Selling an Inherited property

Invest987

A property has been left to my children 15 & 17.  I am the executor and an account has been set up my my and my sisters name and probate has been granted. A possibly silly question, when I put the property up for sale who's name am I selling it in? What has to be done before the sale.  Thank you. 

JGB1955

You will need to sell the property as executors of the estate.  Your conveyancer will deal with the 'legal' process.  Presumably the funds will then be put into a trust for your children.

Invest987

Thank you. Yes I would normally not find this process do worrying but to invest my uncles hard earned money is worrying me. He would want the money to grow as he was a business man but its not mine to risk. The estate is 579k. Bless him. 

xylophone

https://www.barrettandco.co.uk/2019/09/27/selling-a-property-as-an-executor/

You and your sister will sell as executors of the will.

The proceeds will be paid into the executors' account.

With regard to the Trust (s) for your minor children,  see your other thread.

Mickey666

Technically, the children have not inherited a property, at least not in the sense of being property owners.  The estate is still the owner of the property and if it needs to be sold then it will be the executor selling it on behalf of the estate.  The resulting funds will be paid into an executor account from which is can be distributed to the beneficiaries according to the will.  It is possible for the beneficiaries to become the legal owners of the property, but there’s really no point if the property is to be quickly sold.  

Invest987

Thank you. In the current climate do you think it is wise to fo that before March. I had really not wanted to bd in a rush as its his home and I finding it hard. However he was a business man and I can hear him telljng me to sell now. Its aand jn a really  bungalow and in a really good area. 

sammyjammy

Sell it now to make use of the stamp duty holiday, there is no point leaving it empty.

Owain_Moneysaver

Mickey666 said:

Technically, the children have not inherited a property, ...  It is possible for the beneficiaries to become the legal owners of the property, but there’s really no point if the property is to be quickly sold.  

And a point against the property passing in to the children's ownership is that they would lose the first time buyer incentives which may or may not be relevant in the future. 

DCFC79

Invest987 said:

Thank you. Yes I would normally not find this process do worrying but to invest my uncles hard earned money is worrying me. He would want the money to grow as he was a business man but its not mine to risk. The estate is 579k. Bless him. 

Maybe speak to a IFA about what to do with the money.

Invest987

Owain_Moneysaver said:

Mickey666 said:

Technically, the children have not inherited a property, ...  It is possible for the beneficiaries to become the legal owners of the property, but there’s really no point if the property is to be quickly sold.  

And a point against the property passing in to the children's ownership is that they would lose the first time buyer incentives which may or may not be relevant in the future. 

That is a very good point. Thank you. 

Invest987

xylophone said:

https://www.barrettandco.co.uk/2019/09/27/selling-a-property-as-an-executor/

You and your sister will sell as executors of the will.

The proceeds will be paid into the executors' account.

With regard to the Trust (s) for your minor children,  see your other thread.

You have been amazing today. Thank you again.