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  • FIRST POST
    • Dazza744
    • By Dazza744 14th Mar 17, 3:10 AM
    • 5Posts
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    Dazza744
    Inheritance Problem
    • #1
    • 14th Mar 17, 3:10 AM
    Inheritance Problem 14th Mar 17 at 3:10 AM
    Hi,I have lived in the family home with mam and dad for 46 years,caring for both full-time until both passed away mam 5 years ago,dad in June. No wills were made so me and sister got 50% of the estate. Sister left home 32 years ago at 18. Now sister wants either the market value of her half of the house or for us to sell-up of which she has already had estate agents around and is going to list it. I've offered her various sums of money but she won't take a penny less than the market value. Any ideas on what I could do apart from drag my heels ,which I'm naturally going to do!
    Last edited by Dazza744; 14-03-2017 at 3:13 AM. Reason: Missed a paragraph off
Page 1
    • FBaby
    • By FBaby 14th Mar 17, 5:42 AM
    • 15,205 Posts
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    FBaby
    • #2
    • 14th Mar 17, 5:42 AM
    • #2
    • 14th Mar 17, 5:42 AM
    Well you can make it as difficult to her as you can want to, making sure the place looks as unattractive as possible, cancelling visits, so that she has no choice but to take you to court with the cost that it involves and sell the house at a lower value if you make a point of not looking after it.

    Alternatively, you can point to her of your intentions to be difficult resulting in a costly court battle for her and restart negotiation. Firstly, why are you offering her less than market value? Because you think you deserve a bigger part of the pot for looking after your parents, even though they made the choice not to have a will, or because you can only afford so much? If the latter, than show her the evidence of it and agree on a reasonable price, or maybe she can still retain some interest in the property for the difference.
    • getmore4less
    • By getmore4less 14th Mar 17, 5:48 AM
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    getmore4less
    • #3
    • 14th Mar 17, 5:48 AM
    • #3
    • 14th Mar 17, 5:48 AM
    How dependent on your parents were you?
    • Pixie5740
    • By Pixie5740 14th Mar 17, 7:11 AM
    • 9,878 Posts
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    Pixie5740
    • #4
    • 14th Mar 17, 7:11 AM
    • #4
    • 14th Mar 17, 7:11 AM
    If you drag your heels about this and your sister has to go to court to force the sale of the property then the court costs can be awarded to you. That money can be deducted from your share of the sales proceeds meaning you end up with less than half the value of the property.

    My suggestion as to what you can do is to cooperate with your sister. Either offer her a fair price for her share of the property so you can buy her out, or put the place on the market.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • AnotherJoe
    • By AnotherJoe 14th Mar 17, 7:24 AM
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    AnotherJoe
    • #5
    • 14th Mar 17, 7:24 AM
    • #5
    • 14th Mar 17, 7:24 AM
    Another POV - Yes you looked after parents, but (I presume) you paid no rent and your parents, unfortunate as this may be, chose not to recognize your care by dividing the house in unequal shares.

    Could you afford to get a mortgage for the value of half of the house?

    Only other option is, you go legal and claim much more of the value since your care left you in a vulnerable position - didnt get a job and so cant afford much of a mortgage, etc. There might be some prospect of you winning but the legal expenses will detract from that. Perhaps see a solicitor and see what they advise.
    • Dazza744
    • By Dazza744 14th Mar 17, 7:29 AM
    • 5 Posts
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    Dazza744
    • #6
    • 14th Mar 17, 7:29 AM
    • #6
    • 14th Mar 17, 7:29 AM
    Firstly,I asked what her cash settlement would be and she replied market value,I was expecting slightly lower since it is family after all,and not because of thinking I was entitled to a bigger pot.We have been a very close knit family until this time as well,i have just started a new job and have offered her upto 75% lump sum and the rest within 2 years(I'd be able to get a personal loan by then) but she flatly refused. I really don't want any conflict but I feel as though it is on its way. Several aunts and uncles have also stated to say the house wasn't to be sold whilst one of us was living there but this is only words,both my parents would be horrified at her selling the house whilst I was still living there,as it seems greed has got the better or her.

    I wasn't very dependent on my parents at all,sharing all bills and expenses but obviously my rent/lodging was less than if I had my own place.

    I've looked into getting a secured loan on my half of the house but the cheapest I'd be entitled too is 40%apr which would cripple me.
    Last edited by Dazza744; 14-03-2017 at 7:35 AM. Reason: More info
    • AnotherJoe
    • By AnotherJoe 14th Mar 17, 7:43 AM
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    AnotherJoe
    • #7
    • 14th Mar 17, 7:43 AM
    • #7
    • 14th Mar 17, 7:43 AM
    Firstly,I asked what her cash settlement would be and she replied market value,I was expecting slightly lower since it is family after all,and not because of thinking I was entitled to a bigger pot.
    Originally posted by Dazza744
    That makes no sense, on those grounds why wouldn't she get a bigger share, why is it you that gets it? I appreciate you put in the care but your parents unfortunately didnt think of that and if you say that doenst count, on what grounds do you think you shoudl get it?

    In that respect, the only "below market value" that would make sense is one that removed the costs of selling -EA fees and the like- if you stayed there.
    • kiddy guy
    • By kiddy guy 14th Mar 17, 7:45 AM
    • 925 Posts
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    kiddy guy
    • #8
    • 14th Mar 17, 7:45 AM
    • #8
    • 14th Mar 17, 7:45 AM
    Whilst your sister could be slightly more friendly with her approach, put yourself in her shoes.

    She doesn't need the property, she's gaining no rent or benefit from it and she'd like her share. You're trying to get a better share on the value so that you can afford to purchase it. Whilst it may seem harsh to say, that's not her problem.

    Not meaning to sound hard, but there's 2 sides here.
    • TheGardener
    • By TheGardener 14th Mar 17, 7:48 AM
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    TheGardener
    • #9
    • 14th Mar 17, 7:48 AM
    • #9
    • 14th Mar 17, 7:48 AM
    1st Q: Who has the letters of administration to act as the executor of the estate?
    2nd Q. Has the probate process been carried out
    3rd Q. Has the value of the estate been calculated (inc the house) and has any tax been calculated and paid if due?

    If you and your sister are joint executors then she can not sell it without your agreement. However, she is entitled to 50% and that is not greedy but reasonable. Start negotiating. from your post it seems to suggest you are not eligible for a mortgage?
    Last edited by TheGardener; 14-03-2017 at 8:12 AM.
    • Pixie5740
    • By Pixie5740 14th Mar 17, 7:50 AM
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    Pixie5740
    What kind of secured loan were you looking at that had an APR of 40%? Surely the best type of secured loan for this kind of transaction would be a mortgage where I would expect the APR to be at least 10 times lower. Especially since you would only require a 50% LTV mortgage.

    I can see your sister's point of view. She just wants this done and dusted. If she accepts 75% from you now (where would that money be coming from) and transfers her share of the property to you then what's to stop you not paying the remainder within 2 years?

    I don't think your sister is being greedy. The house was left to you equally, if your parents wanted some other arrangement then they should have written wills but they didn't. Why should your sister face a Capital Gains Tax bill further down the line just so you can continue having cheap accommodation whilst she presumably has to pay more to live elsewhere?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • dimbo61
    • By dimbo61 14th Mar 17, 7:52 AM
    • 9,324 Posts
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    dimbo61
    I take it that you are 46 years old and your sister 50.
    She left home at 18 which is quite young and made her own way in life.
    50% of the family home after costs could provide her with a huge lump sum to help her secure her future.
    She like you will not get a state pension till you reach 68.
    She more than likely has a Mortgage on her home to pay off.
    Can you buy a smaller property with your half ? Maybe with a small Mortgage ?
    Time to move on with your life
    • MobileSaver
    • By MobileSaver 14th Mar 17, 8:01 AM
    • 1,131 Posts
    • 1,575 Thanks
    MobileSaver
    No wills were made so me and sister got 50% of the estate. ... she won't take a penny less than the market value.
    Originally posted by Dazza744
    Your sister is entitled to 50% of the market value so why should she take a penny less? Presumably so that you can carry on living your comfortable lifestyle at her expense?

    Several aunts and uncles have also stated to say the house wasn't to be sold whilst one of us was living there
    Originally posted by Dazza744
    Irrelevant and hearsay. Only your parents could have made that decision and clearly they didn't as they neither conveyed that to you and your sister and neither made a will where they could easily have added such a condition.

    ,as it seems greed has got the better or her.
    Originally posted by Dazza744
    With all due respect you seem to be the greedy one! Your sister only wants half of what is due to her. You want her to have half of a lesser amount meaning in fact you will end up with more than half of the real value of the property.

    Both you and your sister have been much luckier than most to have been left a nice windfall in the form of a property. I'm sure most people here and certainly a court will see you as being the unreasonable and greedy one and costs will be awarded against you meaning the irony is you are the one who will end up with less than 50% of the property; the very same outcome you are trying to achieve for your sister!

    Frankly, as others have said, you need to take emotion out of this; put away your flawed "I'm being hard done by" attitude and move on with your life... before you know it this will be a distant memory and both you and your entire extended family will be better off for it.

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    • csgohan4
    • By csgohan4 14th Mar 17, 8:18 AM
    • 3,249 Posts
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    csgohan4
    your all so mean to the op with being on your high horses.


    OP is enjoying his rent free lifestyle, who's to say he can't rip his sister off and wanting more money in the meantime.


    OP ignore the keyboard warriors and do what you want, just don't expect to be called family again
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Dazza744
    • By Dazza744 14th Mar 17, 8:28 AM
    • 5 Posts
    • 13 Thanks
    Dazza744
    Thanks for all your replies,looks like I'm the one being unreasonable and is a wake-up call.
    • getmore4less
    • By getmore4less 14th Mar 17, 8:40 AM
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    getmore4less
    have you looked at at getting a mortgage?

    any other assets to be shared?


    You have had plenty of time to prepare for this event, could have even bought some of the house while there.

    Were you ever paying part of a mortgage?

    Maybe a downsize is an option as a house big enough for three maybe on the large side for one.
    • Dazza744
    • By Dazza744 14th Mar 17, 8:52 AM
    • 5 Posts
    • 13 Thanks
    Dazza744
    Would be doubtful to get a mortgage after being carer for over 10 years and now only back in full-time employment,had wanted to keep the house on for memories and sentiments but these count for nothing. House was mortgage free for over 20 years. Assets included was a car worth at the time around £10000 which my sister got and I asked for £4000 as she was obviously next of kin.

    Time for me to move on and sell up I guess,lesson learnt.
    • Pixie5740
    • By Pixie5740 14th Mar 17, 9:00 AM
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    Pixie5740
    Memories are in you not bricks and mortar.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • TonyMMM
    • By TonyMMM 14th Mar 17, 9:02 AM
    • 2,304 Posts
    • 2,419 Thanks
    TonyMMM
    Would your sister agree to you renting her half of the house from her ?

    Otherwise - as stated she is fully entitled to half of the estate and if you can't get a mortgage to pay her share to her, then selling may be the only option.
    • Dazza744
    • By Dazza744 14th Mar 17, 9:07 AM
    • 5 Posts
    • 13 Thanks
    Dazza744
    Renting isn't an option as she wants the cash upfront as well as any money from any saleable assets in the house,tv's,furniture etc. It does look like selling is the only option now.
    • steeeb
    • By steeeb 14th Mar 17, 9:08 AM
    • 357 Posts
    • 188 Thanks
    steeeb
    You don't need a 10 year employment record to get a mortgage.

    As long as you don't have bad credit and you are in full time employment there shouldn't be an issue.

    See a local all of market broker. With 50% LTV you'll get a rate around 1.79% or something.
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