Executor excluding benificiary

missbiggles1

LellSasha wrote: »

you need to leave this feed..you have paid no attention to anything i have said...
they do not want the house..i do
they want cash...i can provide it
they dont want me to live it in it...not good enough to not sell to me...

once they have sold they are no longer entitled to bother the buyers..or can they hound the new owners if their offer is taken over mine lets say because theyve blown through their cash and now want more money...because hounding me is the same as hounding them ..they have no legal right to the house once its bought...

I repeat they do not want this just a house..they want cash...the fact that they dont want me to live in a house that I am willing to buy is not a valid reason to reject my offer..if it were surely i could stop the other offer because I dont want them to live in a house that theyre willing to buy! regardless of it being mums!!

To ensure that you do buy the house you need to make sure that your offer is higher and/or quicker than anybody else's. That's the only thing that matters.

LellSasha

booksurr wrote: »

the exec is your uncle. I doubt he has any more knowledge about estate administration than you do, so hardly surprising it has not been mentioned as it is a technicality which many estates would not bother with if the beneficiaries were not fighting with each other

as this thread is now so long it is hard to know what is still at issue
- your mother made a will leaving her estate equally to her 3 children
- the estate includes a house. The executors have discretion to "retain or sell" the house
- your brothers each want their 1/3 share as cash. They want the money now and are pushing for a sale asap as they have already had to wait many months
- you wish to retain the house as your 1/3 share of the estate

therefore you need to pay money to the 2 brothers equal to 2/3 of the value of the property (less 2/3 of any costs incurred by the estate in selling it)

the executors have received an offer from an outside purchaser. You have also made an offer. The executors must accept the best offer which would normally be the highest offer from anyone able to proceed the quickest

you are in the processes of arranging finance, but the offer you have made is "about the same" as the outside offer. It is not more than, it is merely "about the same". You explain that means you have deducted the EA costs from it because your offer is not through the EA. It is far from certain that the EA will not claim costs anyway so your offer would be less than the outside purchaser's offer

you also say the executors have not yet reached final offer stage from either you or the outside purchaser so they cannot as yet discharge their duty to sell at the best price to either you or the outsider

you need your offer to be better than the outsiders, not "about the same", if you want this to reach a swift conclusion

Thank you for something constructive...
all you have stated is correct apart from my offer covers 1/3 of the value of the property each for them both. it also covers mums outstanding mortgage and the fees for estate agents etc...I have already paid for surveyors and a solicitor to complete the paperwork as part of previous applications. Yes I am on par with the other buyers IF they do not lower their offer (as expected by the execs due to the actual value of the house and this will come to light when they get the results from their surveyor) OR they may up it knowing that I have also put in an offer on the house. if thats the case I am done for. The EA have already informed me that to take the house off of the market means we would have to pay costs incurred so far not full fees and therefore the fee is considerably less. My saving on this fee gives me a slight edge...but its none of it is solid until the other buyers up or lower their offer.
I know this is a massive uncertainty but in terms of money I know I need to be the better offer...
however the execs are already denying my offer because my brothers now want the house to go to strangers over me...can they do that?
If so why cant I stop the other offer because I dont want the house to go to strangers?
this is my biggest question!

Bogalot

This bridging loan is ringing alarm bells to me, what rate of interest are you being charged? They are available without proof of income but the interest rate will reflect the high risk to the lender.

You are aware that your residential mortgage is not guaranteed, even with three payslips? What would you do if it was not approved?

LellSasha

missbiggles1 wrote: »

To ensure that you do buy the house you need to make sure that your offer is higher and/or quicker than anybody else's. That's the only thing that matters.

I am sorry to keep repeating myself but because of the situation regarding my brothers and the execs acting on their wishes only - my worry is that even if i was to provide a larger/quicker offer can they dismiss me on the grounds that the brothers want to sell to strangers? I could offer 10,000 more than these others buyers but I have been told no matter what they will go with the other buyer because the brothers want the house to go to strangers..regardless of money is that a valid reason to dismiss me??

LellSasha

Bogalot wrote: »

This bridging loan is ringing alarm bells to me, what rate of interest are you being charged? They are available without proof of income but the interest rate will reflect the high risk to the lender.

You are aware that your residential mortgage is not guaranteed, even with three payslips? What would you do if it was not approved?

the rate of interest is of no concern to you..the fact that I have it and have plans to work towards the mortgage that all who are involved have the details for.
Its irrelevant now...this is not the execs or brothers issue..their issue is wanting to sell to a stranger over me regardless of money offered...can you help with this?

Cakeguts

LellSasha wrote: »

Thank you for something constructive...
.
I know this is a massive uncertainty but in terms of money I know I need to be the better offer...
however the execs are already denying my offer because my brothers now want the house to go to strangers over me...can they do that?
If so why cant I stop the other offer because I dont want the house to go to strangers?
this is my biggest question!

Yes your brothers and the executors can do this. This is what I have been trying to tell you but you just don't want to know. You can't stop the other offer because you are not an executor. If the executors believe that the other offer is better they have got to go with that.

lynz68

Your executors have to make sure they get the best price possible so as you already know this just make sure your offer is the best. I would also speak to a solicitor about your situation and possibly get them to write to the executor and remind the executor of the role they are required to fill and also not to prioritise your brother over yourself you should all be treated equally.


By asking advice on a public forum you are going to get various opinions don't get upset by that. You need proper legal advice your situation is complex.

missbiggles1

LellSasha wrote: »

I am sorry to keep repeating myself but because of the situation regarding my brothers and the execs acting on their wishes only - my worry is that even if i was to provide a larger/quicker offer can they dismiss me on the grounds that the brothers want to sell to strangers? I could offer 10,000 more than these others buyers but I have been told no matter what they will go with the other buyer because the brothers want the house to go to strangers..regardless of money is that a valid reason to dismiss me??

They have to do what's best for the estate. That will usually involve a higher offer but not if the situation is in any way precarious.

In a more normal transaction, vendors often accept a lower offer if a buyer is, for example, a cash buyer or, at the very least, in a position to proceed quickly. Your situation regarding bridging loans, pay slips etc is the sort of thing that would make many vendors decline your offer if there is a buyer in more straightforward circumstances in the offing.

LellSasha

lynz68 wrote: »

Your executors have to make sure they get the best price possible so as you already know this just make sure your offer is the best. I would also speak to a solicitor about your situation and possibly get them to write to the executor and remind the executor of the role they are required to fill and also not to prioritise your brother over yourself you should all be treated equally.


By asking advice on a public forum you are going to get various opinions don't get upset by that. You need proper legal advice your situation is complex.

I have tried my hardest to not get upset I just do not need peoples assumptions telling me what I think and feel without true fact...
the treated equally is what I have been trying to scratch the surface at..I know im emotionally sensitive to it all and will be seen to be feeling 'hard done by' but I needed to know if it falls under unfair treatment the way I think it does before I continued..thank you

bouicca21

The EA has told you that it won't be full fees if the house is taken off the market. But if you buy it, it hasn't been taken off the market, so full fees will be payable.