Estate Agent or Solicitor?

WobagUK

I am dealing with the property of my Aunt who passed away recently, and looking to sell.  I was working on the assumption that it would be fully marketed via a local estate agent once it cleared probate.

However I have had an approach from a neghbour who has someone in the family who would buy it outright, and is already familiar with the property.

I have no interest in an informal exchange, way too many things to go wrong, but I wonder, do I need an estate agent at all as it wouldnt be marketed, or rather a solicitor who can just manage the exchange of paperwork and make sure the money thing all happens securely?

user1977

What would you be expecting the estate agent to do?

p00hsticks

If you have a buyer then there is no need for an estate agent, just a solicitor. 
But in what capacity are you acting here - executor, beneficiary or both ?

If you are the executor but not the sole beneficiary, I'd be a bit wary about accepting a private offer from an individual rather than putting it on the open market to see what it would fetch, as it may not be in the best interests of the beneficaries..... .

WobagUK

p00hsticks said:

If you have a buyer then there is no need for an estate agent, just a solicitor. 
But in what capacity are you acting here - executor, beneficiary or both ?

If you are the executor but not the sole beneficiary, I'd be a bit wary about accepting a private offer from an individual rather than putting it on the open market to see what it would fetch, as it may not be in the best interests of the beneficaries..... .

I am both the son of the Executor who has nominated me to complete administration on her behalf, and one of two beneficiaries.  The other of which is comfortable with accepting an offer of similar magnitude to the lower end of the 3 independent valuations we obtained for probate.

WobagUK

user1977 said:

What would you be expecting the estate agent to do?

Thats sort of the nature of the question, whether there are aspects of the process that an estate agent is set up to manage easily and efficiently that a solicitor may not be that I am unaware of.

Keep_pedalling

If both beneficiaries are happy with the price then accept it and appoint a solicitor to deal with it. An estate agents job is to find a buyer, you already have one so you don’t need an EA.

propertyrental

But as 'son of the executor' it really is not your decision. The Executor (your mother? father?)  is ultimately respomsible and cannot 'nominate' you.

The executor can execute a 'Deed of Renunciation' and then you would need to apply to the Probate Office to act as 'Administrator'.

eddddy

WobagUK said:

... but I wonder, do I need an estate agent at all as it wouldnt be marketed, or rather a solicitor who can just manage the exchange of paperwork and make sure the money thing all happens securely?

Here are some examples of what a good estate agent might do once an offer has been accepted. You can judge whether any/all are necessary in your case, and/or whether you want to do them yourself...

Check the proceedability of the buyer...

• Do they have to sell a property in order to buy?
• If so, is the property on the market, under offer, etc? If it's under offer, how is the sale progressing?
• Is there a chain beneath your buyer - if so, is it complete and how is it progressing?
• Maybe you want to contact your buyer's estate agent to confirm what the buyer has told you, and maybe contact the estate agents lower down the chain

• Does the buyer have a mortgage AIP? (An estate agent would want to see it to make sure)
• An estate agent would want to see bank statements, if the purchase required a cash deposit

• Do the numbers add up? Cash in bank and/or equity from current sale and/or mortgage AIP

Progress the sale...

• Chase the buyer to instruct a solicitor, apply for a mortgage, arrange a survey etc
• Check on progress periodically
• Check on progress lower down the chain

Resolve problems, and re-negotiate if required. For example,

• The valuation comes back lower than the offer price - the buyer wants to re-negotiate the price
• The survey shows up problems - the buyer wants to re-negotiate the price
• The buyer panics because there is no Fensa certificate for the windows - you need to reassure and explain

Having said this, sales can go through fine without needing any of the above. (Especially if the buyer is experienced and honest)

But I've also seen private sales fall apart, because none of the above was done.

WobagUK

propertyrental said:

But as 'son of the executor' it really is not your decision. The Executor (your mother? father?)  is ultimately respomsible and cannot 'nominate' you.

The executor can execute a 'Deed of Renunciation' and then you would need to apply to the Probate Office to act as 'Administrator'.

To be clear, there are managing solicitors for probate, and they have allowed my mother to nominate me as point of contact for information they require, and any actions it makes sense for me to complete on her behalf, while she remains Executor. So there is no issue there.

She will of course receive the proceeds of the estate to distribute to the beneficiaries including me.

Hoenir

There's no harm in ascertaining how serious the enquiry is and what form it will take. Before deciding what course of action to take. The "family member"  might not be in a proceedable position even. 

WobagUK

eddddy said:

WobagUK said:

... but I wonder, do I need an estate agent at all as it wouldnt be marketed, or rather a solicitor who can just manage the exchange of paperwork and make sure the money thing all happens securely?

Here are some examples of what a good estate agent might do once an offer has been accepted. You can judge whether any/all are necessary in your case, and/or whether you want to do them yourself...

Thats the sort of comprehensive answer I was looking for!