executors advice required

[williamalex1]

hi guys

more advice needed please. my wife is executor of her sisters estate along with an appointed law firm.
Her will and wishes are clear and everything to be divided between a few family and friends no problems so far.

But I'VE just been contacted by her sisters next door neighbour who wants to buy the house for the current market value . QUESTION IS can she tell or ask the law firm to sell at that price , and save estate agents fees and advertising ect, taking into account that the said law firm are estate agents .

 

[RichardC]

Not 100% but I do not know of a law that states that an estate agent has to be involved in the sale of a property.

Apologies if this is not correct.

 

[Val]

Not 100% but I do not know of a law that states that an estate agent has to be involved in the sale of a property.

Apologies if this is not correct.

I'm not so sure, my sister in law bought a neighbours house without an agent.

She did need a lawyer though

 

[RichardC]

I'm not so sure, my sister in law bought a neighbours house without an agent.

She did need a lawyer though

But even then I have known someone to do their own conveyancing, so I am not 100% on that either. It will certainly save time though.

 

[fundy]

Not 100% but I do not know of a law that states that an estate agent has to be involved in the sale of a property.

Apologies if this is not correct.

Id love to see said law. If it applies I can provide the old bill with a lot of people who have broken the law, ranging from individuals to FTSE250 companies.

 

[Iaing]

You don't need to go through either an estate agent or lawyer to buy or sell a house.

You do need to be very careful and know what you're doing.

 

[bigslice]

yes is the answer and its quite easy.

 

[DCB]

Thought that in Scotland you still needed a practising lawyer involved at some stage ?

 

[williamalex1]

You don't need to go through either an estate agent or lawyer to buy or sell a house.

You do need to be very careful and know what you're doing.

That why im asking you guys . unbiased opinions . sorry guys were talking in scots law terms here if that makes a difference . not sure

 

[bigslice]

need a lawyer but dont need an estate agent

 

[CMAC]

you dont need a lawyer (regulated) OR estate agent (not regulated)...........however, it is 'best Practice' to have a lawyer in the sale at some point to ensure your interests are best served and you don't sell something illegally.

The neighbour can ask to buy at market value or any value, it's then up to the joint executors to make a decision in the best interests of the receiving parties while being sympathetic to the terms of the will.

But with anything involving large sums of money and multiple parties, seek legal advice first is my opinion.

 

[williamalex1]

need a lawyer but dont need an estate agent

Thats the possible problem , the lawyer is an estate agent , as he told us on our first meeting with a big smile on his face. BUT can we insist on a sale at market value PRONTO . Because in the meantime we have to keep the power and heating on in a low setting plus travel back and forth a 40mile round trip . checking that alls ok

 

[DappaDonDave]

Speak to them. They have not earnt their estate agent fee so not sure why they try and charge you that, plus you've no agreement with them to sell the house, you nearly want them to facilitate in the creation and reviewing of the legal house buying/selling paperwork.

 

[richart]

I would get at least two 'independent' valuations to make sure it is the real market value. Have you had probate yet ?

 

[williamalex1]

I would get at least two 'independent' valuations to make sure it is the real market value. Have you had probate yet ?

will do , its slightly different in scotland it called a grant of confirmation not probate. thanks again

 

[williamalex1]

I would get at least two 'independent' valuations to make sure it is the real market value. Have you had probate yet ?

i will do, its slightly different in scotland its called a grant of confirmation much the same as your probate
thanks again

 

[Hobbit]

sorry guys were talking in scots law terms here if that makes a difference . not sure

Ah, Scots Law...

You'll need a bag of chicken bones and some special magic dust too!

 

[bigslice]

Thats the possible problem , the lawyer is an estate agent , as he told us on our first meeting with a big smile on his face. BUT can we insist on a sale at market value PRONTO . Because in the meantime we have to keep the power and heating on in a low setting plus travel back and forth a 40mile round trip . checking that alls ok

just tell him you want to sell the house with the neighbour without using the estate agent part of his business. if he says no ditch him and report him.
i sold a property recently and no estate agent was used. the lawyer/solicitor while also being an estate business acted for both parties. but no estate agent fees were charged or even talked about.