housing problems

zzrninja

Hi first time posting, apologies in advance if I'm in the wrong forum.

In 2009 my mother passed away leaving in her estate her house and about £35000 in cash to myself and my two siblings, now two years on after much wrangling between my brother and sister, our sister has agreed to sell her share of the property to myself and my brother,
The executors are refusing to transfer the property over till we pay their outstanding bill for £5500.
We are unable to get a remortgage on the property till they transfer, we are using a mortgage advisor to obtain a mortgage to purchase our sisters share and pay the executors fee but he is having trouble finding a lender able to lend in our situation the executors are willing to have a charge on the property on production of a mortgage offer but once again we can't get an offer till the transfer has taken place.
So here I am myself and my siblings stuck not quite owning a property which technically belongs to us unable to sell it, buy it or as I have offered to the executors to rent from the estate (to keep their bill from getting any larger).I sometimes think to myself I wish my mother had left us nothing as only the executors have gained from my mothers estate.

princeofpounds

Might be better if you split that out into bullet points, as a lack of paragraphs makes it very hard to read.

Who are the executors?

One idea would be to raise unsecured loans between you to pay the executors.

Do you have any savings or own any collateral (i.e. a house) already?

zzrninja

The executors are a firm of solicitiors
Unfortunately in 2008 after a spate of redundancies in work and being cut back to a 4 day week I decided to consolidate my loans into one payment as I had no protection on my previous loans.
I had resisted doing this with my bank as I knew that in jan of this year I would be debt free but with possible redundancy looming I thought this was my best course of action,
Unfortunately this has left me unable to increase my borrowings for another 3 years.
My siblings are either unable due to not having a job or unwilling to take on a financial commitment.
I don't have any savings anymore (thanks ex wife lol) and I rent at the moment hence the reason to buy my mothers house I pay the mortgage then sell the house in acouple of years time and split the difference with my brother

BitterAndTwisted

I doubt very much that the property will increase much in value in just a couple of years. Perhaps it would make more sense for everyone to sell the property and split the proceeds between you.

If there was £35k in cash why can't the solicitors be paid out of that?

zzrninja

The solicitors don't have enough funds left in the estate to pay themselves as most of it has gone on their fees and 2 aborted purchasers.

At the moment the way the housing market is I can't see it selling anytime soon and the cost to the estate increasing.

The house requires some modernisation and it also comes with a barn which has planning permission to demolish and a 3 bed house to be built in it's place another reason to buy and possibly sell.
As a builder by trade you can maybe see why in 2 years i can see a profit to be made.

warriorfullights

It will indeed make sense to sell the property and split the money. The pay part of it to executors. You might be able to get back more that what you will going to pay them. And I think that would be their problem if the estate has run out of funds.