Executors duties when selling property

danco

This well in advance as I am still alive. But I am old enough that I do need to think about my Will, (I have just made a new one)  and about how to make things easy for my executors.

I know that they do have a responsibility to get the best available price when selling my flat. But I live in a block of retirement flats, and that kind of flat is notoriously difficult to sell. The two flats in my block where someone has died took over a year to sell, and that feels a long time to wait before an estate is settled.

Are the executors entitled to decide that they should sell for a low price, for instance to a firm that offers 90% of agreed value? Yes, I know some such firms are cowboys, but I do know of one or two good ones. THat's certainly what I feel would be best for most of my beneficiaries. I have left a memorandum with my will suggesting this but indicating that they should take legal advice about this.

Olinda99

Just to say 90% sounds optimistic to say the least

Keep_pedalling

These types of property are notoriously difficult to sell, I think most beneficiaries will just be glad to get something reasonably quickly. 

Simplest thing to do is make all the major beneficiaries the executors.

danco

90% was mentioned by one firm who visited the residents, but I doubt fi they would actually offer that in practice for these flats. As was said, they are difficult to sell.

I couldn't make the beneficiaries executors, as there are about a dozen who share equally.

The main point of my question is that an estate agent may say, and be correct in saying, that the executors should ultimately be able to sell for X but it might take a year. Are the executors entitled to say they will sell for a much lesser sum Y because that can be done in a month or two.

RAS

Given the nightmares that other inheritors have had selling retirement flats, any return on investment would be a bonus, because the monthly fees and termination fees can wipe all the value.

Much better to rent a retirement flat.

Olinda99

executors have that power - all that is required of them is that they are not negligent.

bobster2

danco said:

90% was mentioned by one firm who visited the residents, but I doubt fi they would actually offer that in practice for these flats. As was said, they are difficult to sell.

I couldn't make the beneficiaries executors, as there are about a dozen who share equally.

The main point of my question is that an estate agent may say, and be correct in saying, that the executors should ultimately be able to sell for X but it might take a year. Are the executors entitled to say they will sell for a much lesser sum Y because that can be done in a month or two.

Ultimately the market value of a property is what someone is willing to pay for it. If nobody is willing to buy a property advertised at a particular price for > 1 year you could argue that the advertised price is not really the market value.

danco

Thanks, Olinda99. That's the most helpful reply I have received, with bobster2 coming close. I don't see the point (except that it might help others, certainly not relevant to my question) of saying that retirement flats should be rented, not bought. Probably true, but five years too late.

SiliconChip

danco said:

I don't see the point (except that it might help others, certainly not relevant to my question) of saying that retirement flats should be rented, not bought. Probably true, but five years too late.

One point is that you could sell it yourself then rent another flat, thereby relieving your executors of the burden in the future.

Olinda99

good idea - maybe you don't want to but you could consider moving now. If nothing else it would give you an idea of what it would fetch

danco

Not at my age!! And not with decent facilities!! I definitely want to leave problems to others, not to have to deal with them myself. Even if my flat fetched zero moving here would still have been a good decision, comfort and convenience are more important than money for others