𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐢𝐧𝐠 𝐚 𝐏𝐫𝐨𝐛𝐚𝐭𝐞 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲: 𝐖𝐡𝐚𝐭 𝐒𝐨𝐮𝐭𝐡𝐚𝐦𝐩𝐭𝐨𝐧 𝐁𝐮𝐲𝐞𝐫𝐬 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐊𝐧𝐨𝐰

Picture this: After a long and exhausting property search you finally find the home that’s just right for you. But then the estate agent mentions that it’s a ‘probate property’ and you’re left scratching your head.

While it’s a term that you’ve heard before, you’re not entirely sure what it means and if it could scupper your homebuying plans.

Well, let us explain.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐩𝐫𝐨𝐛𝐚𝐭𝐞?

When a person dies, the assets that they owned in their sole name can’t immediately be sold off or distributed. It’s a case of waiting until the government has granted ‘probate’.

Usually, it’s the executors of the will that apply for probate (if there’s no will there’s a slightly different procedure).

Once probate has been granted (and inheritance tax and debts have been paid) the executors can distribute assets according to the deceased’s wishes.

𝐖𝐡𝐚𝐭 𝐝𝐨𝐞𝐬 𝐢𝐭 𝐦𝐞𝐚𝐧 𝐟𝐨𝐫 𝐚 𝐛𝐮𝐲𝐞𝐫?

It’s common for executors to market a property before probate is granted. So if you find yourself viewing a property where probate is pending, it’s all above board.

The executors are acting in the expectation that by the time both parties are ready to exchange contracts, probate will have come through.

You can’t complete a property transaction until probate has been granted, but you can get much of the paperwork sorted in the meantime.

𝐘𝐨𝐮 𝐦𝐢𝐠𝐡𝐭 𝐡𝐚𝐯𝐞 𝐭𝐨 𝐛𝐞 𝐩𝐚𝐭𝐢𝐞𝐧𝐭

There’s quite a lot of paperwork to be done, and documentation to find, before the executor can file for probate. And once the actual application has been lodged, it can take between six to 12 weeks to be granted (it’s tricky to be precise because there have been processing delays recently).

𝐀𝐬𝐤 𝐭𝐡𝐞 𝐫𝐢𝐠𝐡𝐭 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬

To get a realistic idea of timescale, it’s useful to find out how advanced the executors are in the process (discuss this with the estate agent). If the application has been lodged, then there’s a good chance things are ticking along nicely. If the application hasn’t gone in, you may be in for a longer wait.

𝐁𝐞 𝐬𝐞𝐧𝐬𝐢𝐭𝐢𝐯𝐞

If by some chance a relative of the deceased is present when you view the property, be sensitive. It may be that you’re viewing their childhood home or a property that has a lot of emotional significance to them. If you have questions, direct them to the estate agent.

𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐩𝐫𝐨𝐛𝐚𝐭𝐞 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐢𝐞𝐬

𝐑𝐞𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲

If you’re looking for a doer-upper, a probate property might suit your needs. It may have been some time since any renovation work was carried out so you can put your own stamp on the home.

𝐍𝐨 𝐨𝐧𝐰𝐚𝐫𝐝 𝐜𝐡𝐚𝐢𝐧

You’ve obviously heard about people getting caught up in complicated chains because they’re buying off someone who is buying off someone else and so on. With a probate property there is no onward chain so you might have more flexibility regarding matters like completion dates.

If you’re looking to buy a new home, contact us here at Belvoir on 02380018222 today.