Left quarter of a house in will

Salt

I have a question regarding selling a house I have been left in a family members will. I have been left quarter of The house. The problem I have is the 3 others are close and have agreed to selling the house to one of them, I really have no say and the executor is a close member in their family this has all been agreed months ago, I would just like to know can they agree a price and sell the house without me knowing as the executor has told me nothing at all. Is there any way I can find out the value of the estate?

patman99

Any way you could get 3 valuations on the property ?. This would at least, give you some idea of it's value. You can then use this to set what you will accept for your 1/4. Remember, you are a 25% co-owner, so without your signature, they cannot sell the house.

G_M

Who is selling the property?
The Executer in their capacity as Executer? Or the new joint-owners (of whom you are one?)
Has the estate been wound up?
Were you specifically left 25% of the property in the will, or 25% of the value?

Salt

I believe it is quarter of the property but it could be the value I honestly have no idea, the exactor made 1 call to tell me I had been named in the will and got quarter. He is not
Happy about the situation and has not told me anything since. I just dont know if there is anyway to find out cause I am sure the exacutor is not being honest (he is in financial trouble) and believes the money should have been his

macman

You need to clarify exactly what you have been left-talk to the solicitor. Has probate been granted? If so you can find out the value of the estate.

zzzLazyDaisy

patman99 wrote: »

Any way you could get 3 valuations on the property ?. This would at least, give you some idea of it's value. You can then use this to set what you will accept for your 1/4. Remember, you are a 25% co-owner, so without your signature, they cannot sell the house.

This is unlikely. Usually in this situation the will states that the house is to be sold and the proceeds split between the beneficiaries. The executor has a duty to make reasonable efforts to get the best price for the house. But do bear in mind that if it is sold on the open market there will be estate agent's costs, and unless it is priced cheap to sell, it could be on the market for months (or years) with all the associated costs of maintenance, insurance, council tax, utility bills etc. Plus the potential for a fall in value, and the fact that until the money is in your bank it is not earning interest for you. So a quick sale might be in your best interests.

If you don't know what the will says, speak to the probate office. Once registered with the probate office, the will is a matter of public record and you can obtain a copy.

G_M

If you have concerns about the Executer, and whether he is acting honestly, contact The Probate Service - or at least check out their website so you undestand what should be happening.

And as advised, get a copy of the will.

http://www.justice.gov.uk/courts/probate

Salt

Thankyou for your advice,
probate has been granted so I will try and find out about the the will at the probate office.
I know the sale will not be quick will the family member as they will need to get the money together and won't get a mortgage. So it is not a quick option just one that I have no say in having only one quarter against 3.

greenface

you have as much say as the other 3 and they need you on side for a easy sale. Is there one of the 3 thats easier to approach and talk to.

googler

Salt wrote: »

So it is not a quick option just one that I have no say in having only one quarter against 3.

But you, if you do own 25% of the property, as opposed to being promised 25% of the value, do have a say.

You own 25%. Nobody can transfer the whole of the house to another without your approval. They could transfer their other 25% shares, i.e. two of the other three sell their 25%'s to one, to give you 25% and the other 75%

macman

First and foremost, you need to confirm if you have been left a quarter share in the property, of a quarter of the proceeds of sale-obtaining this information is very simple, as described above. I would be very surprised if it is the former, unless the will was drafted 'at home'.
Everything else is speculation until we know this.