Property Inheritance

[tamborine]

if a property is inherited by more than one executor, can it remain in the deceaseds name till disposed of.

[AuntPG]

When a property is inherited by more than one benefactor the property remains in the deceased name until either the property is sold or one benefactor buyer out the others. Only then, at Completion of the sale, will the Land Registry change the deeds of Ownership to the new owner's name. So yes -it always remains in the deceased name until the property is disposed of.

[bednobs]

I would guess that's not indefinitely though. The executor has to deal with everything in a timely manner

[bednobs]

Ps I think you mean beneficiary not benefactor apg:)

[AuntPG]

Thanks bednobs I thought that word did not look right :o)

This is definite bednobs, if the property is to be sold. I read 'disposed of' is sold. If the beneficiaries want to remain co-owners of the property, then the personal representative (executor) will often either Assent (form AS1) the property to the person(s) who inherits it (beneficiaries) . If the beneficiaries want to sell the property and split the sale price, then on Completion of the sale the solicitor will inform the Land Registry of the new owner using a Transfer (form TR1)

[bednobs]

when i said it's not indefinitely i meant you can't go on not disposing of it for 25 years!

[tamborine]

Beneficiaries cant/wont agree sale price & two live abroad. Its been 8y since deceased’s demise & running costs are shared.

[bednobs]

the executor should sort it surely?

[bednobs]

"If the property is to be sold, one thing that can cause contention between the Executors and the Beneficiaries is the sale price.

Again, the Executors of the Estate have overall authority, so can accept an offer from a potential buyer. But again, the Executors must act in the Beneficiaries’ best interests, and so have a duty to sell the property for a reasonable sum.

If the Executors sell a property for under market value, they could be accused of failing to fulfil their duty, and the beneficiaries could pursue a claim against them."
If the executor can prove that they have sold the property for the market value, i don't see what the problem woud be

[AuntPG]

Bednobs you are going completely off piste here. The question was can the property of a deceased person remain in that persons name until its disposed of -and the answer is 'yes'.

// Again, the Executors of the Estate have overall authority, so can accept an offer from a potential buyer//

Not true. Apart from working for many years as a property agent for a firm of Solicitors on a person level, last year my deceased mother's home was sold and I, along with two other family members, were beneficiaries. My brother was the Executor (and beneficiary) and we all had to agree on the asking price, and the offer price, before the sale would go through. There is no way he could have sold it to one of his mates for half the asking price.

[bednobs]

it's not completely off piste (and i dont think that what you are saying and what i said and different really) - surely the beneficiaries can't hold up distribution of the estate (and therefore house remains in deceased's name) for years and years?
I am absolutely amazed it's been 8 years already. surely the executor should/could just sell it and get it over with. What happens when the executor dies of old age, and the next generation and so on? it just remains indefinitely in a person who died 50 years agos name?

[AuntPG]

Bednobs, it CAN be put into anyone's name using the relevant forms -except that was not the question. The question was can it legally REMAIN in the deceased's name and the answer is YES.

[AuntPG]

// Beneficiaries cant/wont agree sale price & two live abroad. Its been 8y since deceased’s demise & running costs are shared.//

Then unless the beneficiaries get their act together nothing can be done. Two living abroad is hardly a problem these days. Whose name would the property go into anyway. There would be an argument about that, and even if they all agreed, and the Executor agreed, they would still be in the same position, in that no one would agree on the selling price. At the moment running costs will be coming out of the residual Estate, if there is any money.

[Peter Pedant]

in terms of long term executors - see Attenborough v A Solomons ( 14 y )
and in the good old days of title deeds
My father bought a property in 1962, died 1974 and nothing was done to the title until we sold on her death in 1994 ( 32 y ) .
Conveyancers didnt turn a hair