How to find probate properties for sale in the United Kingdom

1. How to find probate properties for sale in the United Kingdom? When someone sadly dies and they don’t leave a will, any property they owned becomes part of the estate and has to go through a process called probate. Once this process is completed, the property becomes available on the market. Probate properties for sale aren’t always on the open market, but there are online companies and local estate agents that handle probate properties for sale. What is a probate property? Probate is the legal term for the process any deceased person’s estate has to go through, particularly if there wasn’t a will left that details what to do with that person’s estate. When legal representatives talk about probate property, they are usually referring to the deceased person’s entire estate, not just the physical bricks and mortar that might have been owned by the deceased. When it comes to selling a probate property, in most cases a Grant of Probate needs to be held by those handling the deceased’s estate, be it the widow/widower or the will’s executor, as this gives them the authority to sell the property. That said, if the spouse or deceased’s partner inherits the property, they are entitled to sell the property before they have received a Grant of Probate. There is usually more documentation to complete before the property is put on the market. It is also recommended that any furniture that is not wanted by the family is sent to auction, and that the house, and garden, is well presented. It is worth noting that should a property remain empty for a period of more than 30 days, be it a probate property or not, the executors of the deceased’s estate should get vacant property insurance to protect themselves. What to consider when buying a probate property? Whilst probate properties for sale present purchasers with an opportunity of snapping up a bargain, they may well find that there are issues with the house

2. further down the line. Remember, it is a deceased person’s property, who was probably elderly and therefore the property may not have been as well maintained, nor have modern kitchens, bathrooms or décor. In addition, there may not be as much information about the property from the executors as they may well not know the details, particularly if the executors are the solicitors handling the estate. It may also be difficult for them to put their hands on some documentation, such as title deeds. Therefore, purchasing a probate property will entail more research than perhaps would be done on a non-probate property. It is highly recommended that a full building survey is carried out before you buy probate properties for sale that will highlight any issues with the property. Buyers may also want to invest in getting other areas, like the electrical wiring or central heating system, checked by qualified tradespeople. It is the responsibility of the buyer to ensure that they are going into the purchase with their eyes open, and know exactly what is involved with buying probate properties for sale. If you are buying a probate property, be prepared for the process to exchange of contracts and completion to take longer than the average house sale. If it is the spouse or deceased’s partner that is selling the property before they have received Grant of Probate, which they are entitled to do, exchange of contracts will not be able to take place until Grant of Probate has been received. Generally, the probate process takes 6-12 weeks, depending on how complex the estate is. However, this can sometimes be considerably longer.

3. Where to buy probate properties for sale? In the past, probate properties for sale would be listed with a local estate agent, or sometimes an auction house. However, in recent years there have been a number of online portals that list probate properties for sale. In addition, you may find probate properties listed for sale on propertyclassifieds.co.uk or maybe in the property section of newspapers, offline and online. When a property has been inherited and the decision to sell the property has been made, it is up to the spouse or deceased partner, or the executors of the estate to make the decision where the property is sold. Before it goes on the open market, a minimum of three property valuations must be sought and generally, these are carried out by local estate agents. If speed is of the essence, it is more likely that the property will be sold at auction. Most auction houses today offer a comprehensive probate property service. They will arrange for a surveyor to visit and assess the property, who can also provide a valuation. The advantage of going through an auction house is that they will also be able to dispose of any unwanted furniture, or other items, as well as handle a house clean and drain down of heating and plumbing systems. The benefit of purchasing probate properties for sale via a local estate agent is knowledge of the area and the type of property being sold. They work closely with property developers and cash buyers, and may well be in a position to introduce a buyer to the property more quickly than waiting for an auction date. However, the actual process to exchange of contracts will take longer than if selling via an auction house. It is also possible to buy a probate property via an online auction company. Generally, it is the solicitors handling the deceased’s estate that will list the property directly online, usually at the wish of the executors of the estate. Buyers are able to view the property during an open day scenario as long as an appointment has been booked (it is possible to take surveyors and/or tradespeople with you). On the day of the auction, buyers that have viewed the property can bid online. If a buyer’s bid is successful, and the reserve price has been met if there is one, the buyer has 48 hours to submit their reservation form and pay the auction company’s fee. Finally, the buyer is granted 90 days to complete the purchase of the property and pay a deposit to the vendor once the contracts have been exchanged. If you are a property investor looking for probate properties for sale, Property Classifieds should be your first port of call. Connecting motivated sellers and buyers

4. across the UK, we have a wide range of investment properties and property development opportunities in your local area, too. Contact us today for more details.