Buying a property isn’t a straightforward endeavour at the moment, not least thanks to continually rising house prices. Even despite Brexit and the resulting fall in the pound’s value, house prices quickened in growth in November, and many property market watchers expect those prices to continue rising. However, whether you want a buy a property for living in or an investment project, probate properties could represent great opportunities.
What is a property in probate?
Property in probate – or, as it could otherwise be called, a probate property – is a home that belonged to someone who has since passed away, leading the building to fall into the hands of the executor of that person’s will. When the estate owner died, the executor will have obtained a legal document, called a “grant of probate”, giving them the right to sort out the deceased’s affairs. This will have included the right to sell the property.
Immediate attractions of buying a probate property
Naturally, running a home comes with various regular costs, including those of maintaining the building’s condition and paying tax. In probate, those costs will be the responsibility of the executor, who could understandably be eager to trim their ongoing financial obligations by selling the property as fast as possible. Therefore, the executor may not be eager to demand a particularly high price, which could give you a great opportunity to acquire an appealing home for modest financial outlay.
Another reason why probate properties can be relatively inexpensive is that, deterred by the prospect of long court proceedings, many investors choose to pass up on these homes, as PropertyWire has noted. Hence, there is less demand for these homes than for standard homes – and so, as the laws of supply and demand dictate, the prices are lower, too.
Other, easy-to-overlook advantages of buying properties in probate
Should you express interest in a particular probate property, you are likely to find yourself waiting a while for it to become yours, given the lengthy period it could take to get through probate court. However, by offering a cash payment for the building, you might – we do emphasise the word “might” here – be able to speed up that process. As a result, there could be the possibility of obtaining a great property both at a delightfully low price and in less time than you had expected.
A probate property buy could also be a convenient route to landing a home of pleasingly vintage look and character – given that, as The Telegraph has pointed out, probate properties are commonly old. If reading all of this has led you to decide that investing in a probate property is indeed worth seriously considering, . This company can also help you with buying one of these homes, especially if you are unfamiliar with the process and so need some guidance along the way.