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  • FIRST POST
    • faerielight
    • By faerielight 12th Jun 17, 1:13 AM
    • 1,650Posts
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    faerielight
    Still confused.. whose job is it to sell the property to release the inheritance?
    • #1
    • 12th Jun 17, 1:13 AM
    Still confused.. whose job is it to sell the property to release the inheritance? 12th Jun 17 at 1:13 AM
    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
Page 1
    • Savvy_Sue
    • By Savvy_Sue 12th Jun 17, 2:12 AM
    • 37,823 Posts
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    Savvy_Sue
    • #2
    • 12th Jun 17, 2:12 AM
    • #2
    • 12th Jun 17, 2:12 AM
    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.
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    • faerielight
    • By faerielight 12th Jun 17, 2:27 AM
    • 1,650 Posts
    • 3,079 Thanks
    faerielight
    • #3
    • 12th Jun 17, 2:27 AM
    • #3
    • 12th Jun 17, 2:27 AM
    Thank you for clearing that up
    Many thanks to all who contribute on MSE
    • chesky
    • By chesky 12th Jun 17, 6:57 AM
    • 838 Posts
    • 1,197 Thanks
    chesky
    • #4
    • 12th Jun 17, 6:57 AM
    • #4
    • 12th Jun 17, 6:57 AM
    What about if the beneficiary did not want the property sold (I realise this is not the case here).
    • Yorkshireman99
    • By Yorkshireman99 12th Jun 17, 7:15 AM
    • 3,312 Posts
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    Yorkshireman99
    • #5
    • 12th Jun 17, 7:15 AM
    • #5
    • 12th Jun 17, 7:15 AM
    What about if the beneficiary did not want the property sold (I realise this is not the case here).
    Originally posted by chesky
    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
    • By Keep pedalling 12th Jun 17, 9:09 AM
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    Keep pedalling
    • #6
    • 12th Jun 17, 9:09 AM
    • #6
    • 12th Jun 17, 9:09 AM
    What about if the beneficiary did not want the property sold (I realise this is not the case here).
    Originally posted by chesky
    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
    • By Yorkshireman99 12th Jun 17, 9:33 AM
    • 3,312 Posts
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    Yorkshireman99
    • #7
    • 12th Jun 17, 9:33 AM
    • #7
    • 12th Jun 17, 9:33 AM
    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.
    Originally posted by Keep pedalling
    It would also mean that the estate did not have to bear the selling costs. The problem is establishing a fair price.
    • lulabel5
    • By lulabel5 12th Jun 17, 11:39 AM
    • 10 Posts
    • 1 Thanks
    lulabel5
    • #8
    • 12th Jun 17, 11:39 AM
    Price of transferred property
    • #8
    • 12th Jun 17, 11:39 AM
    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
    • By Yorkshireman99 12th Jun 17, 12:09 PM
    • 3,312 Posts
    • 2,665 Thanks
    Yorkshireman99
    • #9
    • 12th Jun 17, 12:09 PM
    • #9
    • 12th Jun 17, 12:09 PM
    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?
    Originally posted by lulabel5
    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.
    Last edited by Yorkshireman99; 12-06-2017 at 7:22 PM.
    • chesky
    • By chesky 12th Jun 17, 5:00 PM
    • 838 Posts
    • 1,197 Thanks
    chesky
    This wouldn't be a problem if the beneficiary were the sole inheritor though, would it? Apart from IHT.
    • Yorkshireman99
    • By Yorkshireman99 12th Jun 17, 5:07 PM
    • 3,312 Posts
    • 2,665 Thanks
    Yorkshireman99
    This wouldn't be a problem if the beneficiary were the sole inheritor though, would it? Apart from IHT.
    Originally posted by chesky
    There could also be CGT implications if the beneficiary does not make it their main residence.
    • faerielight
    • By faerielight 12th Jun 17, 6:59 PM
    • 1,650 Posts
    • 3,079 Thanks
    faerielight
    I am the sole beneficiary and I do want the house sold
    Many thanks to all who contribute on MSE
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