Property

getmore4less

If you really believe it is worth more take I as your share and sell it yourself.

Ken68

getmore4less wrote: »

If you really believe it is worth more take I as your share and sell it yourself.

At 81, don't want the worry of property or shares, and I have money of my own so not desperate. Just concerned that I (and lesser beneficiaries) are not done over.

Have just been told that the cost of selling of his shares will be £40 per holding, yet I can buy or sell my own for £5.95.

Malthusian

Ken68 wrote: »

Have just been told that the cost of selling of his shares will be £40 per holding, yet I can buy or sell my own for £5.95.

Not surprising. I know of at least one broker that charges £40 per trade for selling shares if you don't use their online system (which the executor is probably unable to do). The fact that you use a different broker is neither here nor there. The executor is not obliged to spend weeks transferring the shares in-specie to a different broker for the sake of a few hundred quid in dealing costs.

Ken68

Not sure of all the duties of an executor,other than to get the best price and that they represent all the beneficiaries.
I see your point about the shares , death certificates and identities would be needed to do the transfer.
How would an executor PROVE that the best value was obtained if solely contracted to one Estate Agent ?

Malthusian

Ken68 wrote: »

How would an executor PROVE that the best value was obtained if solely contracted to one Estate Agent ?

They don't need to. If you are going to sue them for not giving you your fair share, the onus is on you to prove the estate agent could have sold it for more and voluntarily did themselves out of a bigger commission for some reason. Or that the executor should reasonably have known the sale price was too low.

Ken68

In the case of a challenging property,the estate agents can make more in commission from a builder or developer plus what they get from the seller.
In fact I think that is how my brother bought the property originally, a tip off from Lloyds bank. Straight offer below value, bank happy, seller cleared his debt , brother got something cheap.

getmore4less

Ken68 wrote: »

At 81, don't want the worry of property or shares, and I have money of my own so not desperate. Just concerned that I (and lesser beneficiaries) are not done over.

Have just been told that the cost of selling of his shares will be £40 per holding, yet I can buy or sell my own for £5.95.

Is that just to sell or a DOD valuation and sale?

you could do the valuations yourself to help out.

They should be transferable at min/zero cost to your nominee platform so you could take on the sale side if it can be done cheaper.
you then have to decide how the timing of sale risk will be carried.


If really concerned about the house sale make it public and go auction, then take the hit on the fees.

Ken68

I think banks and such are happier dealing with a solicitor and have been outvoted on the auction route.
Have mentioned RICS valuation. Main property will soon be empty, tempted to put in a bid but don't think I have the energy and spirit to renovate.
Already winding down my own affairs as mentioned in a thread by Sea Shell.
Thanks for the help will let you know what happens (six months!!)