Help with a family member

I_love_the_sea

Good evening, I am after a little advise for my mum. My gran has recently died and left a will with a solicitor (as executor) stating that the estate is split 50/50 between my mum & her sister. There is no money involved but a property valued at 180-220 (3 different estate agents). My parents would like to keep the property as an investment and have said that it can be done either with my aunt or if not they would give her the 1/2 share.
The problem now is that my aunt does not want to get involved in the re-development but wants more than the 1/2 of the value as she feels my parents will be profiteering from the property. She has said that she wants 2/3 of the high end value now and a percentage of the profit when either sold or rented after development.
My mum as you can imagine is devastated to think that her sister is capable of doing this and being only willing to discuss it via text/voicemail makes it Even worse.
I don't really know what to say to my parents but thought I may be able to offer some advise if I asked on here.

themull1

Thats riduculous, she would only be entitled to what the property is worth now! Death brings out greed and splits families all the time, she needs to be told its half she's getting and thats it.

thorsoak

Nasty. I would suggest that the house is sold, that your mother's sister receives her 50% and that your mother then buys another property with her share of the estate.

That way, greedy aunt gets just what she is due and no more. Your mother can still get an investment vehicle, and her sister cannot claim any of it.

It is sad when this situation arises - it is far more common than you realise.

TomsMom

I do think it's sad that an inheritance can cause upset and problems like this. Is there any reason why your aunt wont speak to your mom on the phone or in person? Is their relationship already difficult?

My initial thoughts are this.

Your gran left the property to be split 50/50. If the property was sold now, as is, and after all expenses there is £200,000 left then both your mom and your aunt would get £100,000 (talking rough figures here just for ease). That would obviously make your aunt happy, she would have her half and it would be equal to your mom's half and they could each do what they wished with their share of the money.

If your mom then invested her £100,000 in another property, redeveloped it and sold it at a profit, would your aunt then expect a share of the profit your mom made on that property? Or turn it around, if your aunt invested her £100,000 and made a profit, would she be willing to share that profit with your mom?

Just my way of looking at it.

I_love_the_sea

We have also wondered about that tbh. My mum and sister have always got on bit not seen each other that often. I don't know where she has got this idea from its almost as if someone is pushing her buttons

troubleinparadise

The old expression " dog in a manger springs to mind" - I don't want it, but I don't want you to have it either!

I think someone in your aunt's life has been watching too many property programmes, fancies themselves as a hard-nosed negotiator, but has forgotten about family values.

So your mum pays aunt more than half-share, pays for refurbishment plus time and effort, and then pays for the uplift value?

I'm afraid that despite this being a very reasonable idea of your mother's, the aunt's stance, unless she can be persuaded otherwise, will make it more hassle than it's worth. Aunt has probably now destroyed family relationship for ever - it can be difficult to come back from that situation. Mum is best off walking away.

getmore4less

Turns out it was probably a bit of a mistake talking about the plans, but what is done is done.

I would probably just stop talking about it, as the solicitors are the executors just let them put the property on the market.

Then if the price is right buy it off the estate once you see the level of offers.

It will cost a few £K probably around £3k extra for Estate agents and a few £100 extra in legal fees but that will be worth the clean ownership.

If that is still going to cause problems just take the money and invest somewhere else.

the key will be is there £100k spare to buy the other 1/2 of the beneficial interest? Then the funds to do the place up?

Mojisola

I_love_the_sea wrote: »

My gran has recently died and left a will with a solicitor (as executor) stating that the estate is split 50/50 between my mum & her sister.

There is no money involved but a property valued at 180-220 (3 different estate agents). My parents would like to keep the property as an investment and have said that it can be done either with my aunt or if not they would give her the 1/2 share.

The problem now is that my aunt does not want to get involved in the re-development but wants more than the 1/2 of the value as she feels my parents will be profiteering from the property. She has said that she wants 2/3 of the high end value now and a percentage of the profit when either sold or rented after development.

As the executor is a solicitor, your aunt can say what she likes - the solicitor will distribute the assets according to the will.

If the executor has been given the authority to sell the house and share out the assets, your aunt will have no say in who buys the house.

Does the executor know about your aunt's demands?