Siblings dont want to sell fathers property, I do

getmore4less

who are the executors

ness3765

getmore4less wrote: »

who are the executors

One executor is a retired solicitor friend of my late father and the trustees are members of the retired solicitor's firm that he use to worked for.

Crabapple

In this situation that's probably a good thing - if the executors were your siblings it could make matters more complicated.

I'd agree with all the comments above. Write to the executors now and say that you would like the property to be sold and to realise your share as cash.

You don't have to sign anything, although I wouldn't state that to the executors right now, just tell them what you want and if necessary down the line say 'I won't sign any transfer documents/letting agreements'. Basically leave it simple for the moment and see what is suggested.

If your siblings want to keep the house they can then discuss whether and how to buy you out. If it's a 30% share then even if they don't have the cash a buy to let mortgage should be possible.

jaylee3

I think them buying you out is a good idea. It depends of course, on the value. If it's around 60-80-100 grand, then it shouldn't be an issue, but if it's a couple of hundred grand or more, then this is going to make things a lot more difficult, as obviously 30% of a quarter million (or more) is a LOT.

This is a very difficult one. I don't envy you. I think you may have to go down a legal route if they refuse to buy you out, or sell the property.

If it were me, I would not rent it out in a million month of Sundays. Way too much hassle being a landlord. Maybe you can (try to) have a conversation with them, and try to convince them renting it out is not the best idea, as it's a lot of hassle, and is going to make it difficult to split the inheritance.

I know it's not easy to talk to people that you have little or no relationship with, as it can be awkward and uncomfortable, and some people can be quite unapproachable, but it's worth a try.

Good luck.

getmore4less

As above make it clear to the executor you want your share in cash or assets that are yours and not a minority share in a house.

Mojisola

getmore4less wrote: »

As above make it clear to the executor you want your share in cash or assets that are yours and not a minority share in a house.

If there is enough money in the estate, the executors could use this to get round the problem - you get cash to the value of your 30% of the house and your siblings get an extra 15% share.

ness3765

Thanks everyone for some great advice.