Does Probate affect the Sale of Property?
When a property that forms part of a deceased person’s estate and that property is to be sold, an application must be made to the Probate Office for a Grant of Probate (or another type of Grant depending on the situation). The sale of the property cannot complete until the Grant has issued from the Probate Office.
For a Sale
The property can be put on the market while the Probate application is being dealt with. Once the property is sale agreed, the Solicitor can issue a Contract for Sale with a special condition in the Contract which states that the Sale is subject to Probate and that the closing date will be after the Grant issues from the Probate office. The contract will usually specify how long after the Grant issues the closing date will be In most cases it is 7-10 days.
This means that the Solicitor for the purchaser can review the Contract for Sale and title and raise any queries they have in relation to same while the Grant is pending.
All matters can be dealt with while the Grant is pending and the sale can be ready to conclude when the Grant issues.
For a Purchase
When purchasing a property that is subject to a Grant of Probate (or another type of Grant depending on the situation), it is important to enquire with the Vendor’s Solicitor as to whether or not the application has been submitted to the Probate Office and if so when it was submitted.
Once the application has been submitted, the Grant will usually issue within 12 weeks. The Probate Office also provide updates as to what application dates they are currently working on, so knowing the above information will provide you with an estimated closing date.
If the application has not yet been submitted, you should enquire with the Vendor’s Solicitor as to when they will be in a position to submit the application. Some Probate cases can be very complex and take a lot of time to finalise the application so knowing what stage it is at is important. If the application has not yet been submitted to the Probate Office, there could be some delays with the transaction concluding.
If you are obtaining a loan offer to purchase the property, you should pay careful attention to the expiry date of your loan offer, to ensure same does not expire prior to the expected closing date.
For further information in relation to any Probate matters do not hesitate to contact us on 01 2960666 or at email@example.com