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Making an offer on probate property in the United Kingdom

A probate property is one that was owned by a deceased person. Beneficiaries of a deceased personu2019s estate cannot do anything with that property, until the executors of the deceasedu2019s will have received a Grant of Probate, which gives them the authority to manage the property.<br> <br>Probate properties often represent excellent value for money, but the process of buying one is a little unique. As a result, there can be some added risks and delays, and it can help to better understand the nature of probate sales to best handle the process and minimise your risks.<br>

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Making an offer on probate property in the United Kingdom

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  1. Making an offer on probate property in the United Kingdom What is a probate property? A probate property is one that was owned by a deceased person. Beneficiaries of a deceased person’s estate cannot do anything with that property, until the executors of the deceased’s will have received a Grant of Probate, which gives them the authority to manage the property. Probate properties often represent excellent value for money, but the process of buying one is a little unique. As a result, there can be some added risks and delays, and it can help to better understand the nature of probate sales to best handle the process and minimise your risks. When it comes to making an offer on a probate property, the process is no different from a regular purchase. While executors must get a valuation on the property at the time of death for inheritance tax purposes, a probate valuation holds no bearing on the asking price, which is based on current market values. Buying a house in probate can be a somewhat complex process, and attention to detail is crucial. That said, a lengthier completion timeline can be advantageous, especially when considering a property that may not have exchanged hands for decades.

  2. It is highly recommended that a full building survey is carried out before you buy a probate property. Most of these types of properties have either not been updated, particularly in terms of kitchens, bathrooms, central heating and electrical wiring, or have been empty for a long period of time. It is the buyer’s responsibility to make sure they are going into the purchase with their eyes wide open and know exactly what is involved. You may also find that there is a lot of interest in the probate property you wish to buy. Therefore, in many probate cases, you may be asked to submit ‘best and final offers’ by a specific deadline date. It is then up to the executors to consider all the offers made and the sales position of each potential buyer (for example, are they a cash buyer or do they need a mortgage?) before making a decision on which offer to accept. If you’d like more property advice, or if you are thinking of selling your or a loved one’s property, contact us.

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