who Has the Right

Treevo

kevin51 wrote: »

In one instant you saying my brother has every right and the next your saying my Father has all the right, Confusing.
There is some what 58000 30% involved here, if none of the family signed any declaration giving him permission to buy in writing. How does he have this Authority, just because he's executor. Thx Kevin

There are two issues here.

1. If your sister left your father the property (the 30% share) then it is his - you don't have any right to get together and decide to keep it from him and award it to yourselves.

2. How much are the debts? If they are more than £58,000 and your brother has paid them off then he is owed that money back from the estate. If he then chooses to buy the entirety of the property then that is nothing to do with you. It doesn't matter who buys it.

It seems like you think your brother should pay off your sister's debts, then buy the property but still give you all money when there may not be any in the estate.

Treevo

kevin51 wrote: »

The Housing Association does not own 30%, my sister does. The housing Association own the rest 60% of the property.

Who owns the other 10% then?

dancingfairy

You and your siblings are entitled to nothing as far as I can see. If the will says the property goes to your father, then that's that. If she died intestate then I'm not too sure, I guess it goes to her father as next of kin? If this is the case then legally he owns her share.
If he chooses to share some of this, pass it on to you and your siblings then fine but I don't believe he has a legal duty to do so.
df
edit: say the profit after legal expenses in the house is 100k, 30k goes to the beneficiary of your sisters estate (your dad) and the other 70% goes to the housing association. Whoever buys the house gets to keep the house and doesn't own anybody anything (the fact it is your brother appears to be complicating things).
Your dad then gets the 30k. He then can do what he wishes with the 30k - whether thats split it between the you or keep it to himself, whatever he likes basically.

dancingfairy

It's not great that he is exectuor and buyer of the house (As I said above it means he has a conflict on interests). If this is legal you MUST make sure he is selling the house for a fair price.
You might find it easier if he resigned as executor somehow and someone else took over to seperate out the 2 roles?
df

Treevo

It could be argued that if he's paying close to what the two previous (accepted) offers were, then it's a fair offer.

Kayalana99

Treevo wrote: »

Who owns the other 10% then?

Pretty sure that was a mistype

*max*

kevin51 wrote: »

Hi,
A property was left to my Father, as our sister died.
However he is to old to deal with it, so the whole family agreed
to appoint my eldest brother as executor of her affairs. My Father signed a declaration with two witnesses present.
Bearing this in mind, who then has authority my Brother or Father, who has the rights.
Now I know the duty of the executor is to inform banks go through paper work i.e.. Clear debts and eventually sell the property, and then divide what's left accordingly, if any.
The snag here, it was a shared ownership. She owns 30% of the dwelling and the housing association owns the rest.
The property was on the market for 14 months, and we had two buyers, that fell through because the housing association would not move fast enough.
Now the executor my brother, wants to clear the debts with his own money and move in, which we all agreed he could do. no one else in the family has in financial means to do.
And now he's thinking of buying the property and told us that if he goes ahead, he will own the lot even the 30%.
My feeling are that the other 30% still belongs to the rest of the family, and that he needs to buy our share of the percentage we own. am I right in saying this, or have we lost alrights and want about our Father does he have any rights at all.
I think the executor will eventually profit from this idea, without being vindictive. I myself do not care about the assets involved or whether he gains or not, just would like to know where the rest of the family stand. Any help would be much appreciated.


Thanks

Kevin

You seem to be very, very confused OP.

The property was left to your father; he, and only he, is the owner of the 30% interest in the property (minus the debt to be paid). You and the rest of your family do NOT own any of it, you are not owed a share of it. It is your father's. I don't even know why you are talking about "we", and "our share"?

As for your brother buying the house, it will be just like any other buyer. The fact he is clearing the debts prior to the sale of the house just means he will have to be repaid out of the estate. This doesn't put him at any sort of advantage that I can see.

kevin51

Hi,

Again I forgot to mention There is no will involved and everything has been handled by the family in a very respectable fashion. No family members are arguing over money. My brother was chosen to be executor by all the family, because he is the eldest. We just need to verify that what he doing is fair to everyone, that's all.

thx for all the replies

Kayalana99

If their is no will, then it goes to next of kin.

Not sure who is next of kin to be honest but it will be one person.

nom_de_plume

Hypothetical worked example......

Property worth say £200,000

70% owned by housing association = £140,000

Sister owned remaining 30% = £60,000

If there was no outstanding mortgage and your father does not want the property then, assuming the £200,000 is a fair valuation on the place, your brother would need to give your father £60,000 to buy it.

This figure is likely to be reduced before the estate is settled as there would be rent to the housing association to be paid plus other costs on the empty property. It would also be fair to expect your father to suffer the cost of the sale side of the the conveyancing.