Helping to complete a complex, property development

When our client sadly died while a large property development was in progress, the executors of his Will needed help to see the project through to completion. They told us:

“With the project funded by a private development loan, the bank and monthly building costs are significant. We want to honour his wish to see the project completed but need help to bring together all the parties affected to find a way for work to go on.” 

How we helped 

We advised the executors. Shortly before he died, the deceased asked his executors to continue with the project to the finish, so that the property could then be sold for the best price possible. 

The Grant of Probate was obtained quickly, but cash flow to fund the build quickly became a problem – the loan facility with the bank ceased and most of the value of the estate was tied up in the value of the development.

We were able to successfully manage the delicate relationship between the bank, the developers and the beneficiaries, and we were able to secure a sale of the ongoing development – a good buyer had been found, and all parties agreed that it was in the best interests of the Estate to sell. A sale at this point ensured that the loan to the bank was settled.  

The result

The inheritance tax position was finalised, and we received formal clearance from HMRC. After Counsel’s Opinion was obtained, this allowed us to finalise our position regarding the distribution of the estate and achieve a fair and equal distribution to all the deceased’s residuary beneficiaries.