Beneficiary Executor Issues
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jhb72
Posts: 1 Newbie
Hi
I hope someone may be able to offer me some advice.
I am executor of my father's will with another sibling. We had to apply for probate to become executors as we only had a copy will.
One property has been left to 2 beneficiaries. Once probate was granted both beneficiaries were asked if they wanted the property sold and whether they wanted to buy it. They both wanted to sell and one wanted to buy the other out and is in the process of securing his mortgage.
At this point I would like to point out that there these two beneficiaries(brothers) do not speak and there is a history of conflict.
We started to receive solicitors letters from one brother requesting access to the property to do his own valuations and he wanted the property transferred into both the beneficiaries names. The other brother does not want the property transferred at all as it will inevitably cause future conflict.
We denied access to both parties and sought 3 independent valuations. The property is currently in quite a state of disrepair.
We then got letters from a barrister stating he could come and change the locks if he wanted, he was going to have us removed as executors and he would apply for TOLATA (at this point it was becoming confusing).
We re-iterated our position and confirmed the other brother wants to buy the property at higher than the mid value of the 3 valuations. He now says he is willing to let the other brother buy the property but wants to do his own valuation.
I feel this is a ploy on his part to obviously have the highest valuation possible - which does not convert to a sale value and for him to start disrupting things all over again.
Do I legally have to allow him to get his own valuation? I have been told he has the right to verify the value himself.
Thanks in advance for your help
I hope someone may be able to offer me some advice.
I am executor of my father's will with another sibling. We had to apply for probate to become executors as we only had a copy will.
One property has been left to 2 beneficiaries. Once probate was granted both beneficiaries were asked if they wanted the property sold and whether they wanted to buy it. They both wanted to sell and one wanted to buy the other out and is in the process of securing his mortgage.
At this point I would like to point out that there these two beneficiaries(brothers) do not speak and there is a history of conflict.
We started to receive solicitors letters from one brother requesting access to the property to do his own valuations and he wanted the property transferred into both the beneficiaries names. The other brother does not want the property transferred at all as it will inevitably cause future conflict.
We denied access to both parties and sought 3 independent valuations. The property is currently in quite a state of disrepair.
We then got letters from a barrister stating he could come and change the locks if he wanted, he was going to have us removed as executors and he would apply for TOLATA (at this point it was becoming confusing).
We re-iterated our position and confirmed the other brother wants to buy the property at higher than the mid value of the 3 valuations. He now says he is willing to let the other brother buy the property but wants to do his own valuation.
I feel this is a ploy on his part to obviously have the highest valuation possible - which does not convert to a sale value and for him to start disrupting things all over again.
Do I legally have to allow him to get his own valuation? I have been told he has the right to verify the value himself.
Thanks in advance for your help
0
Comments
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The solution is to get the property professionally rather than use estate agents guesses. Before you do this you should get the beneficiary’s agreement in writing. Ultimately the executors could sell the property at auction. The executors have no obligation to allow the beneficiaries to decide.Hi
I hope someone may be able to offer me some advice.
I am executor of my father's will with another sibling. We had to apply for probate to become executors as we only had a copy will.
One property has been left to 2 beneficiaries. Once probate was granted both beneficiaries were asked if they wanted the property sold and whether they wanted to buy it. They both wanted to sell and one wanted to buy the other out and is in the process of securing his mortgage.
At this point I would like to point out that there these two beneficiaries(brothers) do not speak and there is a history of conflict.
We started to receive solicitors letters from one brother requesting access to the property to do his own valuations and he wanted the property transferred into both the beneficiaries names. The other brother does not want the property transferred at all as it will inevitably cause future conflict.
We denied access to both parties and sought 3 independent valuations. The property is currently in quite a state of disrepair.
We then got letters from a barrister stating he could come and change the locks if he wanted, he was going to have us removed as executors and he would apply for TOLATA (at this point it was becoming confusing).
We re-iterated our position and confirmed the other brother wants to buy the property at higher than the mid value of the 3 valuations. He now says he is willing to let the other brother buy the property but wants to do his own valuation.
I feel this is a ploy on his part to obviously have the highest valuation possible - which does not convert to a sale value and for him to start disrupting things all over again.
Do I legally have to allow him to get his own valuation? I have been told he has the right to verify the value himself.
Thanks in advance for your help0 -
There's no need to get the beneficiaries to agree to anything, in writing or otherwise. If these 2 are messing about, tell them you are going to put the property on the market with an estate agent and do so. If one brother wants to buy, he can make an offer and you as executors can decide whether or not to accept it.
The barrister is talking tosh.0 -
An executor has the power to administer the estate and can instruct a valuation of estate property. The valuation should be done by a RICS surveyor (this would be accepted by HMRC - it cost me around £800 to get a valuation) it's better to do this than rely on the free-of-charge estate agent valuations as they vary a lot. I got 3 free valuations and there was £50,000 difference.
Only the Executors have the right to administer the estate and handle the estate's property. Therefore I would not think a beneficiary has any right to go in and get a valuation done for themselves, unless the Executor gives them permission.0 -
Dont get estate agents to give you a guess at the valuation, which can then be challenged, pay for a qualified expert to value it. An RICS Surveyor is an expert and will produce a report evidencing their valuation.Don't listen to me, I'm no expert!0
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"There's no need to get the beneficiaries to agree to anything, in writing or otherwise. If these 2 are messing about, tell them you are going to put the property on the market with an estate agent and do so. If one brother wants to buy, he can make an offer and you as executors can decide whether or not to accept it.
The barrister is talking tosh."
Totally agree.
They are trying the "barrister" thing to try and frighten you.
My siblings did it to me when they challenged a will of which I was sole executor.They even instructed a barrister to appear in court to try and frighten me. In the event I ignored their threats and duly turned up in court and the judge laughed at the barrister - as the judge said to the barrister "do you want me to just dismiss the case or throw it out ?"
It felt good giving the barrister a big grin as we both left the court.
Also, I bet they had a lot of legal costs to pay out of their bequests.
Stick to your guns,you are the executor and you have the power.Don't let anybody push you around0 -
I am executor of my father's will with another sibling.
One property has been left to 2 beneficiaries.
At this point I would like to point out that there these two beneficiaries(brothers) do not speak and there is a history of conflict.
For clarity, are the 2 brothers different people to you and your brother?
Does the Will say something along the lines of 'I leave 123 Acacia Avenue to Fred and Joe Blogs'?
If so, transfer it to them, give them the keys and walk away from it. Let them deal with it. You don't need to sell it or even give the option.0 -
That would be totally irresponsible for an executor to do.nom_de_plume wrote: »For clarity, are the 2 brothers different people to you and your brother?
Does the Will say something along the lines of 'I leave 123 Acacia Avenue to Fred and Joe Blogs'?
If so, transfer it to them, give them the keys and walk away from it. Let them deal with it. You don't need to sell it or even give the option.0
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