Raising money against assets / selling assets whilst in the period of administration

Jet

Probate has been granted and we are in the period of administration. 

I am residual beneficiary (and sole executor) and have land and property to come to me which needs to be transferred.  Can I sell assets / dispose of them / raise finance against them whilst in the period of administration as executor / residual beneficiary?

Flugelhorn

If you have probate and are the executor and the assets are no specifically left to an individual then you can sell them. 

Keep_pedalling

Are you planning to keep the land and property? If not you don’t need to transfer the property to your name before selling.

Jet

Flugelhorn said:

If you have probate and are the executor and the assets are no specifically left to an individual then you can sell them. 

And can I use the funds myself?  Or should I leave the funds in an executor account until the estate is settled?

With regards to property, I presume I can't raise finance against them until they are legally in my name?

Flugelhorn

Strictly it should all stay in the executor's account until you are sure that all is settled ie that you have given notice in the gazette for any creditors etc

I sold a property and the money went straight to the exec's account. The difference was that I was the exec and sole beneficiary so if there were any unknown debts it was down to me to pay them anyway, risk is you use the money and then need it to pay debts. 

Jet

Flugelhorn said:

Strictly it should all stay in the executor's account until you are sure that all is settled ie that you have given notice in the gazette for any creditors etc

I sold a property and the money went straight to the exec's account. The difference was that I was the exec and sole beneficiary so if there were any unknown debts it was down to me to pay them anyway, risk is you use the money and then need it to pay debts. 

I'm residual beneficiary, so like you, any unknown debts would be down to me anyway.  So selling is an option.

Am I right in thinking, I couldn't raise finance (ie, take out a mortgage on a house) until it has been legally transferred to me?

Marcon

Flugelhorn said:

Strictly it should all stay in the executor's account until you are sure that all is settled ie that you have given notice in the gazette for any creditors etc

You don't have to advertise in the Gazette. Most people don't bother, particularly if they are the main/residual beneficiary as well as executor, because they simply pay up out of the funds they've inherited. It just builds in another period of delay if the estate is straightforward.

getmore4less

Jet said:

Flugelhorn said:

Strictly it should all stay in the executor's account until you are sure that all is settled ie that you have given notice in the gazette for any creditors etc

I sold a property and the money went straight to the exec's account. The difference was that I was the exec and sole beneficiary so if there were any unknown debts it was down to me to pay them anyway, risk is you use the money and then need it to pay debts. 

I'm residual beneficiary, so like you, any unknown debts would be down to me anyway.  So selling is an option.

Am I right in thinking, I couldn't raise finance (ie, take out a mortgage on a house) until it has been legally transferred to me?

They can be done at the same time,  like most people do with a purchase.

The issue with transfer first is some lender have a period before they will lend on property that has been acquired recently.