Will and living in dads house

Keep_pedalling

Jeanie_84 wrote: »

Thabks. It is messy and I have tried to rectify the situation.

There isn't really anyone to broker the situation, the only thing that comes mind is getting a solicitor to act on my behalf but that means paying out. I'm not sure if that's possible but emotionally I'm pretty drained so if an option maybe it's worth it.

I thought the simple route would be to just get the house valued and pay him off. When you say if he is unreasonable does that mean he can force a house sale?

You can only really force a sale if the other owner refuses to sell or buy you out. As you are offering to buy him out then there is no point in him trying.

Tom99

[FONT=Verdana, sans-serif]You will need to jointly apply for probate unless your brother agrees to step aside as executor.

[/FONT] [FONT=Verdana, sans-serif]You will need a house value to apply for probate, so maybe your brother will agree that a house value provided by a RICS surveyor will be the agreed value at which you split the house.

[/FONT] [FONT=Verdana, sans-serif]If inheritance tax is involved the I would wait until the house value has been agreed by HMRC for tax purposes before finalising things with your brother.[/FONT]

Jeanie_84

Ms_Chocaholic wrote: »

What I was trying to ascertain was how much cash assets are there? Say for arguments sake the house is worth £100k and you get £80k of that, if there's £20k in cash assets then that makes the division easily but if there's no cash assets you will have a shortfall.

I'm trying to help!

Thank you and much appreciated. The house is probably worth around 500k but the only other cash assets are 20k

So in total the estate is around 520k

Keep_pedalling

Jeanie_84 wrote: »

Thank you and much appreciated. The house is probably worth around 500k but the only other cash assets are 20k

So in total the estate is around 520k

Was your father a widower? If so his estate is free of IHT, but if he was divorced then the estate falls into IHT territory which puts you both under more pressure to sort this out.

Ms_Chocaholic

Jeanie_84 wrote: »

Thank you and much appreciated. The house is probably worth around 500k but the only other cash assets are 20k

So in total the estate is around 520k

So based on your preliminary figures, you would be due £416k from your father's estate and your brother £104k. As there's £20k cash then you would need to raise £84k, is that possible?

Figures above are just based on your figures and don't take account of any IHT or funeral expenses.

Ms_Chocaholic

I wonder what is the reason you want to stay in the house, would you consider selling and downsizing and that way you will have no mortgage/debt.

Margot123

Ms_Chocaholic wrote: »

I wonder what is the reason you want to stay in the house, would you consider selling and downsizing and that way you will have no mortgage/debt.

The OP has a young child to consider, and all the upheaval moving would cause them eg schooling, friends etc. The youngster will have gone through enough with the loss of their Grandad.

Jeanie_84

Keep_pedalling wrote: »

Was your father a widower? If so his estate is free of IHT, but if he was divorced then the estate falls into IHT territory which puts you both under more pressure to sort this out.

He is a widower, my mother died last year.

Ms_Chocaholic wrote: »

So based on your preliminary figures, you would be due £416k from your father's estate and your brother £104k. As there's £20k cash then you would need to raise £84k, is that possible?

Figures above are just based on your figures and don't take account of any IHT or funeral expenses.

Thank you. Yes that is possible, I have managed to work as well, so I don't see an issue with the funds.

Margot123 wrote: »

The OP has a young child to consider, and all the upheaval moving would cause them eg schooling, friends etc. The youngster will have gone through enough with the loss of their Grandad.

Thanks. That is exactly the reason and I feel a bit silly now, thinking as if my parents were immortal or something and finding myself and my son in this position.

There are some added complications that I am worried about but feel the whole will needs to be read by an expert to advise.

I have googled solicitors and want to ensure I get the right one. Is there a site for recommendations? I have also asked friends to recommend.

My dads funeral hasn't even happened yet, so my head is a real fuzz right now.

Cheeky_Monkey

Ms_Chocaholic wrote: »

So based on your preliminary figures, you would be due £416k from your father's estate and your brother £104k. As there's £20k cash then you would need to raise £84k, is that possible?

Figures above are just based on your figures and don't take account of any IHT or funeral expenses.

Minor point but the figure required would be £88k not £84k as £4k of the £20k already belongs to the brother - you can't pay someone off with their own money!

Ms_Chocaholic

Cheeky_Monkey wrote: »

Minor point but the figure required would be £88k not £84k as £4k of the £20k already belongs to the brother - you can't pay someone off with their own money!

OP estimated the value of the house @ £500k and with the cash £20k, that made £520k. I divided that into the 80/20 shares making £416k for OP and £104k for brother; let the brother have the £20k cash leaving £84k to find.

If my calculatons are still out would you mind telling me where I've gone wrong, maths isn't my strong point but I thought this was right.