inherited property advice... who to seek advice from?

TBagpuss

I don't think there is a single person she can go to for advice. This is a personal decision for her -

However, if she is considering keeping the property and renting it out she needs to educate herself bout her responsbilities as a landlord (the responsibility is hers, even if she uses an agent)

She needs to think about whether she has other income or financial resources to cover the costs of repairs and void periods, and what she wants the hassle of maintaining records and doing a tax return.

She also needs to think about her attitude to risk, and about how long she wants to invest in a property for. If she keeps the property and rents it, when is she likely to want to sell up?

Keeping the property means she has all her investment eggs in one basket - is that what she wants?

Would she actually feel comfortable treating her brother's home as an investment, and can she afford to get it into a suitable condition to rent out (even if that is only getting the boiler services, getting gas safety certificates etc)

I would suggest also that she looks at what the property is worth and then speaks to a trusted IFA to get an idea of how else she could invest the money, and what that would mean in terms of likely income for her. Depending on her age, she may do better investing the money but also drawing on the capital

G_M

Why on earth did you not renounce your role as executer given that you were unable to undertake it?

If other executors have been named in the Will, the remaining executor (or executors) can apply for probate, provided that the Will doesn’t expressly require a certain number of executors.
If you are the only executor appointed in the Will and no alternate executor has been mentioned, then an application must be made to the court to appoint an administrator.

Alternatively you could have retained your role as Executer but appointed a solicior to undertake the work on your behalf.

Anything rather than just ..... do nothing for 8 years!

newdave1975

Given the cold light of day, yes it all does look much clearer. But some posters who seem to be looking at this through a very clinical perspective have really no idea of what happened (and to be fair they can't given the few details given) but one the same side of the coin nor should they judge. I know the time elapsed has been far too long, but consider the effect of 3 successive deaths, a mental illness and a chronic illness all within a very short space of time. Yes things should have been done very differently. I do know that and if known what I know now yes even relinquish or delegate to an administrator/solicitor. Hind sight is a wonderful thing.
I thank Tbagpuss for the advice given, an IFA is the route we will try. It needs to be sorted that's all I was every really asking, I didn't need a critique on where I went wrong or things I should have done. It's in the past, it's now I need to look too.
Thanks for all your posts anyway.

getmore4less

The Aunt obviously knew the place was hers and did nothing to secure an income from it so is she really ready to do that now.

GaleSF63

newdave1975 wrote: »

hi thanks for that last bit of advice. Our situation is a little complex. Probate was settled years ago, my uncle passed in 2007. no inheritance tax to pay. Were only getting around to sorting this out now, due to family ill health, family passings and me moving away.
Whats prompted it is the council tax has shot up to 150% and that is financially unsustainable for my aunt. (eating through savings)
Dave

Has your aunt been paying the council tax? Shouldn't the estate have been paying it?

newdave1975

All of the estate assets have been transferred to the beneficiary, but yes she's been up keeping the home and paying the council tax on the property. The only outstanding thing not done is transferring the property over (title deeds, which still rested with executors) that was on the advice of the back who advised initially and rightly to hold if we were going to sell. Unfortunately that didn't work out.

xylophone

It might be easier for your aunt to sell the property and invest the proceeds to supplement her income?

As others have said, an IFA could assist with this.

https://www.unbiased.co.uk/

newdave1975

Thanks I think an IFA is the way to go thanks for the link too.

Alfrescodave

As GM and various others have suggested just SELL the house THEN, if necessary, seek financial help from an IFA.
There is no one that can make the decision for you; ultimately (hopefully not in another 8 years time) you and your aunt will decide how best to invest the house proceeds. Take some responsibility.

newdave1975

Firstly my aunt is unsure if she wants to sell the house or indeed rent it out. Her thinking if she sells she will have a lump sum and be hit for it in tax. Similarly if she rents it out, her income will be hit also. So her question is which decision will have the lesser tax impact. Like one helpful poster has said that probably lies with a IFA.
I must admit the tone of some posters is sonewhat preachy, bordering on sarcasm, yes I'm aware that many on here are seasoned "money saving experts" and that shows, how dare i leave matters this long. But as I've stated many times over none of you were in my (our, my aunt too) and it is all too easy to judge from where your sitting. Passing of very close relatives obviously affects in different ways.
Someone once said compassion in finance is none existent and this thread proves the case.
Dave