Beneficiary selling share of property to executor?

D

deranne

Registered User
Messages
39
Probate granted 5 months ago, one executor wants to purchase the property from the other beneficiaries , all above board and fair price agreed. The buyer has given over funds to solicitor for purchase but no contracts have been signed by other beneficiaries? who owns the property and do executors sign contract sale on behalf of beneficiaries. No communication is forthcoming!
 
If title has transferred to the beneficiaries, how they dispose of it has nothing to do with the executors.
 
No title transferred yet! thats what is confusing as the buyer is already trying to rent out the property, nothing underhanded but just a bit saucy and can't figure out if beneficiaries should have signed a contract of sale?
 
The property can be bought from the estate (the executor), and the estate then distributes the sale proceeds to the beneficiaries.

OR

The property can be transferred to the beneficiaries, and then one beneficiary can buy the shares owned by all the other beneficiaries.

You can do it either way. There just need to be a clear understanding with the executor and the other beneficiaries as to which way it is going to be done.
deranne said:
The buyer has given over funds to solicitor for purchase
Click to expand...
I presume you mean that they buyer has given over funds to his own solicitor. His own solicitor will advise him how to structure the transaction and proceed with it.
 
There could be tax implications so it would be sensible to take your own advice. Sounds like the property is still in the estate and was never distributed to the beneficiaries. Rather than sell on the open market the executor has purchased it from the estate with everyone’s approval. All you are entitled to receive is details of the purchase price in the executors accounts I would have thought
 
No CGT will be due.

Tom Edison answered it for me, many thanks and I think it looks like option 1 is the course they are taking. The executor is using the same solicitor as the one for the will.

Thanks all.
-
 
You must log in or register to reply here.
Back
Top