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Ask Clare Your Own Question
Clare, Solicitor
Category: Law
Satisfied Customers: 35219
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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GA-fc Hello, there are two

Customer Question

Hello, there are two executors to my late fathers estate. one wants to sell the property and one does not until the market recovers. There are 8 beneficiaries 5 of whom want to retain the property for the forceable future and 3 who want a sale. What happens now!
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first
How much is the property worth and how much is the while estate worth?
Expert:  Andy-cssm replied 3 years ago.
"We received your customer service inquiry, however, we are unable to respond to you because we do not have your email address. Please contact customer support at***@******.*** and provide us with your email address and a link to this question page so that we can help you. ( Thank you, ***** ***** Customer Support Team.
Customer: replied 3 years ago.

The property is worth approx. £350.000

There are no other assets.

My email is *****@******.***

Expert:  Clare replied 3 years ago.
Do the executors understand their liability to the beneficiaries?
Customer: replied 3 years ago.

I don't know what you mean

Expert:  Clare replied 3 years ago.
The Executors have a personal liability to the beneficiaries to administer the Estate in a timely and efficient manner.
Assets must be realised for the best price available at the time - not at an unknown date in the future
In these circumstances unless all the beneficiaries agree to delay the sale then it must go ahead - unless the 5 who wish to wait are willing to "buy out" the other three.
Failure to do so could leave the Executors at risk of action to remove them
Please ask if you need further details