How to Make an Offer on Probate Properties in the United Kingdom?
Probate properties can often be great deals, generally because they were owned by the older generation and usually need updating. In most probate cases, the property doesn’t come onto the open market until probate has been granted. That said, the executors can put the property up for sale prior to the Grant of Probate.
So, if you’re thinking of making an offer on a probate property, what do you need to know about this slightly different sales process?
A probate property is one that was owned by a deceased person. It forms part of their estate and is subject to the legal probate process.
Beneficiaries of a deceased person’s estate cannot do anything with that property, such as sell it, rent it out or live in it, until the executors of the deceased’s will have received a Grant of Probate, which gives them the authority to manage the property. In the case where there is no will, a close family member, friend or solicitor applies for what is called Letters of Administration. This is part of the probate process and once granted, gives the person who applied the authority to act as Administrator of the deceased’s estate.
Make an Offer on Probate Properties in the United Kingdom
Comments
Post a Comment