A Guide to Buying a Probate Home in Ashford

Are you looking for your next home? What about buying a probate home? Probate homes can be a great option for those looking to find a unique property and potentially get a good deal.

What is a Probate home?

Probate is the legal process that happens after someone passes away, where their assets, including their property, are distributed to either heirs or beneficiaries. Sometimes, the home will go through the probate process and go onto the sales market.

The benefits of Buying a Probate Home

There are advantages of buying a probate home. Here are a few:

1. Potential for a Lower Price: Probate homes are often priced competitively in order to get the home sold quickly and divide the full estate.
2. Unique Properties: Probate homes can be a hidden gem, with unique features, such as period properties.
3. Less Competition: Unfortunately, not all buyers are keen to buy probate, some buyers wish their new homes to not hold such history.
4. No Chain: When buying probate, you won’t be buying into a long chain, which hopefully means a smoother sales process.

Steps to Buying a Probate Home

Now that we've seen the benefits, let's look at the process of buying a probate home. This can all vary depending on the jurisdiction and specific circumstances, but here are some of the general steps involved:

1. Research and Identify Probate Homes: Start by speaking to a Kent estate agent who has worked previously with probate homes and discuss the prices for your local town/village.
2. Get Your Finances in Order: Just as you would with any other home purchase, before offering on the home, make sure you have your mortgage in principle sorted with a local mortgage advisor.
3. Cover all the legal requirements: The sales process with a probate can be slightly different to a normal sales process as there can be more legalities; such as sometimes waiting for probate to be granted, which in itself can take 12 weeks. Make sure that the person selling the home has the legal right to sell the home and that no one disagrees as this could cause complications with the sale.
4. Submit an Offer: When you have found your next home that fits you perfectly, submit the offer through the estate agent. You may end up waiting for the court’s approval of the sale, which can take some time.
5. Obtain Court Confirmation and start the solicitor's process: If your offer is accepted, the court will confirm the sale. Speak to your solicitor who will deal with the legal sides of the sale and hold funds until the transaction is complete.
6. Complete Inspections and Due Diligence: Beware that those selling the property may not be able to answer all questions under the TA6 and TA10 forms, as they may not have lived in the property before. It is also important because of this to view the property with eyes wide open and do appropriate surveys on the home. Perform your due diligence by reviewing all the available documents related to the property's title and legal status. The TA6 form is the property information form and the TA10 form is the fittings and contents form.
7. Finalise the Sale: Once all contingencies have been met, the sale can be finalised through the solicitors. Consult with your real estate agent and solicitor to make sure you can complete. Remember, it's crucial to consult with legal professionals throughout the entire process to ensure compliance with local laws and regulations.

Overall buying a probate home can offer a unique opportunity to find a perfect property for you at a potentially lower price. By understanding the probate process, working with professionals experienced in probate sales, and conducting thorough due diligence, you can navigate the journey of purchasing a probate home with confidence. If you need help with your move, call us today on 01233 501601.