Buying probate property at auction in the UK can be a fantastic opportunity for investors, first-time buyers, or those looking for a unique property deal. Probate properties are typically sold as part of an estate after someone has passed away, often at a lower price than market value. This makes probate auctions an attractive prospect for savvy buyers looking to secure a property at a competitive price.
In this guide, we’ll walk you through the probate property auction process, the benefits of buying such properties, and expert tips to ensure you make a successful purchase.
When someone passes away, the focus is usually on the immediate practicalities such as the funeral arrangements. However, if they owned property, this needs to be dealt with as well. Buying and selling a property belonging to someone who has passed away isn’t much different from a normal conveyancing transaction, but there are still a few things that the parties need to be aware of and the process can take longer.
What if the deceased owned the property with someone else?
If you owned a property with your spouse or partner, and they pass away, what happens to their share of the land? Well
If you are buying, or have bought a residential lease, it will be for a specific period of time, which is known as the term of the lease. When that term comes to an end, the property goes back to the landlord.
Yes, that’s right, no matter how much you paid for your flat, if you are living in it when the lease expires, you will have to move out and the landlord takes over and doesn’t pay you anything for it!
In practice, it’s not nearly as bad as it sounds.
It’s very rare to buy a short lease (it’s unusual to buy a residential lease for less than 80 years for reasons we’ve explained in
Bond Wolfe, the UK’s leading livestreamed property auctions business, has recorded a 57% rise in annual revenues in 2021 with its total for the year surpassing £175m.
The surging auction sales totalled £175,256,810 this year, up from £111,188,850 in 2020, and an incredible 115% higher than the £81,486,250 recorded in the auction business’s launch year in 2019.
The annual revenues were revealed following Bond Wolfe’s seventh and final livestreamed auction of 2021, which itself raised £29.2m.
Gurpreet Bassi, the chief executive of Bond Wolfe, explained that the rapid success and
The final Acuitus auction of 2021 raised £22.7m with a success rate of 94% as investors showed no sign of being deterred by the current impact of the Omicron variant. A third of the lots offered sold for more than £1m and the average price achieved for all properties sold was in excess £800,000.
Acuitus Chairman, Richard Auterac comments: “The sale clearly showed the undiminished demand from investors who have confidence that the Omicron variant will be countered, and life will return to normal sooner rather than later. The feeling from “the room” is that the year has ended on a high, which
Auction House London sold the highest number of properties in a single auction this month onWednesday 8 December– its last sale of 2021.
Auctioneer and Director of Auction House London, Andrew Binstock says: “This was an epic sale and our strongest auction since the pandemic began. There was some fast and furious bidding by many buyers on a number of Lots by people who have really embraced livestream sales. This style of sale has revolutionised the way we do our auctions and I cannot see a return to a room only auction model.”
Any Lot with potential to add value always fires the
SDL Property Auctions has held its final live-streamed Auction Event of 2021 as another successful auction year draws to a triumphant close.
Despite the continuing challenges presented by the pandemic, it has been a year of impressive achievements for the award-winning auctioneer which has sold more than 1,600 properties and raised more than £240million for sellers in the past 12 months.
One of the most spectacular results in December was achieved for a terraced house in Leicester. Despite requiring renovation – and every room being filled with junk –37 Myrtle Roaddrew enthusiastic
Leading property auctioneer Auction House has applauded the resilience and ingenuity demonstrated throughout the sector over the last 18 months.
Managing Director Jeremy Prior says that since the beginning of the pandemic the industry has moved heaven and earth to continue to work for their vendor and buyer clients. This has involved embracing cutting edge technology which has powered the entire industry forward by at least five to ten years and has changed the way auctioneers conduct their businesses forever.
He explains: “Before Covid, all property auctions were conducted in room and
Bond Wolfe Auction News: Two lots selling for a million pounds and more were the highlights of Bond Wolfe’s live streamed December auction which saw the fast growing firm set a new annual record.
The attractive Grade II listed self-contained offices at 54 Newhall Street (pictured) in Birmingham’s Central Business District, sold prior to the auction for £1 million.
But this result was outdone by the prior sale of commercial investment Chapel Court on the corner of Market Street and Queen Street in Wolverhampton, which raised £1.65 million.
Family-sized homes have exceeded all expectations at Network Auctions’ latest online auction sale held 9th December. Leading auctioneer, Toby Limbrick, to say, ‘We’re seeing a new breed of buyer in the auction room.’
The sale, which recorded an 84% success rate and raised £6.3 million, saw a huge spike in hammer prices paid for lots which would be suitable for family accommodation. A four-room detached bungalow requiring modernisation in Bell Lane, Hatfield, Hertfordshire (pictured), sold for £701,500, against a reserve of £450,000.
A luxurious ready-to-move-into four-bedroom barn in
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