes an age  
Our aim is to get a house done and then put ours on market once it's finished 

user1977

Unlike other variables, probate is almost certain to be granted, the question is just how long it's going to take.

Despite their popular representation in fiction, it's pretty rare for estates to be contentious - and even if they are, that doesn't necessarily mean the sale of the property is affected (just e.g. who gets the proceeds).

So I'd be inclined to get on with things in the meantime - how would you feel if you had sat on your hands for months waiting for probate, only to discover that e.g. your survey is going to tell you to run a mile?

prettyandfluffy

We bought our current house under Covid restrictions and whilst it was going through probate, we didn't want to lose our buyer and we needed to complete before the end of the Stamp Duty holiday so we went ahead and instructed our solicitor. All was fine and we completed as planned, the only issue was that the Executor was a solicitor who didn't want to complete the Fittings & Fixtures form.  We asked them to write "don't know" against everything and went ahead on that basis.  It was a risk but worth it to us.

Grizebeck

user1977 said:

Unlike other variables, probate is almost certain to be granted, the question is just how long it's going to take.

Despite their popular representation in fiction, it's pretty rare for estates to be contentious - and even if they are, that doesn't necessarily mean the sale of the property is affected (just e.g. who gets the proceeds).

So I'd be inclined to get on with things in the meantime - how would you feel if you had sat on your hands for months waiting for probate, only to discover that e.g. your survey is going to tell you to run a mile?

I don't think we would be overly fazed tbh

Mstty

Grizebeck said:

FreeBear said:

Do nothing until probate has been granted. Plenty of things will throw a spanner in the works - For example, if the will is contested, it could take years to be settled. HMRC could drag their feet (assuming the estate is over the Inheritance Tax threshold), the executors/beneficiaries might start bickering about how the estate is divided up.

Be prepared to walk away, or wait a very long time. That said, if things run smoothly, it could be wrapped up in 6-8 months.

Thanks that was my initial feeling it really could take a good while. I personally don't see any point spending any money until things are on a proper footing
That fact we are in no hurry helps and may even end up renogiating on price if it takes an age  
Our aim is to get a house done and then put ours on market once it's finished 

Out of interest are you going to let the Estate Agents know that should the process drag on you withhold the right to readjust your offer due to market conditions. 

Or just hit them within the finishing post of a potential big reduction lol

Grizebeck

Mstty said:

Grizebeck said:

FreeBear said:

Do nothing until probate has been granted. Plenty of things will throw a spanner in the works - For example, if the will is contested, it could take years to be settled. HMRC could drag their feet (assuming the estate is over the Inheritance Tax threshold), the executors/beneficiaries might start bickering about how the estate is divided up.

Be prepared to walk away, or wait a very long time. That said, if things run smoothly, it could be wrapped up in 6-8 months.

Thanks that was my initial feeling it really could take a good while. I personally don't see any point spending any money until things are on a proper footing
That fact we are in no hurry helps and may even end up renogiating on price if it takes an age  
Our aim is to get a house done and then put ours on market once it's finished 

Out of interest are you going to let the Estate Agents know that should the process drag on you withhold the right to readjust your offer due to market conditions. 

Or just hit them within the finishing post of a potential big reduction lol

I'll do whatever is appropriate at the time

Bigphil1474

I recently sold a property that went through probate, but I did the probate myself. Took about 2 months from start to finish (October to November 2022). My OH's FIL's house has just completed probate, took about 3 months, done by a solicitor (April 2023 to July 2023).

To me, depends on the circumstances. My OH had a valuation done for probate and wasn't too bothered what it came back with as it was never going to affect any tax issues. They will have it revalued before sale and after some cosmetic improvements. If there are a few people in the will, they would want to maximise their share, so might want to have it revalued after probate.

I take it the offer was made to the executor(s) - if they are happy with it, then shouldn't be a problem unless they get hassle from any other beneficiaries. In my case, the others were just happy I was doing all the work.

Grizebeck

Bigphil1474 said:

I recently sold a property that went through probate, but I did the probate myself. Took about 2 months from start to finish (October to November 2022). My OH's FIL's house has just completed probate, took about 3 months, done by a solicitor (April 2023 to July 2023).

To me, depends on the circumstances. My OH had a valuation done for probate and wasn't too bothered what it came back with as it was never going to affect any tax issues. They will have it revalued before sale and after some cosmetic improvements. If there are a few people in the will, they would want to maximise their share, so might want to have it revalued after probate.

I take it the offer was made to the executor(s) - if they are happy with it, then shouldn't be a problem unless they get hassle from any other beneficiaries. In my case, the others were just happy I was doing all the work.

I believe it was made to a company of some sort acting on behalf of the executor, but there are two agents involved right from the start and i was told it was common practice to instruct more then one agent when a company was involved

Bonniepurple

We waited for probate to be granted before we formally accepted our buyer’s offer. I think we’re all kicking ourselves though- while we were waiting interest rates went up (and up) and so the buyer asked if he could reduce his offer as otherwise it was unaffordable.  We had a quick chat, agreed that we were happy and it’s all going through the solicitors now.

One thing to remember is that houses do start to look unloved fairly quickly and what’s highlighted in a survey now May have changed by the time probate is granted.  My Dad’s house (already fairly unloved) is really showing signs of needing someone to live there, or at least be in and out daily.  He died 9 months ago.