Page 10 - Town & Around - August 2023
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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.
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