Buying or Selling a Probate Property: What You Need to Know
Dealing with a property after someone has died can feel daunting. Whether you are an executor preparing to sell or a buyer considering a probate property, understanding the process can help you anticipate delays, gather the right information and make informed decisions.
What Is Probate?
Probate is the legal process used to administer a deceased person’s estate. As property is often one of the estate’s most valuable assets, selling or buying a probate property can involve additional steps and timescales.
Selling a Probate Property
Do You Need a Grant of Probate to Sell the Property?
The first step is to establish whether a Grant of Probate is required before the property can be sold. If the home was held in joint names, a surviving spouse or partner may be able to sell without a Grant, depending on how the property was owned. A copy of the title register from HM Land Registry can help confirm the ownership position.
If a Grant is required, it is sensible to begin the application as soon as possible. Once issued, it gives the executors authority to deal with the estate, sell the property and sign the relevant sale documents.
How Long Can a Probate Sale Take?
Probate sales can be delayed while the Grant is being obtained. The process may take several months, depending on the complexity of the estate and whether any further information is required.
Disputes about the Will or the distribution of assets can extend the timescale further. For example, a beneficiary may challenge the Will, adding complexity and potentially delaying the transaction.
What Information Should an Executor Prepare?
The executor will usually be asked to complete a Property Information Form and a Fittings and Contents Form. They should also gather any relevant paperwork they can find, including:
- planning permissions and building regulations documents;
- compliance certificates;
- guarantees and warranties; and
- other records relating to the property.
An executor may have little or no first-hand knowledge of the home, so answers should be given carefully and honestly. If there is any uncertainty, advice should be sought from the conveyancer rather than making assumptions.
Insurance for an Empty Probate Property
If the property will be empty for more than 30 days, the existing cover may not be sufficient. The executor should check the policy terms and may need specialist vacant property buildings insurance.
Buying a Probate Property
Can a Probate Property Be Marketed Before Probate Is Granted?
Yes. It is common for a property to be marketed before the Grant of Probate has been issued. The hope is that the Grant will be available by the time the buyer is ready to exchange contracts. However, the sale cannot complete until the executors have the necessary legal authority. If the conveyancing progresses faster than the probate application, the buyer may have to wait.
Expect Limited Information About the Property
When buying from an estate, you are likely to deal with an executor rather than someone who lived in the property. The executor may know little about alterations, neighbour disputes, boundaries or the location of important documents.
In some cases, the executor may be unable to complete the usual Property Information Form or Fittings and Contents Form, and the property may be offered “as seen”. Buyers should therefore allow time for careful enquiries and independent checks.
Inspect the Condition Carefully
A probate property may have been empty for some time and its condition may not be immediately clear. Maintenance issues, damp, outdated services or other defects can become more significant while a home is unoccupied.
It is prudent to commission an appropriate property survey. A surveyor may identify structural defects, signs of alterations and older systems such as electrics or plumbing that warrant further investigation.
In most cases, responsibility for identifying potential problems rests with the buyer. Thorough investigations should therefore be completed before exchange of contracts, when the agreement becomes legally binding.
If the survey identifies defects, investigate the likely cost of repairs and obtain specialist quotations where appropriate. You may then wish to discuss the findings with your conveyancer and consider whether to renegotiate the price through the selling agent. Probate properties are generally sold in their existing condition, and it is rare for a buyer to have recourse against the seller after completion, so concerns should be resolved before proceeding.
Visit Again Before Exchange
Arrange a further viewing shortly before exchange of contracts, particularly if the property has been empty. This gives you a final opportunity to check its condition, as you will normally take the property as it stands on the day contracts are exchanged.
How Hayward Moon Can Help
Probate property transactions can involve additional documentation, uncertainty and timing considerations. Early advice from a conveyancing specialist can help executors and buyers understand the next steps, identify potential issues and keep the transaction moving wherever possible.
Hayward Moon’s property lawyers provide clear, practical conveyancing support for residential property transactions across East Anglia. Contact Hayward Moon to discuss your circumstances.
This article provides general information only and is not a substitute for legal advice tailored to your circumstances.
