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Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
Please accept my condolences for your loss.
May I ask if the property has begun to be marketed yet please?
Would you like to continue?
The other executor has had 2 verbal quotes, one at £400K and one at £375-385K. The estate agent who valued my mother's flat at £400K also valued her flat at £500K and she has received an offer of £495K so he was spot on. My mother died 8 months ago so it is time to get things moving. A third estate agent has been asked for a valuation but I have not heard any more.
Thank you. Executors have a singular responsibility towards the beneficiaries of an estate and if they can be shown to have acted negligently they can be held personally liable. The executors have responsibilities under the Administration of Estates Act and if the house is sold for less than market value without the express consent of all the beneficiaries then executors can be liable for the difference to those beneficiaries pro rataed to their respective shares. For this reason the executors (particularly you as you will not be acquiring the property) must ensure that they receive market value for the property.
That clarifies the situation perfectly. Many thanks
The simplest way of ensuring that you have received market value for the property is to ensure it is marketed on the open market for a period and to ensure that you obtain written advice in relation to any offer from the agent. If it is less than the agent recommends you accept than written agreement of all relevant beneficiaries should be sought in order to accept that offer in order to protect your interest as executors.
If the beneficiaries are concerned as to the competence and communication of one of the executors or that they are acting in a manner amounting to a conflict of interest - i.e. in their own interest - and all other attempts have proved fruitless, and the administration is not progressing to their satisfaction they (including you if you are also a beneficiary) can ultimately consider applying for the executor to be removed or replaced under s. 50 of the Administration of Justice Act 1985.
Thanks very much
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