Mothers Will leaves her share of home to children

marshall_cockney_fox

My mother passed away last year and left me as the executor of her will. I have resolved most matters financial as i applied for a grant of probate myself and have avoided solicitors fees thus far. However one remaining issue remains and that is the matter of the family home.

My mother owned a hoem and land with my father but they held it as 'tenants in common' effectively 50:50. In her Will she left her share of the home/property to the value of 50 grand each to her three children and anything remaining to my father. She was of course speculating that her share of the property would add up to over 150,000 once it was all sold!!! She was hoping the whole house is worth 400,000+.

Now she has in essence left a charge on the home or her share of it. What i want to know is how do i as an executor go about securing this. Mum stipulated that dad would need to sell the property within three years of her death. She set this will all up as she was concerned that he would be a liability and his business might swallow her share (value) of the property leaving nothing for the kids.

I want to secure this arrangement without having to incur excessive legal fees. I get on well with Dad and i hope he wouldn't be awkward, but i want to make sure mums wishes are secure and he can't play fast and lose with her share (our share) of the home. Should i get my name on the deeds or what is the best way of proceeding.

There is only 7 grands mortage left on the home and this will be paid off by dad in 18 months.

All advice is greatly recieved.

seabright

I don't think she can state that the property must be sold, although with Tenants In Common it can be sold, with a court order, but I'm sure you don't want to go down that route.

Did she leave a life interest to your father, because (depending on the value) but forcing a sale it might mean that he cannot afford to buy elsewhere. Was that really her intention?

I think you need proper legal advice. I am a lawyer and, believe me, if families are going to fall out, it's over a will. There are a number of ways this situation can be dealt with and some (maybe the best ones) are quite complicated, and you want to be sure you are doing it right. You can actually alter someone's will after they've died, if all the beneficiaries agree, by using what's called a Deed of Variation. If your father might be left homeless if the terms of your mother will are followed, that might be what you need.

This isn't a simple area, don't try and economise on fees and risk the family falling out and your father being left in an unsuitable home. You might also find that there are some tax saving measures you were unaware of, which might save you money!

Mojisola

marshall_cockney_fox wrote: »

Now she has in essence left a charge on the home or her share of it. What i want to know is how do i as an executor go about securing this. Mum stipulated that dad would need to sell the property within three years of her death. She set this will all up as she was concerned that he would be a liability and his business might swallow her share (value) of the property leaving nothing for the kids.

Someone with more knowledge than me will advise you on most of your query. I just doubt that the part in bold is enforceable.

mountainofdebt

I don't know the definitive answer to your question but I do think that the deeds should somehow reflect the fact that you and your siblings now together (effectively) own half the house.

I must admit though I find it odd that the condition that your mum put in her will about your dad selling the house - especially as the house was held in the way it was held.

The other thing I find odd is that if there is a mortgage on the property as a whole, and given the condition above, why it is assumed that your dad should pay the remaining sum outstanding on his own, especially as your dad now only owns 50% of the house.

paddy's_mum

Was this by any chance a home made will?

SmlSave

Hi,

If you just want to have it recorded at the Land Registry that you and your siblings effectivly own half the property then you can fill out an AP1 (avaialble from the Land Registry) and I believe send it off with a copy of the Will and Grant of Probate. Best to call the Land Registry to double check though.

I don't think the Will can make your Dad sell the property and do you and your siblings really want to kick him out of his home?

paddy's_mum

Given that an executor can be held responsible for any losses sustained by the beneficiaries as a result of his/her mistakes when administering an estate, I would respectfully suggest that you cannot afford not to seek a solicitor's help with this part of the administration.

If, as I strongly suspect, this was a will made without legal input, you could so easily be walking blindly into quicksand.

You've done well to get this far without incurring legal fees but at something in excess of £150 per hour for a solicitor and in excess of £500 per hour for a barrister, any savings you might already have made could be gobbled up in days if you unwittingly screw things up now.

Sometimes you just have to accept that luck has been on your side up till now and not chance your luck any further. Hope it all works out okay for you all.

MX5huggy

Now she has in essence left a charge on the home or her share of it. What i want to know is how do i as an executor go about securing this. Mum stipulated that dad would need to sell the property within three years of her death. She set this will all up as she was concerned that he would be a liability and his business might swallow her share (value) of the property leaving nothing for the kids.

Crikey! what does Dad say about this? I shall now check my wife's will when I get home, don't want her giving half my house to the Cats home while I am still alive.

cgk1

You could be looking at thousands of pounds of legal bills to get a order for sale from a court if you try and force your father out.

I get on well with Dad and i hope he wouldn't be awkward,

That you are trying to force him out of his home? No I'm sure that will not be awkward...

There is only 7 grands mortage left on the home and this will be paid off by dad in 18 months.

And why aren't the three of you chipping in your 50%?

FATBALLZ

I agree with what's been said, this will sounds like a mess, my understanding of tenants in common means you can't just force one of the owners to sell up. You need somebody properly qualified to untangle the mess.

marshall_cockney_fox

Thanks for all the replies. I think a few of you have focussed on the 3 years issue which is in fact misleading. I and my sisters would be happy for Dad to remain there for the rest of his days if he so pleases.

What i want to sort out is how i execute my mothers will should dad choose to sell up sometime in the future. I know he fully intends to downsize at some point as he wants to move to a property less remote (currently in the sticks).

The will was in fact drawn up by a solicitor and i collected it from them after mum passed. It is a very short will but after the money matters are stipulated it says the following about the property:

"I give all that my share and interest in (the home***) to my trustees to hold the same as follows:

a) to allow my partner the said (dads name) to remain living in the property and occupying the said land for a period of three years from the date of my death providing always that he pays all the outgoings in respect of the property.................

b) at the end of the period of three years or earlier if my partner (dads name) no longer wishes to reside in the property then it shall be sold with vacant possession and my trustees shall hold the net proceeds of sale and give therefrom as follows:

States all the children's names and a sum of £50,000 each.

Finally the balance to be given to my partner (dads name) absolutely.

So i ask again what shall i do is it a case of simply getting mums name taken off the deeds and mine placed on them as the executor (Trustee). Then when dad wishes to sell i execute mums wishes with her share of the property?

Please don't judge me for my mothers will as it was her last will and testament and all i want (and no more) is carry out her final wishes. I would like to swerve solicitors fees if possible as simply there is little cash available to fund it, all the money is in the home and therefore not available for release. If i had to engage a solicitor what might a bill for the above be???

Thanks again.