Dead father's house sale

nom_de_plume

From your description it does sound very much like it would have sold for more and her acceptance of the revised offer does seem unreasonable.

Based on the figures it 'appears' to be being undersold by around £30,000.

She does not appear to be working to the guidelines as described in dancingfairy's post above and, should you choose to pursue the matter through legal channels, could find herself personally out of pocket.

Your first port of call should perhaps be to confirm your valuation and saleabilty at said valuation. Then you need to decide how to proceed. Would you be able to approach her along the lines of, if she wants to sell it quickly at a lower figure, she needs to change the shares so you do not lose out by her haste?

sjm67

I have written to her asking for her not to accept the offer and to give it more time to sell at a higher price.

RAS

You need to point out her legal duty and the consequences if she fails to meet those.

Could she renouce her executorship and let you do letters of adinistration with will?

nom_de_plume

RAS wrote: »

Think you may need a lawyer's letter reminding her of her duties as an executor, if she will not listen to you or accept a simple note from you.

She has a DUTY to maximise the value of the estate.

Is the duty to maximise the value or to get a fair market price? One could argue that, in this case, the house needs work and, hypothetically, spending £10,000 on the property wisely could increase the value by £20,000. That would be maximising.

Not picking holes or trying to be clever BTW, just a genuine question!

sjm67

If you spent £25k, the house would be worth very close to the the £250k Nationwide price calculator calculated.

I understand your point too, this is my dilemma.

Whhat I really need is advice on what to do next?

thorsoak

Will there be inheritance tax payable on your father's estate? If so, don't forget it is due within a 12 month of the death. If IHT is due, is there sufficient cash in the estate to pay this, or will it need the sale of the house in order to release enough cash to pay it?

sjm67

No, inheritance tax isn't payable.

nom_de_plume

Another question and perhaps a suggestion for the OP.

How easy is it to borrow against a future inheritance? Just thinking out loud that it could be another avenue for the sister to explore as a means of both releasing some funds sooner and still keeping the door open for a better price.

jackyann

I have been an executor involved in a house sale, and I do think the decision about accepting an offer is a difficult one, especially in today's market.
Somewhere on this forum is the post I put up when my brother wanted me to hold out for a higher price. The house we were selling was an unusual house because it was atypical of houses in the street, and had extensions etc. so very difficult to compare to other properties in the area. I was living in the neighbourhood and I ha a "feel" for the local, minor issues that meant a higher price was unrealistic.
I was anxious to get the sale out of the way for lots of reasons (including that as I was local, I was the one dealing with all the problems that arise from an empty house). We discussed 2 ways around this dilemma: one was to rent the house out, but it was not a good candidate for rental. The other was for my brother to buy my half, and this seemed a good way forward. In your case, say, you would pay your sister 1/2 of £195k (this can be done "virtually" or using a loan). She gets the money she was prepared to settle for, and the house is then yours - if you can get £220k, good for you. If you are wrong, and only get £190k, so it goes.

We were fortunate to get a buyer who offered mid-way at the point that my brother realised I had a point, and so we compromised. House prices in that area have not risen for 3 years, so I don't think we did badly.

sjm67

I have another sister who was living with my dad when he died. She was literally forced out by my other sister (the ecutor)and accused of all sorts, she has pushed her close to a nervous break down. Immediately after she was pushed out, my other sister tried to use the house being empty as a reason for selling it cheaper, even though it had been her that had manufactured the situation. As for the pressure of being the executor, I understand what you mean but her actions and attitude have made it so don't want to help her.
As for buying the house. I wish I could, but after starting up my own business recently, unfortunately I'm not in a position to do that.

Thanks for everyone's help and answers but I think maybe I am looking for answers in the wrong place. Thank you again for everyone's time and replies :-/