Why Could UK Probate Properties be the Best Deals in Real Estate?


UK probate properties for sale are often considered to be some of the best deals in the real estate market. For some buyers, they can present them with the opportunity of owning their dream home. 


In general, probate properties aren’t usually available for sale on the open market; if they are, it’s not for very long. Indeed, agents usually offer them quietly to potential buyers registered with them. Some may not be officially for sale until the executors have secured the authority to sell the property.  Alternatively, executors may decide to sell the property via an auction. 



That said, there are online property companies, auction houses and local estate agents that sell probate properties. So, why could UK probate properties offer buyers the best deals?


What is a probate property?


Before we delve into the reasons why they present the best deals, let’s just clarify what a UK probate property is - it is a property formerly owned by a deceased person and forms part of their estate.  The deceased’s executors or administrators do not have the authority to finalise any sale of the property until the legal probate process has been completed. Once they receive the Grant of Probate, it gives them the authority to sign the paperwork to close a sale. That said, in some cases, executors will place the property on the market with the caveat that until a Grant of Probate has been received, any contracts cannot be exchanged.


However, there is an exception to this. Should the deceased’s spouse or life partner inherit the property, and the Title Deeds are in their joint names, they are allowed to sell, exchange and complete on the property before they have a Grant of Probate.


Probate Properties be the Best Deals in Real Estate in the UK

Location: United Kingdom

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