House Purchase by Executor or Beneficiary

[SusieS]

All beneficiaries should be told about all offers. You seem to be saying that the executor is a professional who is appointed and paid to act, namely a solicitor. He’s has a clear conflict of interest then as his desire to buy the property is not aligned with the executor obligation to get the best price for the property. Proceed very carefully. The other beneficiaries may be very annoyed to learn about the other offer after the fact, and the fact that you knew about it.

Thanks for the reply and the advice.

 

[Clamball]

Your cousin, also a beneficiary, can reply with a no to the solicitor. The solicitor will inform the executor that two beneficiaries have declined to agree to sell the house to him because of the cousins offer.

The executor, whose role is to get the best value for the assets, and who looks like is not trying to do anything underhand will consult with the solicitor and propose another solution. It might be handy if the beneficiaries had a quick meet up to discuss, it would certainly be faster. But I can see why the solicitor would write to everyone to get their individual yeah or nay as some people may not feel they can give an open opinion in a meeting. It is just slow, the solicitor is juggling a lot of files at the same time so cannot react instantly to one executor.

 

[SusieS]

Your cousin, also a beneficiary, can reply with a no to the solicitor. The solicitor will inform the executor that two beneficiaries have declined to agree to sell the house to him because of the cousins offer.

The executor, whose role is to get the best value for the assets, and who looks like is not trying to do anything underhand will consult with the solicitor and propose another solution. It might be handy if the beneficiaries had a quick meet up to discuss, it would certainly be faster. But I can see why the solicitor would write to everyone to get their individual yeah or nay as some people may not feel they can give an open opinion in a meeting. It is just slow, the solicitor is juggling a lot of files at the same time so cannot react instantly to one executor.

Thanks for the reply.

This has been going on for over 2 years now and thr will was simple.

All I hope is that the executor gets the best price.

My feeling is my uncles idea looks like someone trying to buy the house on the cheap!

It's a small town and I'm worried about the independence of the real estate used by the executor to have rhe house valued!

Do beneficiaries have any say in that?

 

[DannyBoyD]

I hope is that the executor gets the best price.

Exec has a legal obligation to act in the best interests of the estate.

My feeling is my uncles idea looks like someone trying to buy the house on the cheap!

Thats why you put the house on the open market. Uncle can still buy it if they want.

It's a small town and I'm worried about the independence of the real estate used by the executor to have rhe house valued!

Again, thats why you put it on the open market. A property is only worth what someone is prepared to pay for it.

Do beneficiaries have any say in that?

Simple answer is no. It's the exec's responsibility.

 

[SusieS]

Exec has a legal obligation to act in the best interests of the estate.

Thats why you put the house on the open market. Uncle can still buy it if they want.

Again, thats why you put it on the open market. A property is only worth what someone is prepared to pay for it.

Simple answer is no. It's the exec's responsibility.

Thanks for the reply.

May be I have not been clear before, sorry.

Uncle is executor and lives next door the house on a shared site.

He wont put house on market becuase he wants to be the person to decide who lives in the house next to him.

He made an offer to buy the house and I thiknk he thought that no one ekse in the family would make an offer.

Confusuin for me is how can an executor make the best decision if they want to buy the house as well?

If there are two private bids, what's the next stage? Who decides who can buy the house.

 

[Clamball]

Beneficiaries do not have a say in how the executor administers the estate. If they decide he went against the wishes in the will or kept assets for himself etc. then you can sue, but it will cost.

Remember 1/7 of the house belongs to you from the will and he cannot sell it to himself without your approval. Be calm and only give approval to what you are happy with.

Your uncles reasons for purchasing the house are probable as valid as your cousins so just wait and see how it unfolds.

 

[SusieS]

Beneficiaries do not have a say in how the executor administers the estate. If they decide he went against the wishes in the will or kept assets for himself etc. then you can sue, but it will cost.

Remember 1/7 of the house belongs to you from the will and he cannot sell it to himself without your approval. Be calm and only give approval to what you are happy with.

Your uncles reasons for purchasing the house are probable as valid as your cousins so just wait and see how it unfolds.

Many thaks for the clear reply.

And for the good dvice.

 

[SusieS]

Hi All,

Still no word from the solicitor (or executor) about a second offer.

My cousin says he sent the solictor proof of ability to purchase the house when he made the offer in writing.

Does the solicitor have to share this information with outher beneficiaries?

Or is it up to the executor to decide to tell the other beneficiaries.

And is theer a time limit for the executor to make a decision about offers?

Thanks.