Tenants in Common - Executors dealing with sale of property.

msb1234

Zuffy said:

Thank you for sharing your experience of selling your late mums house. Would I be right in assuming from what you say that   you received your share of the estate from the solicitor who carried out the conveyancing rather than the buyers solicitor .I would be interested to know as I have been told that the buyers solicitor would be responsible for distributing the funds to the relevant estates.

As with all house sales, the buyer sends his funds to his conveyancer and they get sent to the sellers conveyancer who then does various things. Pay off any charges against the property such as a mortgage, then distributes any remaining money to the seller - in my case I was the seller along with the new trustees as I was the executor. Perhaps if there is only one person - the executor - selling the property and no outstanding charges on the property, the funds would go straight to the executor.

Zuffy

Thank you very much for your explanation  msb1234. Please accept my apologies  for my late response but I have been away and I didn’t  have any internet access, so only picked up your reply on my return today.

Bossyboots

msb1234 said:

Zuffy said:

Thank you for sharing your experience of selling your late mums house. Would I be right in assuming from what you say that   you received your share of the estate from the solicitor who carried out the conveyancing rather than the buyers solicitor .I would be interested to know as I have been told that the buyers solicitor would be responsible for distributing the funds to the relevant estates.

As with all house sales, the buyer sends his funds to his conveyancer and they get sent to the sellers conveyancer who then does various things. Pay off any charges against the property such as a mortgage, then distributes any remaining money to the seller - in my case I was the seller along with the new trustees as I was the executor. Perhaps if there is only one person - the executor - selling the property and no outstanding charges on the property, the funds would go straight to the executor.

I have executed estates as the sole executor and the money for the house sale goes to the seller's solicitor the same as if it was an ordinary sale. The money will not go direct to the executor/seller.

Zuffy

Hi Bossyboots
There are two executors one for Mr A and one for Mrs B .The executor for Mrs B is also the conveyancer dealing with the sale.Would I be right in assuming that it will be the executor/ conveyancer for Mrs B who will receive the funds following the sale of the property. 

Bossyboots

Zuffy said:

Hi Bossyboots
There are two executors one for Mr A and one for Mrs B .The executor for Mrs B is also the conveyancer dealing with the sale.Would I be right in assuming that it will be the executor/ conveyancer for Mrs B who will receive the funds following the sale of the property. 

Yes, that is what would be expected to happen. The conveyancer/executor is then responsible for accounting to the estate for the funds.

Zuffy

Thank you Bossyboots
I have been on Conveyancing Forums where the advice given is that the buyers conveyancers are responsible for ensuring funds are paid to the relevant estates (in cases of tenants in common where there are two separate estates).It all very confusing especially when conveyancers don’t seem to be following the same rules and processes.

mattojgb

Have a look at "overreaching". Mrs Bs executor will need to appoint a trustee to overreach the part A restriction - and the sale can proceed without any involvement from Mr As executos. It is the responsibility of the seller and that trustee to ensure funds are distributed correctly to the beneficial owners. I wouldn't worry about contacting the buyers solicitor - they will be aware of the part A restriction and so long as there are two sellers named (Mrs Bs executor and the trustee) they won't be bothered by who the beneficial owners are. It would however be worth your while informing Mrs Bs executor of the beneficial ownership along with appropriate documentation - will & grant of probate. It may be worth getting a solicitor to do that. 

Zuffy

Thank you Mattojgb.It appears that is exactly what is happening in this case.Mrs B executor has appointed a second trustee and the sale of the property is likely to be completed very soon .
‘Mrs B’s executor has a copy of Mr A’s Will and grant of probate. Thank you for explaining the process.