Probate Problem

SOS1

Long story short. We have a will in probate 8 weeks now and in the will is property (House)
We have a sale agreed ,but the buyers are insisting all legal papers need to be signed by
Christmas. Do you know of anyway of speeding up this probate as we were informed this could take up to 6 months. Sale will fall through if not.......... Thanks for looking

Addle

Probate Office will expedite applications if they are told the customer will be negatively affected financially by a delay.
Write to them and tell them.

coylemj

Why the panic about hanging on to a buyer - its a seller's market surely? The reason they're anxious to close is probably because they're afraid they won't get a similar house for the same price in a rising market.

Unless it's a relatively hard to sell property, I don't see why a seller should be under pressure to close soon from a buyer the way prices are going (up). Tell them to be patient or you'll withdraw it and put it on the market in the new year for a higher price.

SOS1

coylemj wrote: »

Why the panic about hanging on to a buyer - its a seller's market surely? The reason they're anxious to close is probably because they're afraid they won't get a similar house for the same price in a rising market.

Unless it's a relatively hard to sell property, I don't see why a seller should be under pressure to close soon from a buyer the way prices are going (up). Tell them to be patient or you'll withdraw it and put it on the market in the new year for a higher price.

It has something to do with buying to rent and the longer it takes they will loose money on renting it out.

SOS1

Addle wrote: »

Probate Office will expedite applications if they are told the customer will be negatively affected financially by a delay.
Write to them and tell them.

Much Appreciated Addle..Will be giving them a bell tomorrow...

coylemj

SOS1 wrote: »

It has something to do with buying to rent and the longer it takes they will loose money on renting it out.

Any delay will save them interest on the loan they'll be taking out to buy the place so that's not a valid reason at all. I suspect they're more than happy with the price and are afraid of being gazumped.

P. Breathnach

It's quite reasonable for a purchaser to want to expedite a purchase. In this circumstance, it might be driven by a dream of having Christmas together in their new home - and if it is possible to achieve that, why not work with them on it?

It is not for an executor to behave as a property speculator, and if a price has been agreed that the executor thinks is fair (and, for the executor's peace of mind, the beneficiaries also accept as being fair) then it is worth making a reasonable effort to complete the transaction rapidly.

So I'd go with Addle's advice.

coylemj

P. Breathnach wrote: »

It's quite reasonable for a purchaser to want to expedite a purchase. In this circumstance, it might be driven by a dream of having Christmas together in their new home - and if it is possible to achieve that, why not work with them on it?

Indeed, wouldn't it be wonderful if the buyer could move in and fulfil his dream of having his family in a new house for Christmas?

Did you even read the thread? The buyer is a landlord looking to let the place. Commercial considerations, not sentiment should rule here.

P. Breathnach

coylemj wrote: »

Indeed, wouldn't it be wonderful if the buyer could move in and fulfil his dream of having his family in a new house for Christmas?

Did you even read the thread? The buyer is a landlord looking to let the place. Commercial considerations, not sentiment should rule here.

What are the material facts? It doesn't matter if an immaterial fact escaped my attention. Equally, making suppositions about the purchaser's finances is immaterial so long as the vendor is satisfied that the purchaser can fund the transaction.

If the purchaser wants completion by a certain date, and that can be achieved without undue difficulty, a sensible vendor would seek to accommodate that.

coylemj

P. Breathnach wrote: »

What are the material facts?

Buyer is a landlord

P. Breathnach wrote: »

It doesn't matter if an immaterial fact escaped my attention.

It's only 'immaterial' because you didn't spot it.

P. Breathnach

coylemj wrote: »

Buyer is a landlord

It's only 'immaterial' because you didn't spot it.

The use to which the purchaser intends to put the property is irrelevant to the vendor.

littlemac1980

coylemj wrote: »

Why the panic about hanging on to a buyer - its a seller's market surely? The reason they're anxious to close is probably because they're afraid they won't get a similar house for the same price in a rising market.

Unless it's a relatively hard to sell property, I don't see why a seller should be under pressure to close soon from a buyer the way prices are going (up). Tell them to be patient or you'll withdraw it and put it on the market in the new year for a higher price.

I think the buyer's insistence of a close of sale by the year end is possibly related to the CGT exemption on properties held for 7 years which were acquired before the end of 2014.

If that's the case - it would make a huge difference from the Buyer's POV that the transaction is complete before 2015.

roadsmart

littlemac1980 wrote: »

I think the buyer's insistence of a close of sale by the year end is possibly related to the CGT exemption on properties held for 7 years which were acquired before the end of 2014.

If that's the case - it would make a huge difference from the Buyer's POV that the transaction is complete before 2015.

This.