Advance on inheritance, whats it worth

Errata

XAN wrote: »

:T

I have ordered a copy of the will on line today from an agency, it would of been a bit helish getting into the probate office and the extra I pay for getting the copy on line is easily made up in saved train fare and holiday not taken from work.

I think this is the first really positive step at least we will know where we stand when we know exactly the terms of the will.

When you receive it, if there's anything you don't understand, or anything that demonstrates to you with your slim knowledge of the execution of estates that the executors are not fulfilling their legal duty - get a solicitor !

donglemouse

onlyroz wrote: »

I didn't think that you could sell a property for less than it's market value. It's called deliberately depreciating your assets, or something, and will certainly have tax implications.

any tax liability should be calculated on the basis of market value - regardless of whether the house is sold at a much lower value (otherwise people could evade tax by selling houses at undervalues etc)

as someone else has suggested those involved might want to consider the tax position to avoid triggering any unwanted liabilities - without a whole pile of info i have no idea what the tax position is, but you should ensure you take advice if appropriate to make sure either the estate or no one else gets landed with a big bill

BitterAndTwisted

Errata wrote: »

When you receive it (the copy of the will), if there's anything you don't understand, or anything that demonstrates to you with your slim knowledge of the execution of estates that the executors are not fulfilling their legal duty - get a solicitor !

Hell, get a solicitor anyway and smartish! It sounds to me like the executors are doing a very poor job if your mother and sister think this is a sensible way to carry on. it is not. Your father's house cannot be sold to anyone without (I suspect) both yours and your sister's agreement. it is not your mother's house to sell.

Please be prepared for this to cause a HUGE family rift should you decide to try and stop this inequitable plan from being carried out. I'd risk it: there's much too much at stake if the house is worth what you say it is.

RAS

tuggy wrote: »

a) When your mother gets old she may well have to sell her house to pay for nursing home fees, leaving you with nothing!

Mum only has life interst, therefore this is not a problem (she does not own the house).

tuggy wrote: »

b) When your mother dies it may be smack in the middle of a housing market crash and the house be worth less

This could be a problem, particulalry if it is a new build or a retirement settlement.

Pee

By the way if their is a life tenant living in a house i.e. your mother's new house, then there will be no Capital Gains Tax to pay.

You really should be getting proper legal advice on this so you know what your options are and you can then decide what you want to do.

It might be worth considering the pleasure that it may bring to your mother to have her daughter continue living in the family home - but perhaps worth considering a clawback should she choose to sell it in the future.

Pee

The copy of the will should be £5 to York Probate registry, by the way, which equates to a taxi fare rather than a trian fare.

DVardysShadow

Having had a bit of a think, I would suggest getting a solicitor straight away and on the strength of the will, register the beneficiaries interest in Father's property. This might well be enough to scupper a mortgage on the property, until a more fair solution is found. Also solicitor may be able to send executors a reminder of their duties - and their personal liabilities for failure to execute the will correctly.

Wrose_3

The way I see this is that your sister is buying your share of the property, below its value, without your full knowledge and agreement. Neither the executors nor your mother have the right to sell your property.
I would definitely see a solicitor and register the beneficiaries interest in Father's property. It may create hassle but I would inform the executors of your intentions Hopefully it will at least make them realise if they continue without you they will all face the consequences.

meritaten

nothing has been signed so it isnt too late to call a halt to the sale of the property.
seems to me that mum and sis have cooked up this sale between them and the executor thinks you are in full agreement.
the thing is - the terms of your fathers will are not being complied with!!!! in fact they are being completely ignored if the will was as you understand it.
If the house was left outright to your mother then of course she can sell it. but, you CANNOT sell a house which isnt legally yours and if your mum only has a life tenancy then she cant sell - so what is going on here? you need a copy of the original will, and you should have been given one by the executor or the solicitor if you were a main beneficiary - strange that you havent had one. but as others have said they are public record once they have been 'proved'.

Fang_3

Tell your mum and sister that you won't allow them to sell and buy the house. Instead suggest that your sister moves into the house and instead of buying it, she can pay the rent on your mother's new house. And if you insist - rent to you for your half. Then when your mother dies, your sister can buy you out or vice versa.