probate sale - why would I need a solicitor?

mikk

I am probate executor for an estate that consists of a house only. One of the beneficiaries, a family member, first time buyer that has lived in the property for many years is attempting to buy the house and assures me he has a mortgage offer in place. His conveyancing solicitor is now saying they cannot progress without dealing with a solicitor that I should appoint. It was my understanding that this is not necessary and is just delaying tactics so they can make more money. I have handled the probate procedure so far, luckily it is a very simple estate, the house under the tax threshhold, owned with no debts solely by the deceased-a small amount of money and the proceeds of the house sale to be divided between five family members, all over eighteen including the above, am I right?

xylophone

One of the benefactors,

One of the beneficiaries?

delaying tactics so they can make more money.

How would the buyer's solicitor benefit from work done for you (the estate) by the solicitor you appoint?

It may be that as there is to be a mortgage, the buyer's solicitor wants the transfer handled by another professional?

Thrugelmir

mikk wrote: »

It was my understanding that this is not necessary and is just delaying tactics so they can make more money.

Buyers solicitor works for the buyer and the lender, not you. Probably more concerned that you'll waste their time.

G_M

The problem is one for your buyer to deal with. He should instruct he solicitor to proceed, or find a different solicitor.

There is no reason he cannot check the contract you draw up in the usual way, and then draw up a TR1 for you to sign, again in the usual way.

Some solicitors simply dislike dealing witth buyers/sellers who act for themselves.

There is an argument that they incur extra work where the DIY seller does not know what they are doing and the other solictor ends up having to 'help' them, either on their own time or by then charging their own client for the time spent 'helping'.

But I've seen incompetant conveyancers who have to have their work corrected (poorly drafted contract, inadequate responses to Enquiries etc), and I've done DIY conveyancing myself to a high standard as I take particular cre to get things right first time.

Whether it is worth the hassle of arguing though, and risk losing a buyer, is anoher matter.


Of course, referring to 'beneficiaries' as 'benefactors' is not a good sign. Accuracy & attention to deal are really important!

kinger101

Have the other beneficiaries agreed that this one can buy the property at whatever price you're attempting to sell it for? Do you have that in writing?

If you're the executor/administrator of the estate, you have a duty to liquidate the estate on an arm's length basis. You don't want someone coming back at you at a later stage with accusations of bias.

Once you've got that cleared up, appoint a solicitor for the sale. If it were your own property, doing it your way is fine. I don't think you have that luxury here.

Thrugelmir

kinger101 wrote: »

If you're the executor/administrator of the estate, you have a duty to liquidate the estate on an arm's length basis. You don't want someone coming back at you at a later stage with accusations of bias.

Mortgage lender will also be concerned that the property is being sold to a connected party. Lender is at risk here.

Richard_Webster

First thing - have you actually got a grant of probate? f not then you should not be offering the property for sale as you will not have title to transfer it.

Are you prepared to travel to the buyer's solicitor's office to prove your ID and exchange contracts and then again to hand over any deeds and the executed TR1 and office copy probate on completion? If the buyer's solicitor is long way away he will tell his clients that unless you do this he will have to charge them extra to instruct an agent to go to you/

Solicitors exchange contracts and arrange completion over the phone by giving each other professional undertakings. You are not a solicitor so you can't do that.

Norman_Castle

Divide the solicitors costs among the five beneficiaries. How much will it cost each of you to get this right?


Has the property been independently valued?

LandyAndy

G_M wrote: »

Of course, referring to 'beneficiaries' as 'benefactors' is not a good sign. Accuracy & attention to deal are really important!

Indeed they are.

G_M

LandyAndy wrote: »

Indeed they are.

:rotfl:

(At least I'm not (currently) DIYing conveyancing.....)

mikk

Of course Norman, yes the grant has been issued and yes I've had valuations, divide by five is right. Glad to provide so much hilarity for everybody.The buyer is being quite evasive and vague, seems to resent my questions. I will speak to his solicitor, they are local. Ten months down the line they've not contacted me once, and have a reputation for incompetence but if they can act for the seller also this may simplify. Yes Richard I am prepared to do all that but opinion here suggests why bother, it makes no difference to me, its not my money.

That's funny Landy, missed that.
Originally Posted by G_M View Post
Of course, referring to 'beneficiaries' as 'benefactors' is not a good sign. Accuracy & attention to deal are really important!