Still confused.. whose job is it to sell the property to release the inheritance?

Options
faerielight
faerielight Posts: 1,868 Forumite
First Anniversary First Post Combo Breaker I've been Money Tipped!
in Deaths, funerals & probate
I'm trying to deal with the solicitor and the executor who are still not keeping me updated about my mother's estate.. once probate has gone through, is it the beneficiary's job to sell the house to pay the large remortgaging debt and free the residue, or is it the executors?
Also. I'm due to have a big surgery and I don't imagine I will be well enough to deal with the estate, do I need to get power of attorney for a friend to take over? I'm feeling overwhelmed.
Many thanks to all who contribute on MSE :)
«1

Comments

  • Savvy_Sue
    Savvy_Sue Posts: 46,022 Forumite
    Name Dropper First Post First Anniversary
    Options
    That is all the executor's responsibility, although they may appoint a solicitor to act on their behalf.

    If you are just a beneficiary (ie NOT also an executor), then you do not have to do anything except wait for your inheritance.

    While it might be courteous for the executor to keep you updated, they are not obliged to do so, and the solicitor's responsibilities are to the executor who has engaged their services, not to you.
    Signature removed for peace of mind
  • faerielight
    faerielight Posts: 1,868 Forumite
    First Anniversary First Post Combo Breaker I've been Money Tipped!
    Options
    Thank you for clearing that up :)
    Many thanks to all who contribute on MSE :)
  • chesky
    chesky Posts: 1,341 Forumite
    First Anniversary First Post
    Options
    What about if the beneficiary did not want the property sold (I realise this is not the case here).
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Options
    chesky wrote: »
    What about if the beneficiary did not want the property sold (I realise this is not the case here).
    As the house has a large mortgage the executor could agree to sell to him if the mortgage was cleared but they have no legal obligation to do so.
  • Keep_pedalling
    Keep_pedalling Posts: 16,623 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    chesky wrote: »
    What about if the beneficiary did not want the property sold (I realise this is not the case here).

    Normally the executor would give the beneficiary the choice, of selling or transferring the property. As far as the executor is concerned the second option is easier for them, so I can't see why any executor would be difficult about that.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Options
    Keep_pedalling wrote: »
    Normally the executor would give the beneficiary the choice, of selling or transferring the property. As far as the executor is concerned the second option is easier for them, so I can't see why any executor would be difficult about that.
    It would also mean that the estate did not have to bear the selling costs. The problem is establishing a fair price.
  • lulabel5
    lulabel5 Posts: 10 Forumite
    Options
    Hi there
    You mentioned in your post that the problem is agreeing on price - is this best worked out by getting a chartered surveyor to do a valuation? The estate agents' valuation seem to put in very high prices, well above what they actually expect the property to sell for. Can a solicitor/executor be compelled to use a chartered surveyor for the transfer valuation if they initially refuse to do so?
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    edited 12 June 2017 at 7:22PM
    Options
    lulabel5 wrote: »
    Hi there
    You mentioned in your post that the problem is agreeing on price - is this best worked out by getting a chartered surveyor to do a valuation? The estate agents' valuation seem to put in very high prices, well above what they actually expect the property to sell for. Can a solicitor/executor be compelled to use a chartered surveyor for the transfer valuation if they initially refuse to do so?
    The executor probably can't be compelled to unless any residuary beneficiaries are unhappy. An RICS valuation is much more likely to be a real world value.
  • chesky
    chesky Posts: 1,341 Forumite
    First Anniversary First Post
    Options
    This wouldn't be a problem if the beneficiary were the sole inheritor though, would it? Apart from IHT.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Options
    chesky wrote: »
    This wouldn't be a problem if the beneficiary were the sole inheritor though, would it? Apart from IHT.
    There could also be CGT implications if the beneficiary does not make it their main residence.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards