Selling property in role of executor to current tenants

pjs493

My late husband owned a flat that has been rented out for about a decade. Following Probate I paid off the remaining mortgage. I’m both the sole beneficiary (barring a couple of sentimental gifts and a charitable donation) and executor of his estate. 

I plan to sell the flat as executor and then distribute the proceeds to myself as beneficiary. When I paid off the mortgage I deliberately didn’t update the Land Registry to change the property into my name so I could remain a first time buyer (big thanks to those on this board who made this suggestion).

The current tenants wish to buy the flat off me and are currently getting their ducks in a row so they’re in a position to buy. They’ll need a mortgage and I’ve heard that with a private sale like this it can be cheaper if both parties use the same solicitor. 

Should I wait to find out who their lender is and if they decide to go with a solicitor on the lender’s panel for the legal work, or should I start searching for a conveyancer now? Is there anything else I should be planning for? Do Probate sales typically take longer? Or can they be fairly straightforward in circumstances like mine?

i considered putting this on the mortgage forum, but thought there may be more people here with experiences of a Probate sale. 

Flugelhorn

I sold a house under probate and it probably took no longer than any other sale - few years back, offer accepted mid june and completed early august

pjs493

Flugelhorn said:

I sold a house under probate and it probably took no longer than any other sale - few years back, offer accepted mid june and completed early august

This is good to hear. The fact that the buyers already live in the property obviously simplifies things too. 

cymruchris

I always thought they recommended different solicitors for buyer and seller no matter what, to prevent any conflict of interest that might affect either party. There will be savings, as there's no estate agent.

pjs493

cymruchris said:

I always thought they recommended different solicitors for buyer and seller no matter what, to prevent any conflict of interest that might affect either party. There will be savings, as there's no estate agent.

I have a recent EPC certificate too, so that’s all sorted. 

I thought I read in a guide somewhere, possibly on this website, that using the same solicitor was an option. But I could be wrong. 

p00hsticks

pjs493 said:

 I’ve heard that with a private sale like this it can be cheaper if both parties use the same solicitor. 

I'm not sure that a solicitor would agree to acting for both parties as it could be a conflict of interests ?

YBR

I would advise having your own conveyancer.

We have bought from a landlord, although probate was not involved. It was no faster and I think there was no sense of urgency due to no chain and no removals.

Marcon

pjs493 said:

cymruchris said:

I always thought they recommended different solicitors for buyer and seller no matter what, to prevent any conflict of interest that might affect either party. There will be savings, as there's no estate agent.

I have a recent EPC certificate too, so that’s all sorted. 

I thought I read in a guide somewhere, possibly on this website, that using the same solicitor was an option. But I could be wrong. 

It is an option. One of the better articles I could find giving an overview of such a situation was: https://www.homewardlegal.co.uk/news/post/do-home-buyers-and-sellers-need-separate-conveyancing-solicitors

OP, given you are selling as executor, are you selling with 'limited title' (ie 'don't live there, don't really know the property, can't provide all the usual info')?

pjs493

Marcon said:

pjs493 said:

cymruchris said:

I always thought they recommended different solicitors for buyer and seller no matter what, to prevent any conflict of interest that might affect either party. There will be savings, as there's no estate agent.

I have a recent EPC certificate too, so that’s all sorted. 

I thought I read in a guide somewhere, possibly on this website, that using the same solicitor was an option. But I could be wrong. 

It is an option. One of the better articles I could find giving an overview of such a situation was: https://www.homewardlegal.co.uk/news/post/do-home-buyers-and-sellers-need-separate-conveyancing-solicitors

OP, given you are selling as executor, are you selling with 'limited title' (ie 'don't live there, don't really know the property, can't provide all the usual info')?

While I don’t live there, as it is occupied by tenants and has been for over a decade, I know a lot about the property, spent a lot of time there before my husband and I were married (while he was living in it before we married), and did most of the leg work with the rental side of things while my husband was alive because I had the spare time and capacity to deal with it (especially when he was overseas with work and I was the first point of contact). I know the property well and have all the documents related to the property from the time my late husband bought it until now. I’ve got everything from the expiry dates on the fire alarms to the brochure my husband got when he first expressed an interest in the flat from the company that built it. I probably know more about the property than I know about the house I’m currently living in. 

pjs493

It seems most people are suggesting I have my own solicitor for the sale. Perhaps my idea of being able to use the same one is something that used to happen years ago but doesn’t anymore. 

HampshireH

Get your own definitely. I bought from a landlord (having been the tenant) and it was done in 6-7 weeks start to finish. But it was a house not a flat and with flats unless you are the freeholder you will potentially have the added delays of lease packs etc