Buying a properrty going through probate

rumncoke

I am downsizing & have got an agreement to buy a property privately, currently going through probate. Solicitors details were exchanged last Friday. Probate applied for end of January, further info sent in end of April. Executors solicitor is dealing with the probate.
I am trying to decide when to put my property on the market. Large house, so in all likelihood will be in a chain. I could be a cash buyer if necessary but obviously would prefer not to be with the added stamp duty issue. Hence the reason to get mine on the market prior to probate being granted. 
I have read the thread on probate timescales & estate agent has advised that conveyancing is taking 3 months plus at the moment. (something I am experiencing with selling my mums property. 3 months in, sold to 1st time buyer & still no date yet!)
I know only I can decide but just wondering if any of you lovely people have any advice. Thanks in advance.

poppystar

Personally I’d market it now. Whatever the circumstances your buyer would probably expect to be in a chain anyway so while Probate could affect the timescale negatively it might also affect is positively as a long chain could end up with a whole sequence of problems too. Obviously ensure your estate agent is aware and maybe take the advice of a few on this and what they would recommend. I would just worry that holding back now, even if you could use cash as your own bridging loan, might create as many problems as it solves. 

Grumpelstiltskin

My son's friend was buying a probate property and was told everything was going through fine so he put his property on the market and sold it straight away, he could move in with his inlaws as a short term stop gap.

Then the 2 brothers who were executors fell out ( seen many times on here )

Long story short they couldn't agree, he was stuck with inlaws so he found somewhere else, of course once he had pulled out they decided they could agree, too late.

kipsterno1

I wouldn't let the higher rate of stamp duty influence your decision. If you are happy your property will sell then you have a three year window to reclaim the excess. It could also put you in a better position for selling being chain free.

rumncoke

Thanks for the different perspectives. My gut is saying to market it now. Definitely would prefer to link sale & purchase if possible, having been caught out when we bought this property just before the crash of 2008. Left with horrendous mortgage & a property we couldnt sell for over 12 months, as buyer pulled out last minute. 
 I have got a friend I could move in with on a temp basis but again reluctant to let go of what was the family home before exchanging contracts on my forever home. 
Love the area/street where I live, hence buying less than 50m away. Executors want things tied up as soon as possible once probate granted & they initated the exchange of solicitors details.