Selling an inherited house can be often a tragic and emotionally challenging time for most beneficiaries. The estate agent will have no doubt promised the Executor that they will sell the property within a week at over asking price, and it has been an almost a year, and the property is still up for sale. This is the most likely scenario.
Unfortunately some estate agents still think that buyers will over paying for properties that require work. Landlords used to snap up probate properties in a heartbeat. But that market has now changed with clause 24 that has kicked in on 6th April 2017. This means a much higher tax bills for landlords who hold properties in their personal names.
Landlords are facing the biggest overall in property market for last 30 years. Recent anecdote evidence suggests that landlord fit into one of the following categories:
· Landlords are exiting the property market.
· Those who are staying in are busy transferring their buy-to-let properties from their personal names into their Limited Companies.
· Some landlords are also busy renovating their existing properties and selling them to first time buyers.
· Carrying on regardless and worry about it when the tax bill comes.
· Wait and see how BREXIT, new election in 2017 and Clause 24 play out.
First time buyers have never had so good particular up North where average property prices are an affordable 4 times the income ratio and some even cheaper!
The challenge that most estate agent face is that first time buyers are expecting a “ready to move in” house that they have seen with new build show homes. So naturally they are not terribly excited to see a property with structural issues, require full on renovating with a new roof, kitchen, bathrooms, floor joists that are rotten with wood worms. Even if the price tag is low, they won’t be able to get a mortgage on that property because a mortgage surveyor believes that this is not a habitable property!
Faced a huge over promise and under delivery, there may be a number of reasons why beneficiaries may be looking to sell a probate property. These may set-backs such as:
· Property requiring a degree of modernisation or requires an extensive refurbishment. Beneficiaries are not property people and not looking to renovate the property as they may not have funds, time or inclination.
· Derelict property that has been vandalised, had squatters move in or used as a drugs-den! A neglected property perhaps because relatives live too far away.
· The property is nice but the price is unrealistic given cosmetics works that need to be completed.
· There is no grant of probate and property is not registered. It can sometimes take month to get a grant of probate and requires a real perseverance. Often an estate agent will find a buyer then worry about legal sides of things, and buyer’s mortgage offer expires by the time grant of probate is finally issued!
What vendor requires is guidance to obtain a grant of probate, and any challenges that a government department may present them with, a probate property buyer with extensive experience of dealing with probate property matters and genuine ability and means to buy probate properties for cash.
This is where Property Saviour can assist. We have bought probate properties before and can deal with most complex probate matters and even legal disputes between beneficiaries! We can conclude the purchase of properties in a few days. Our solicitor will verify our ability to buy properties quickly. We are genuine cash buyers and as such as are able to Exchange Contracts within 72 hours of receiving your instructions.