Executors were do I stand as a beneficiary

[Madmaria69]

Hi
I am hoping someone can help me right now because I am so confused as to were I stand regarding the sale of my ex-mother-in-laws house.
First of all there are 6 beneficiaries including myself and the executors of the will are solicitors chosen by my ex-mother-in-law.
When she passed away I had power of attorney and I was the only person that she had to care for her. Therefore I arranged her funeral and dealt with the solicitors and was told by the solicitor to sort out the estate agent and put the house up for sale as that was what it stated in the will.
The house is in a lovely part of the lake district and was only up for sale for one day and already received two offers for the full asking price. We were advised by the estate agent via the solicitor to accept the cash buyers offer as she was known to the estate agent and had bought many properties from them as she renovates them and then rents them out as holiday homes. I asked if we should not just let them.both try to get it, as in a contract race. But again I advised not to do this but allow the cash buyer to proceed and stop all viewings and take the house off the market.
As far as I was concerned this was a gesture of goodwill on our part and expected the buyer to respect this.
However the sale has now been dragging on since September. It took her weeks to instruct a surveyor then after that she had an asbestos report done.
I had to keep ringing and ringing the solicitor to get an update on what was happening but they were having no response from the other side.
Finaly last week the buyers solicitor came back with that now the surveyors report was in the buyer wants a reduction in the price by £40,000 because she claims it needs a new roof.

I told the solicitor that she can basically go and jump off a rock and offer the property to the other interested party.But the solicitor now informs me that after everything I have done I have no say in the matter and it is up to the executors of the will to decide if this new offer is reasonable.
I am furious this woman is obviously playing somekind of game. She knows its a probate property and I also find out she is a good friend of the estate agent dealing with the sale. She has had the upperhand all the way through the sale and has dragged it out right up until just before christmas before she drops this bombshell.
She must think we are all sat around rubbing our hands together desperate to get our money but we are not like that. If I had the money I would buy the house myself.
It is in need of modernisatiom but when she came along and offered the asking price she knew that and the price was set accordingly to take into account the amount of money that would need to be spent on it. She actually said to the estate agent that it needed £50,000 spending on it before she even made the offer.
Only last year the next door neighbour had a new roof at the front and back which cost £12,000. A big difference to the quote the buyer has submitted. While the roofer was doing the neighbours roof he went into my mother-in-laws roof to check to see if it needed any repairs. However found that it did not. So how the roof could have deteriorated to such an extent in one year to warrant spending £40,000 on it is beyond my comprehension.
The solicitor has told me to email a letter to the executors expressing my concerns .

I just thought that the executors had to work in the best interest of the beneficiaries not the buyer.
I have been told I cant even speak to the executors. I have to wait until I get a letter with their decision on what they have negotiated.
Is this correct because I cant believe we have no say. When there is obviously some underhand dealings going on. Please any advice would be greatly appreciated. Thank you in advance.

[enaid]

Re: Executors were do I stand as a beneficiary

Hi and welcome,

I am just interested in this

Therefore I arranged her funeral and dealt with the solicitors and was told by the solicitor to sort out the estate agent and put the house up for sale as that was what it stated in the will.

Can you recall what exactly ststed in the will please?
I am asking as I wondered if the house was left in a trust in your name, that would make you the legal owner of the property. As you had power of attorney this would make sense.
If this were the case it would be down to you to deal wiht the property as set out in the will.

[des8]

Re: Executors were do I stand as a beneficiary

Further to enaid if you don't have a copy of the will, and probate has been granted, you can obtain one from here:https://www.gov.uk/wills-probate-inh...on-left-a-will

The executors statutory duty of care is to carry out the administration of an estate with care and skill.
The Trustee Act of 2000 outlines that the status of an executor, their professional occupation, will be taken into consideration in the event of a complaint or legal action. The Act has imposed both legal responsibilities and unlimited personal liability on all executors, (mistakes and poor management by a professional executor would be viewed more critically than errors made by a lay executor -this proviso is also partially dependent on the executor’s special knowledge, experience or professional status).
The executor has a duty to maintain the assets, so they should take on board your concerns that this revised offer should be rejected and the property remarketed, possibly through another estate agent. If they don't you may, as a beneficiary, have a case against them for accepting a below market offer and instructing you to stop marketing the house after receipt of only one offer.

You mention that a firm of solicitors were the execcutors. Is this a different firm to those handling the sale of the house?
If so, what was the reason for employing two firms?

[Madmaria69]

Re: Executors were do I stand as a beneficiary

Hi
Thank you so much for your replies.
In answer to your questions the will states the following;
I appoint as my executors and trustees at my death the partners of such and such solicitors.
In this will the expression trustees means my executors and the trustees of this will and ofany trust arising under it.
I wish this will to be proved by no more than two of the partners in the firm or if a corporate identity no more than two directors.
Any of my trustees who is engaged in a profession may charge fees for work done by him or his firm.( whether or not the work is of a proffesional nature) on the same basis as if he were not one of my trustees but employed to carry out the work on their behalf.
The standard provision of the Society of Trust and Estate Practitioners ( first edition) shall apply with the deletion of paragraph 5 section 11 Trusts of Land and appointment of Trustees Act 1996 ( consultation with beneficiaries) shall not apply.

Other than the above the beneficiaries are not mentioned and i dont understand most of it.

Thank you again.

- - - Updated - - -

Hi again and to answer the other question there is just one firm of solicitors.
Thank you

[des8]

Re: Executors were do I stand as a beneficiary

"the standard provision of the Society of Trust and Estate Practitioners ( first edition) shall apply with the deletion of paragraph 5 section 11 Trusts of Land and appointment of Trustees Act 1996 ( consultation with beneficiaries) shall not apply.*

FYI Para 5 is deleted as it is now unnecessary, and section 11 which imposes duties of consultation inappropriate to substantive trusts is excluded.

This is not advice.. just what action I would be considering:
I would be writing to the executors, telling them that in my opinion their action in accepting the cash buyer's offer was premature.
As the property had two offers at the asking price so quickly they should have put them on hold for a time while continuing vigourously to market the property, with a view to icreasing the price obtained.
Even when accepting the offer subject to contract the property should have remained open to offers (even though viewers would have to be told of the offers already accepted.
That offer has now been withdrawn by the offeror, and accordingly the house should be remarketed at the old price, possibly by another estate agent.
There is no urgency to accept a reduced offer which would appear to be below market value.

I would then remind the executors of their duties as outlined in post 3

If all the other beneficiaries who will share in the proceeds of the house also have concerns, I would note that in the letter as well

[Madmaria69]

Re: Executors were do I stand as a beneficiary

Thank you so much I have put a letter together with the points you have raised and other queries we have and emailed it to the executors this morning. Signed by all the beneficiaries. I now await their response. I will let you know the outcome. Thank you again.

[enaid]

Re: Executors were do I stand as a beneficiary

Thanks you and good luck with this xx

[Madmaria69]

Re: Executors were do I stand as a beneficiary

Thankyou and a merry xmas to you too. As Promised i said i would keep you updated with sale of the property. I received an email back from the solicitors who informed me that the executors were taking my concerns very seriously and were obtaining an independant quote for the roof. However i could not believe it when they stated they were only now asking to see the quotes obtained by the buyer. Up to the point of my intervention they were basically going on the word of the purchaser and her solicitor. Therefore i have decided to ask the roofer who did the work next door to come and check the roof and give me a quote at least this way i will know the truth about the situation and the real cost of any repairs and also put my mind at rest
Thank you again.

[enaid]

Re: Executors were do I stand as a beneficiary

Merry Christmas to you also, good that you are getting your own quote. Stick to your guns re the sale price as much as you can imo, we all love a bargain but there are bargains and rip offs and I think this was an attempt at a rip off tbh. Long as you are all in agreement am sure it will work out fine

[Madmaria69]

Re: Executors were do I stand as a beneficiary

Hi Enaid
As promised I am just giving you an update on things. The Executors contacted the roofer who did the work next door and he said it would cost no more than 15k for the front and back of the house. They went back to the buyer with this information and suggested that once this roofer had looked at the roof, and given an accurate quote for any work doing, then they would be prepared to negotiate the price accordingly. However, surprise, surprise, the buyer was not willing to negotiate. How weird is that? For someone who came along the day the house went up for sale, offered the full asking price as a cash buyer, under the condition we take it off the market and have no further viewings, whilst she took 3 months messing us around. I am so angry that she waited until just before Christmas, and waited 3 months to go back on her word, and then have the cheek to say she wouldn't negotiate, but the reduced offer is still on the table. Thank goodness the executors were in agreement with me that this woman was taking the pi--! The house is now back on the market so hopefully we will get a buyer soon who is honest and genuine. Thank you for your help I really appreciate it.