House left to 4 of us, they want to sell

1984ReturnsForReal_2

Tough one.

Best of luck.

I_know_my_ABC_and_my_CMYK

I have a brother who has held a grudge over me for 15 years over something that had absolutely nothing to do with him in the first place, anyway and we don't speak any more, it's not worth the hassle it could cause between you and your siblings. I didn't feel I could go to a family funeral recently due to his animosity towards me. You may lose out if and when the market does upturn but for now its dropping. You may regret it if you insist on waiting. Is it really worth it

Doozergirl

If you are all released from this property you all have the choice of where to invest the proceeds. If you want it in property then it won't matter which property - it's the market, not the house which behaves in the pattern that you're looking to to 'reimburse' you

Honestly, You are being unfair to your siblings that want to release their equity in the property.

It doesn't matter which house you put that money into, it will work the way it was going to. If you put it into your own mortgage and values go up then you've achieved what you wanted on your share. It doesn't matter which property your money is in, therefore I really believe you need to let your two sibling out and then reinvest it in property elsewhere if that is what you feel is right.

As executor, how would it feel if you tie your siblings up in this property and the market continues to fall? Are you going to tie them in eg. for five years until the house is wort what it was? There is an option there for them to improve their standard of living or stick the proceeds onto a horse or Lloyds shares or just putting towards their own mortgage. You don't need your equity in one exact property to make back any perceived fall.

That money has gone, it doesn't come back with a house, it comes back with the market. And it wasn't your dad's money - he's pleased that it's worth more than he paid for it, I'm sure, and that you guys have got something to show for it. Your responsibility is to distribute, not keep for your own perceived gain. Don't lay it on what dad would want - it's what you want

If you are being fair then you will let your two siblings that want out, out. It's not dad's house anymore - I don't mean to be blase - my mum died when she was 45. I've been there.

Be fair. If you want your share in 'property' you can take that choice after the house is sold; if your siblings want their money elsewhere you are holding them ransom to your own desires, you're not giving them a choice at all. The property market is as much a gamble as anything right now. Do the right thing, for everyone, not yourself.

ivavoucher

If I was in the position of your brothers and you delayed the sale, I would expect you as executor to make up any shortfall should the value of the asset fall, I am at a loss as to why you think you should have the power to force others to gamble an asset in any circumstances let alone in an unpredictable market.

Buy them out or sell

poppysarah

Yup if it's such a good deal to rent it out, then buying it off them would be the obvious thing to do.

If you're not certain it stacks up financially and don't have buckets of cash spare to buy it off them, then there's only one option.

Trollfever

that it will sell for less than it was previously valued at,

How many years do you think that it will take to recover to a previous value?

themanbearpig

If the reason you wont sell is because prices have fallen since 2007, then you should go have a good read on the house price debate board.

In the 1990 house price crash, prices didnt reach the same real value for 9 years after the crash. Todays crash is much much bigger than the 90s. With the addition of the screwed up global economy and increasing unemployment, its reasonable t suggest that peak values wont returns for at least a decade.

You may want to sell now at a 20% fall from peak than in 3 years at 50% off. Don't believe the government and media 'greenshoots' propganda. They did the same thing during the last recession.

besonders1

If I was left a house in todays market, I would sell now before its too late, I can understand why your siblings want to do this rather than take risks. I know house prices are a contraversal topic on here but if you have a second home, your more at risk at losing money than if you have a home to live in. I think you should really respect your family's decision to sell as they might not be able to wait for the prices to increase or they might just want to get the house sold and move on with their life. Or as others have said if you do want to try and see if you can recover the loss, then get it valued by an estate agent and buy them out.

Gorgeous_George

You cannot manage a house iwth four landlords who cannot agree. They will be entitled to 25% of the rent without needing to pay 25% of the bills.

Have you sold it yet?

GG