We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Executor excluding benificiary
Comments
-
moneyistooshorttomention wrote: »In her position I would be offering exactly the same literally to the penny as the other would-be buyer basically. (EDIT; Make that £1 more than the other offer - so it is the best offer).
Followed by listing:
DEDUCTIONS FROM THAT;
- Money owed me by the brothers towards mortgage payments
- Money the brothers wouldnt have to pay out towards house clearance payments
- Proportional insurance costs on the house up to date of sale (ie one-third of the insurance bill for that period).
PLUS:
Rent for one-third of standard rent for an equivalent house after I stopped paying the mortgage
Obviously OP keeps the rental income from her friend - as she will be covering the two-thirds of rent the brothers would be due if the house were rented out to a stranger.
Obviously OP can move quicker than a stranger - even allowing for having to wait for 2 more month's worth of payslips (ie because the executor doesnt have to go through the whole palaver of kicking her/a tenant out of the place if they sell to her rather than a stranger).
EDIT; I believe the legal position is that anyone else living in the house with OP (even if they are a stranger - ie OP's friend) has to give their consent to the house being sold or the executor would have to get rid of them as a "sitting tenant" - which would take months.
I read that a sitting tenant is this...
The spouse of the tenant is entitled to succeed to the sitting tenancy. A son or daughter can also succeed to a protected tenancy provided certain conditions are met as laid down in The Rent Act 1977. Generally, any member of the successor tenant’s family continuously living with the successor tenant for a period of two years prior to the demise of the tenant is entitled to succeed to an Assured Periodic Tenancy. In such cases the family member enjoys a protected tenancy for life but at an open market rent and not a controlled rent set by The Rent Service. There can be no further successions after this.
I dont feel either of us will fall under this law...I moved out in 2008 and only moved back in under my mothers request 6 months prior to her death last year..
do u agree?0 -
Maybe your brothers would rather have the cash rather than a share in a house and it's nothing to do with not making your life easy.
You said yourself 1 brother moved out as they had a baby with his girlfriend, he's most likely wanting the cash to assist with the costs having a baby has or to stash away for a house deposit in the future.
Maybe your brothers would rather have the cash rather than a share in a house and it's nothing to do with not making your life easy. ...then y not allow me to buy the house and receive their cash? why prevent it if I can offer the cash and keep the house?? win win ...0 -
I don't think I have missed the info on everyone being treated equally have I? Could you please explain why you think you are entitled to your opinion and your brothers are not entitled to theirs?
why do you refer back to earlier posts and ignore the info I give you at the time..
my opinion doesn't prevent them from getting the cash they want...
their opinion stops me from retaining the house I want..
wheres the equality in that?0 -
Maybe your brothers would rather have the cash rather than a share in a house and it's nothing to do with not making your life easy. ...then y not allow me to buy the house and receive their cash? why prevent it if I can offer the cash and keep the house?? win win ...
Who knows ?
Have you asked them ? Maybe via an intermediary?0 -
That's the standard right of executors.I have had somebody look over her will and it says the executors can retain or sell!
You appear to have no ownership interest (the executors have it all on behalf of the estate) and no right of exclusive use of the house so it's fine for the other beneficiaries, barring court-imposed restrictions, to move in or visit the former home if they wish. Since it's no more yours than theirs only courtesy would require notice. Given the risk that you might not cooperate, lack of notice might be most prudent. The presence of the police implies that there was some concern that there would be trouble, though given the history, protecting you from the risk of violence might have been a major reason for their presence.
The executors can also evict you if necessary, and will have a legal duty to do so in the performance of their duties if that's what it takes. They would have to explain to the court why they haven't just sold the place to you because you would be telling the court about that if they tried. It'd be simpler for them if you couldn't buy, then the court would just issue the related orders.
The executors are free to decide which offers to accept, subject to them not acting unreasonably. With two beneficiaries wanting an unrelated buyer and you wanting to live there their decision does appear to be reasonable. Since the basis for this decision would apply regardless of whether you have the money or not, that won't necessarily make a difference.
A materially higher offer from you - thousands not a penny - would also complicate things, since one duty of executors is to maximise the value of the estate. Another duty is speed, so having the money say in the account of the solicitor acting for you on the purchase would be a significant additional complication.
Troubling is that the executors have rejected offers above the asking price in favour of one below. Is the prospective buyer in any way connected to the executors or others involved in this, such that there maybe a deliberate sale below market value going on?
What you need now if you want to live there is personal advice from a solicitor. You may be able with assistance to increase the potential costs to the point that selling to you becomes the best option. It appears that you have at least the potential - with a higher offer and ability to execute in days - to make the executors personally liable for failing to properly handle the estate.
Get that solicitor. What you are doing appears sensible and in accord with the expected duties of executors. You also need legal help in the form of a court order to protect you from unanticipated visits that are otherwise possible.0 -
:rotfl:
This whole thread is beyond a joke.0 -
why do you refer back to earlier posts and ignore the info I give you at the time..
my opinion doesn't prevent them from getting the cash they want...
their opinion stops me from retaining the house I want..
wheres the equality in that?
Oh but that is not all they have an opinion on is it? I think you said that they wanted the house to be sold to strangers didn't you? Does that opinion not count?0 -
Who knows ?
Have you asked them ? Maybe via an intermediary?
I already know the reason why...and its because of the domestic abuse and the fact that the middle brother is being held accountable for his actions..I have been told this...the relationship between myself and him is well and truly over so he was NEVER going to allow me to succeed in this..the younger brother supports him..they've supported each other their entire lives...0 -
Hi,
I am sorry for your loss, and the stress you are having just now.
The executor is duty bound to consider not just the amount of the offer, but resolving things quickly.
They need to look at this as a business, and not an emotional, transaction; which is difficult for you, because you have an emotional attachment to the property; but it is what they have to do.
So if they have a buyer sitting with ready cash, or a solid mortgage offer, vs you who don't have an unconditional mortgage offer (you need to be employed longer first) and need to secure bridging - all else being equal, the other buyer is the one they would have to accept the offer from.
This is not to do with who they like best.
Also apologies if I missed it - did the will say the house was to be sold, or just that the value of the house was to be split between you?
Does the estate have any other debts that need to be settled from the sale?2021 GC £1365.71/ £24000
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards