David Joyson, chief customer officer (CCO) at Homeprotect, highlighted the rush among homebuyers due to upcoming changes in Stamp Duty from 1st April 2025.
Joyson said: “Late last year, the Government announced a change to Stamp Duty from 1st April 2025, with first-time buyers expected to pay it on properties over £300,000 and all other non-first-time buyers set to pay it for all primary properties over £125,000.”
Joyson noted a rush among buyers, with Santander reporting a 130% increase in mortgage applications.
He added: “The looming Stamp Duty deadline can present opportunities and challenges for those selling a probate property.
“Buyers motivated to complete purchases before the deadline can maximise their savings, but sellers face the risk of a sale falling through if delays prevent transactions from completing in time.”
Several factors can delay the sale of inherited properties, according to Joyson.
He said: “Before an inherited property can be sold, the executor or administrator must obtain a Grant of Probate which can take months to receive, especially if there are complications or a backlog in the probate registry.
“While it’s possible to put it on the market, buyers won’t be able to complete until it’s granted.”
He added that legal challenges can also delay the process, as resolving issues may require legal mediation.
Additionally, unoccupied homes can cause buyer hesitation.
He recommended securing unoccupied home insurance, but advised sellers to understand coverage limitations.
Joyson explained the impact of missing the Stamp Duty deadline.
He said: “The deadline can intensify pressure on sellers and buyers may pull out of a sale if it can’t be completed in time, leaving owners back at square one.
“If probate property remains unsold for a long period, it can cost the seller more in terms of maintenance, council tax and insurance, as probate properties may require probate home insurance for adequate protection.
“Delays could mean months of additional expenses.
“If the Stamp Duty deadline is missed, buyers may expect sellers to lower the price to compensate for the lost tax savings, ultimately reducing the seller’s profit.”
Joyson advised taking proactive steps to avoid losing buyers.
He recommended that buyers should: work with experienced solicitors, protect the property with insurance, complete transactions quickly with companies specialising in probate house sales, and have all documentation ready.
He added: “Long-term vacant properties are making housing shortages worse, as high demand for homes exceeds supply.
“Ensuring probate properties are sold efficiently will help to increase the number of homes available on the market.
“Streamlining the probate process would help prevent unnecessary delays in home sales and reduce probate grant wait times.”
