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

faerielight

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.

Savvy_Sue

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.

faerielight

Thank you for clearing that up

chesky

What about if the beneficiary did not want the property sold (I realise this is not the case here).

Yorkshireman99

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

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

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

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

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

This wouldn't be a problem if the beneficiary were the sole inheritor though, would it? Apart from IHT.

Yorkshireman99

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.