Buying a house in probate

[ContractorBanking]

The only beneficiary to the will is her brother, and he's the one who's keen to sell asap.

So hopefully it'll go smoothly but wow, 8 years in probate is a shocker, can imagine how stressful it must be.

[BrilloPad]

Who are the beneficiaries of the will? If its only one person then no issue!

[Goatfell]

My brother-in-law died over 8 years ago (i.e. before the crash) and probate is not yet complete due to one of his relatives sticking their oar in. It turned a stressful situation into a nightmare and has cost my sister dearly both emotionally and financially, particularly as some of the properties she would have sold were abroad and have since devalued drastically.

That was unusual but if you commit to buying you might find that some unforeseen circumstance causes a delay, so I'd be wary about signing anything or handing over a deposit.

YMMV

[ContractorBanking]

Just got off the phone from my sister and she really wants the property!

She spoke to the next of kin, there's no debt on the property and she is a cash buyer after having sold her place several months ago, so she's ready to pounce. Also, the deceased doesn't owe anything to any third parties.

The sellers are keen to close the deal asap and go abroad but waiting on the probate solicitors.

Does the whole probate process have to be completed before the new owners can sell?

Or is it enough to establish the new ownership (next of kin) and have them sell asap?

thanks

[alreadypacked]

In my experience it usually takes a year to complete the probate process. You need to know when she passed, then you can judge how long you will have to wait.

Everything will have to go through the lawyer handling the probate.
He will give it to his pet estate agent to value it. You will need to find out who that is, as the estate agent may have a builder standing by to buy the house.

The only way to make sure you get a house in probate, is to have cash. That's the only way the lawyer will tell the estate agent to accept your offer.

[ContractorBanking]

Ok great, thanks for that, very useful indeed.

The old lady had been living there for 80-odd years and it doesn't have any outstanding debts.

So once its confirmed there are no debts outstanding, I guess the next of kin is able to negotiate a price with my sister.

[Ticktock]

It sort of depends on it passing through probate - this is the process where it's confirmed who has the right to sell the property. If that goes through cleanly then it can be sold as any other property, i.e. no special conditions.

If, while going through probate, it's determined that proceeds from the sale are needed to pay off creditors then it may be a different matter.

[ContractorBanking]

My sister is looking to buy a house, which is just in probate.

The next of kin is keen on selling asap and is giving my sister first refusal. They're waiting on a valuation from the probate solicitors first.

Assuming the price is agreeable between my sister and the next of kin & probate solicitors, can the transaction go through quickly, without marketing the property, etc? Or does it need to go to auction, estate agents, etc?

thanks