Executors Disagreeing

Always glad to help if I can.

Thanks GSM

GSM - reason I ask is because you’re probably inundated with queries 😩

Of course!

GSM - can I send you a PM please ?

Executors are expected to resolve any disagreement between themselves although in an extreme situation one can apply to the court for another to be removed from the executorship. This isn’t such a situation though.

I don’t know if the three executors are the sole beneficiaries of the estate. If there are other beneficiaries the executors have a duty to them to obtain the best price reasonably obtainable for the house and to distribute the proceeds as soon as reasonably possible. The other executors’ unwillingness to reduce the price leads me to suspect that they (maybe you too) are beneficiaries.

You say the house has been on the market since last year at too high a price and that the other two executors refuse to lower the price, but want to move to another estate agent who says it is overpriced. Do they insist that the other agent markets it at the same excessive price if he is willing to do so, or will they accept his professional advice, as they should as they must act in the best interests of all the beneficiaries? Holding out for an unattainable price is not acting in the best interests of the beneficiaries, which puts them in breach of their duties.

Will they take the advice of the new agent and agree to instruct him, dispensing with the services of the existing agent? It looks much better if a property comes to the market with a new agent rather than being reduced - the house is doubtless advertised on Rightmove and one can see at a glance whether a property was put on the market and when the price was reduced. Much better to start afresh at a sensible price.

I assume the property is empty - if so, I hope the insurers have been told of that otherwise if it or any contents are damaged they will refuse a claim. Also, whilst the house is unsold outgoings are having to be paid - the executors shouldn’t lose sight of how they mount up.

I hope I have helped and that you feel less alone.

Any use all talking to the solicitor and getting advice?

Agree with getting 3/5 valuations from different estate agents not just moving onto one other.

Thank you. I feel so lost.

My sister has POA and is selling a house to cover car home fees. She went with the EA recommendation and had three offers in less than a week.

We felt it was a fair price, and also don’t want the worry of an empty house. The insurance stipulates that someone should go to the house every week (or two?) and keep a log of visits. So the sooner it’s sold the better!

Surely it can’t be good to keep the house unlived in for months.

Good luck!

I do feel for you - so frustrating! Similar happened in this family, though to be fair the Attorneys (owner had moved to a care home, dementia) weren’t at all familiar with the area and had taken the EA’s word for it. They were reasoning that they had to get the best price in order to cover her care home fees.

The house was finally reduced - in several little dribs and drabs, and eventually sold after some 18 months, to someone who’d offered more 6 months previously - and been turned down!
You are welcome to show this to your co-executors!

I don’t know what your legal rights are but perhaps get three valuations on the property and use the average.

Also check prices of sold similar properties (right move is good for this).

These will give you an indication of whether the asking price is too high.

I have been haunting the houses for sale for a year in an effort to help a young relative, it has been an eye opener at the range of prices and the probate ones are usually quite ‘tired’ looking.