Distribution of estate

Honey2710

I am the residual beneficiary of an estate along with my sibling (no other beneficiaries) which is being dealt with by a solicitor as executor. Probate was granted at the end of February. There was a property to sell where a sale was agreed back in December with the buyer happy to wait for probate to be granted. I emailed solicitors this week to ask how the sale was proceeding and was told it was progressing as it should. I know every estate is different but wondered what other people’s experiences of timescales were from probate being granted to distribution of estate just to get an idea of how long things might take from this point forward. Thanks. 

bobster2

Honey2710 said:

I am the residual beneficiary of an estate along with my sibling (no other beneficiaries) which is being dealt with by a solicitor as executor. Probate was granted at the end of February. There was a property to sell where a sale was agreed back in December with the buyer happy to wait for probate to be granted. I emailed solicitors this week to ask how the sale was proceeding and was told it was progressing as it should. I know every estate is different but wondered what other people’s experiences of timescales were from probate being granted to distribution of estate just to get an idea of how long things might take from this point forward. Thanks. 

Well surely this needs to wait until the sale has been completed?

There are typically many months between a sale being "agreed" (offer accepted) and completion. And until completion happens the buyer could pull out.

Personally as a buyer I wouldn't pay any solitictor / survey costs until probate had been granted for the property I was buying. So you could be looking at many months from February before you can expect the sale to complete.

Runner_Duck

We completed the sale of my mother's house 23 days after I'd had notification that probate had been granted.  It was to a cash buyer though so no chain. Most of the bank/building societies paid out in September, the exception being NS&I which took until January.  The will was very simple, no solicitors involved and so the executors distributed the funds as they arrive.  We did keep some money back until the HMRC decided if tax was owed.  I've heard that solicitors are generally slower to distribute funds.

Blue_Butterfly

I think solicitors wait at least 6 months after probate is granted, as this is the time limit for Inheritance Act claims on the estate. They would also want to be sure that any creditors had come forward. An executor can be held liable for any valid claims that arise after an estate has been distributed. It's likely that solicitors have missing beneficiary insurance, and this may have conditions attached that prevent early distribution of estates.

Savvy_Sue

They might, however, be prepared to give an interim distribution. If that's something you NEED, it would be worth asking the question. 

Hoenir

Blue_Butterfly said:

I think solicitors wait at least 6 months after probate is granted, as this is the time limit for Inheritance Act claims on the estate. 

Once appointed they'll be following due process of posting notification of the death. No need to wait until probate is granted. 

Hoenir

Honey2710 said:

Probate was granted at the end of February. There was a property to sell where a sale was agreed back in December with the buyer happy to wait for probate to be granted. I emailed solicitors this week to ask how the sale was proceeding and was told it was progressing as it should.

Then the buyer may well have sat on their hands until official confirmation came through before taking any action. Cash buyer or is there a chain?  From the solicitors response would suggest that completion is some weeks away yet. 

Honey2710

The buyer has a property to sell but their buyer is a first time buyer so not a very long chain at all. 

I’m not in a position where I desperately need the money but my own mortgage fixed deal is up in July and wanted to use the money to pay off a chunk of my mortgage before fixing again to save incurring fees.