Page 10 - Town & Around - August 2023
P. 10
10 Town & Around August 2023 Tel: 01485 540620 email: editor@townandaround.net
Buying a Probate Property
By Nic Sheldrake, Property Director, Hayes + Storr
probate property is a property that provide information about the property by
belongs to someone who has died. way of the Law Society’s protocol forms.
AThe property is vested in the estate of These include a Sellers Property Information
the deceased owner and is generally being Form, which provides a great deal of
sold to meet the terms of the late owner’s will. information about, not only the property itself,
It is important to make a will detailing what but the owners experiences at the property.
happens to your property and assets, as this For example, work that may have been carried
makes dealing with those matters simpler, less out, problems the owners have had with
stressful, and cheaper for those left behind to neighbours, whether the property has been
deal with. flooded, whether there have ever been any
Buying a probate property can be a good insurance issues etc.
idea as they can represent a bargain. Executors All of these matters may affect a buyer’s
and beneficiaries can be keen, for a number of decision to proceed and importantly, a
reasons, to get the property sold. They are lender’s willingness to lend. As the owner of
often willing to take a reduced offer on the a probate property is not able to complete the bargain you believe it to be.
basis that the transaction can be dealt with form or answer related questions, it will be for
quickly and the estate finalised without delay. the executor of the estate to provide answers How we can help
However, there is a downside from a to the best of their knowledge and very often Our solicitors are experienced in probate
conveyancing point of view. When the answer is “not known”. We can overcome property sales and purchases, and we
negotiating with the estate agent, be sure to this but limiting the questions to those an understand the necessary processes involved
ask whether the Grant of Probate has been executor should know – that will satisfy a for a successful transaction.
received. The Grant of Probate gives the lender’s requirements. As a buyer, you should For further information, please contact Nic
executors the power to complete a sale. The put as many practical questions to the estate Sheldrake in the residential property team on:
property can be marketed without the grant, agents as you can. 01328 863231 or email nic.sheldrake@hayes-
but a sale cannot be completed. An application So, is a probate property a good buy? It can storr.com.
for a Grant of Probate can take months to be if you proceed with your eyes open. This article is for general information only
receive, so be prepared for a long wait if the Questions to the estate agents, enquiries and and does not constitute legal or professional
application has not yet been made. proper searches via the solicitors and a survey advice. Please note that the law may have
In the normal course of events, a seller will will help to ensure that the property is the changed since this article was published.