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  • FIRST POST
    • Trebormint
    • By Trebormint 12th Jul 18, 12:59 PM
    • 42Posts
    • 0Thanks
    Trebormint
    House sale - probate
    • #1
    • 12th Jul 18, 12:59 PM
    House sale - probate 12th Jul 18 at 12:59 PM
    Hi,

    I have recently been advised that my brother (will executor) has sold my parent house for significantly less than the asking price, despite me presenting them i.e himself and the acting solicitor, with a firm offer at the asking price from a independent buyer. They advised that this offer was lower than others they already had so my brother was looking out for the best interests of the estate yet has now sold for way under the listed price.

    When the estate is settled can I (as one of the beneficiaries) hold my brother to account for this blatant waste of estate assets?

    Regards,
Page 1
    • Tom99
    • By Tom99 13th Jul 18, 2:44 AM
    • 2,609 Posts
    • 1,778 Thanks
    Tom99
    • #2
    • 13th Jul 18, 2:44 AM
    • #2
    • 13th Jul 18, 2:44 AM
    Depends what you mean by way under, what are the figures?


    Did a problem with the title or survey crop up?
    • xylophone
    • By xylophone 13th Jul 18, 10:28 AM
    • 26,478 Posts
    • 15,721 Thanks
    xylophone
    • #3
    • 13th Jul 18, 10:28 AM
    • #3
    • 13th Jul 18, 10:28 AM
    https://www.hcrlaw.com/blog/believe-executor-acting-improperly/
    • Trebormint
    • By Trebormint 13th Jul 18, 11:06 AM
    • 42 Posts
    • 0 Thanks
    Trebormint
    • #4
    • 13th Jul 18, 11:06 AM
    • #4
    • 13th Jul 18, 11:06 AM
    no problems with the survey as the previous potential buyer had already done the necessary surveys etc and was happy to offer the full asking price
    • xylophone
    • By xylophone 13th Jul 18, 11:14 AM
    • 26,478 Posts
    • 15,721 Thanks
    xylophone
    • #5
    • 13th Jul 18, 11:14 AM
    • #5
    • 13th Jul 18, 11:14 AM
    What explanation has your brother given?
    • Margot123
    • By Margot123 13th Jul 18, 2:30 PM
    • 1,075 Posts
    • 1,107 Thanks
    Margot123
    • #6
    • 13th Jul 18, 2:30 PM
    • #6
    • 13th Jul 18, 2:30 PM
    OP, your post might get a more experienced response on the MSE Probate forum: https://forums.moneysavingexpert.com/forumdisplay.php?f=217
    • G_M
    • By G_M 13th Jul 18, 8:44 PM
    • 45,313 Posts
    • 54,305 Thanks
    G_M
    • #7
    • 13th Jul 18, 8:44 PM
    • #7
    • 13th Jul 18, 8:44 PM
    Yes, in theory, and in law, you can hold the (joint) Executors to account for any loss you suffer as Beneficiary.

    But I suspect you would need hard proof. In this case, you'd need proof that the 'market value' of the property was the same as the 'listed price' to which you refer, such that you could prove they had sold for a lesser amount.

    Market values are, of course, difficult to establish, so you'd need a combinations of

    * an official written valuation by an RICS surveyor
    * several (3+?) writen valuations by selling agents (clearly differentiating between what they market for and what they'd expect to sell for
    * the recorded Probate value
    * a written offer by a credible buyer
    * a variety of records of 'sold' prices culled from the Land Registry, for similar properties, in similar condition, in the same street/neighbourhood

    Once you've established the market value as above, and can show the property was sold considerably under this, you'd have the task of taking your brother and solicitor to court........


    Out of interest, was your brother also a Beneficiary? If so, he too has lost out.........
    • Trebormint
    • By Trebormint 22nd Jul 18, 8:30 AM
    • 42 Posts
    • 0 Thanks
    Trebormint
    • #8
    • 22nd Jul 18, 8:30 AM
    • #8
    • 22nd Jul 18, 8:30 AM
    Hi thanks G_M.

    I have confirmation from the solicitors that the mean average taken from 3 separate estate agents shows a much higher asking price.

    I have a email and letter from the potential buyer who approached me of their higher offer price

    The recorded probate value is again considerably higher

    The most alike property next door sold for over 100K more !!

    Yes my brother is also a benefeciary but I smell a rat. Previous correspondence between myself and the solicitor said their client would not be pressured into rushing a sale when I asked them to consider changing the sales process from the modern auction set up to a normal and in my opinion sensible sales process which is the norm i.e. put the house up for sale and wait for offers. Now all of a sudden and within weeks my brother reduced the house price by 2 amounts (quite large) in succession, which just looks odd. One minute no rush and now quickly reducing the house and boom its sold!!!!

    I have been told by the neighbour that surveyors have been round and spent all day measuring the plot etc and he suspects they are planning to knock it down and rebuild. My issue is that my brother equally works in the property development industry and I am suspicious that he and my sister have joined forces as joint beneficiaries to by the house for a considerably reduced price, develop it and then sell it or split profits with a developer.

    I can't prove this yet but will find out who has bought the place via official means (land registry) and see what this shows, but all in all I am very suspicious of how this has been managed especially given that there is a family feud with my brother and sister joining forces against me.
    • moneyistooshorttomention
    • By moneyistooshorttomention 22nd Jul 18, 8:51 AM
    • 16,574 Posts
    • 45,757 Thanks
    moneyistooshorttomention
    • #9
    • 22nd Jul 18, 8:51 AM
    • #9
    • 22nd Jul 18, 8:51 AM
    Does sound suspicious to me.

    Good luck.

    EDIT; On a slightly different tack - have you got a Will made out - ie so that your assets are left to "someone anyone other than your brother"? Just in case he's your "next of kin" and would automatically get your property too if you died first.
    ****************
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