Scotland: 2 beneficiarys want to buy house

john110375

Scotland: both beneficiarys want to buy the house which is part of the estate. How do I move forward to decide who gets it? It's not on the open market yet because I thought if one wanted to buy then it would save money on advertising and estate agents commission however I didn't think both would want to buy. They are both happy paying the valued price. 

user1977

Are they the only beneficiaries? If so then it's effectively up to them...higher bidder would make sense?

Keep_pedalling

Tell them that they have to come to an agreement between them. Give them a deadline and if they can’t agree by then you will be putting the house up for sale on the open market. 

poppystar

If they can’t decide between themselves then put it on the market, the costs will come from the estate, and you might even get a higher offer. Inform them in advance you will be doing it on a certain day and if they can’t agree beforehand it will be sold to the highest bidder who might not be either of them. That way you are carrying out your role as executor to maximise the estate value and no one can accuse you of favouritism further down the line. 

john110375

user1977 said:

Are they the only beneficiaries? If so then it's effectively up to them...higher bidder would make sense?

No there are 3 but the third is pushing the sale and doesn't want the house and wants it sold asap

user1977

john110375 said:

user1977 said:

Are they the only beneficiaries? If so then it's effectively up to them...higher bidder would make sense?

No there are 3 but the third is pushing the sale and doesn't want the house and wants it sold asap

Which would be the correct option if they can't agree it amongst themselves.

mattojgb

Are the beneficiaries also executors? 

Hoenir

Sealed bids to decide. 

john110375

mattojgb said:

Are the beneficiaries also executors? 

1 is who also wants to buy

Keep_pedalling

john110375 said:

mattojgb said:

Are the beneficiaries also executors? 

1 is who also wants to buy

That complicates thing, I can see this ending up with some very expensive legal costs.

mattojgb

john110375 said:

mattojgb said:

Are the beneficiaries also executors? 

1 is who also wants to buy

I can't see that happening then. Extremely complex for executors to purchase assets of the estate. In particular, you would need all the other beneficiaries to agree and to have received independent legal advice. If is sold to the other beneficiary I suggest you make sure that the others have received independent legal advice and appropriate to disclaimers to protect you as executor.