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Original poster

Selling a probate property when beneficiaries do not agree with lowering price.

29 replies

Nitgel · 19/12/2023 16:39

How would an executor stand if they do not agree with keeping a house on the market at a price that is not attracting buyers. I have dropped the price by a small amount and that hasn't attracted any more buyers and estate agent suggests we drop by a more substantial amount. The beneficiaries want to keep the house on the market at the same high value but it isn't attracting viewers.

OP posts:
toomuchfaster · 19/12/2023 17:08

NAL but I don't think they have any say in it! Hopefully someone more knowledgeable will be along soon.

Alphabet1spaghetti2 · 19/12/2023 17:12

No idea, but perhaps pointing out to the beneficiaries that the longer it remains unsold, that more costs build up to be deducted from the proceeds. Eg heating through winter, insurance costs, council tax (ours charges 150% if a house is empty longer than 6 months), rountine maintenance costs such as boiler servicing etc. It might make them reconsider their stance on dropping the price?

MissLucyEyelesbarrow · 19/12/2023 17:12

In this scenario, I would just step down as executor (assuming I was not a solicitor, acting in a professional capacity), and let the beneficiaries fight it out amongst themselves.

Lamelie · 19/12/2023 17:14

What’s the wording of the will? I’m an executor, and have just taken the decision to drop the price- didn’t even occur to me to consult the beneficiaries.

pilates · 19/12/2023 17:25

I believe it’s the Executor’s decision. The beneficiaries do not have a say.

Bromptotoo · 19/12/2023 17:30

It's probably good manners to keep the beneficiaries in the loop but they don't have a veto. As others say the costs of insurance, heating and, if it's void for an extended period Council Tax all mount up. At the end of the day the executors responsibility is to to the best for the estate.

The public at large struggle with the concept of a falling property market. Thirty or so years ago I was involved with managing the affairs of elderly people who'd lost their mental capacity and were in care/Nursing accom.

If they owned a home we had to sell it on their behalf.

Lost count of the number of times I had 'full and frank' discussions where we'd sold places for what agents and market evidence said was a fair price but relatives were stuck on what it might have got a year earlier.

HappyHamsters · 19/12/2023 17:31

We had this exact situation, 3 beneficiary and solicitor as executor. Executor took the final decision after advice from estate agent and asked beneficiaries out of politeness, who is the Executor and what does the will say.

festivetinseling · 19/12/2023 17:44

It is for the executor(s) to decide. But yes, the longer it goes on, the more expenses will mount up. So it is a bit of a balancing act really.

What happened in our family recently was that the two executors decided on an asking price, and I told them to increase it by £25k because I thought the estate agents had priced it for a quick sale. Too quick. Probate would have taken months anyway, and you can't complete until probate has been granted, so they took my advice. It worked. We didn't get the full £25 extra, but we did get £10k more than they wanted to sell it for. (DH was one of the executors).

HappyHamsters · 19/12/2023 17:54

It might be worth getting 2 more valuations and also a probate valuation

ErrolTheDragon · 19/12/2023 18:03

Will there be inheritance tax on the estate? If so, then there's a six month clock ticking, and if the proceeds from the house will be needed to pay it then that's a reason to drop the price to get it sold, I'd have thought.

IcedupTulip · 19/12/2023 19:10

So when the property has been left empty for 6 months after a death, does council tax have to start being paid again?

JollyHostess101 · 19/12/2023 19:12

IcedupTulip · 19/12/2023 19:10

So when the property has been left empty for 6 months after a death, does council tax have to start being paid again?

My Dads council is 6 months after probate has been finalised!!

Alphabet1spaghetti2 · 19/12/2023 19:18

IcedupTulip · 19/12/2023 19:10

So when the property has been left empty for 6 months after a death, does council tax have to start being paid again?

Like most things with councils, it probably varies from area to area, but in ours, yes and the rate can vary, so some may charge full rate council tax, whilst others may add an extra percentage on top. Best to check the council website for the area in which the property is.

TheKnittedCharacter · 19/12/2023 19:23

My siblings and I were executors but I was in charge as my siblings wanted me to do it. I ran things like this by them so we were in agreement but they left final says to me. Luckily we were all in agreement about everything.

We didn’t involve any of the beneficiaries in any financial decisions.

TheKnittedCharacter · 19/12/2023 19:24

IcedupTulip · 19/12/2023 19:10

So when the property has been left empty for 6 months after a death, does council tax have to start being paid again?

Yes, in our case. After 6 months we had to pay council tax with no reduction for the fact the house was empty.

IcedupTulip · 19/12/2023 19:38

Ok I will check out the council website. Thanks. So for most of you is this from the date of death? Who pays it? The estate when everything is finalised? I naively thought it could just stand empty and they’d be nothing to pay.

Alphabet1spaghetti2 · 19/12/2023 19:43

It is paid by the estate. Whomever is dealing with the estate ( executor or solicitor) needs to contact the council and sate what has happened. The council will explain what the procedure is and then you go from that.

TheKnittedCharacter · 19/12/2023 19:47

In my case, I paid it myself and it was from the date of death, yes.

When the property was sold, I paid myself back all of the costs I’d incurred before I worked out the amounts to give everyone. I kept very detailed expenses records in case anyone wanted to see them (they didn’t).

Honeyroar · 19/12/2023 20:00

It’s infuriating that council tax situations vary. Where I live, council tax is exempt until probate is granted. Then full amount, even if the property is empty. If one person lives there it’s 75%, which seems daft!

Original poster
Nitgel · 20/12/2023 08:47

there is no inheritance tax to pay, but I will check the council tax situation, i didn' think we would need to pay anything!

Bromptoo I agree with you 100% it's so hard as the market has definitely dropped, even since we got the initial probate valuation. I think dropping the price by a smaller amount will have minimal effect on attracting viewings. It's coming up to nearly a year since my parent died and this is making me feel really stressed. I just want to move on.

OP posts:
FaiIureToLunch · 20/12/2023 08:49

Executor makes ALL decisions. Beneficiaries STFU - alternative is - you resign and they squander £££ on getting solicitors in.

Original poster
Nitgel · 20/12/2023 08:54

The will says Executor will administer the estate.

OP posts:
CharlotteStreetW1 · 20/12/2023 08:59

Also after two years council tax doubles.

Is it a retirement flat?

titchy · 20/12/2023 09:04

Nitgel · 20/12/2023 08:54

The will says Executor will administer the estate.

Yes but who is the executor? Just you, or you plus beneficiaries?

Original poster
Nitgel · 20/12/2023 09:05

Just me

OP posts:
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