Inherited property split 5 ways - what if SIL refuses to sell to me

G_M

Robin9 wrote: »

She has no say in the matter - the house is not hers, it belongs to the estate.

That's not clear.


I believe ultimately it belongs to the Trust (once the Estate is wound up). And she is a Trustee.

getmore4less

Minor problem you can only have 4 trustees.

http://www.legislation.gov.uk/ukpga/Geo5/15-16/19/section/34

and only 4 legal owners of a house.

With a bit of luck the dissenter was the last on the list!

G_M

Who on earth drew up this will........?


There's a lesson here folks:

Either draw up a will yourself and keep it mind-bogglingly simple or

Pay someone to do it properly.

This may be a moneysaving site (and goodness knows I often advocate DIY conveyancing!), but as soon as there's any complexity (whether wills or conveyancing) you stop saving money when you try to muddle through yourself......

Minstrelle

lisyloo wrote: »

I don't like the might.


People say all sorts of things. Various members of my family have discussed emigrating or moving and usually these are often flights of fancy rather than well thought out costed plans.

Whether she stays or goes it wouldn't stop us from buying the property. However, we may choose not to live there. Might end up renting it out (lots of reasons)

Minstrelle

G_M wrote: »

Who on earth drew up this will........?


There's a lesson here folks:

Either draw up a will yourself and keep it mid-bogglingly simple or

Pay someone to do it properly.

This may be a moneysaving site (and goodness knows I often advocate DIY conveyancing!), but as soon as there's any complexity (whether wills or conveyancing) you stop saving money when you try to muddle through yourself......

It was actually a solicitor who drew up the Will!! Might have to refer back to him if it gets too complicated

lisyloo

There's a lesson here folks:

I agree, but you can't always get people to listen to you.
My MIL refused POA.
I've now had to apply for deputyship.
The initial £400 was waived, but it's still a lot of paperwork/time and ongoing fees/management.

AdrianC

Minstrelle wrote: »

@G_M - The will says "I give all my property, both movable and immovable .... to sell, call in and convert the same or such part thereof ..... I give my House ..... to my Trustees on trust. Then it names all 5 children as Trustees. The youngest gets to live there for 18 months (which will expire in July 2019).

The trust owns the house.
You do not own 20% of it.
Your SiL does not own 20% of it.
The trust owns 100%.

The trustees control the trust.
They make the decisions in what the trust does with the house, including whether the trust sells it.
Unless the trust requires all votes to be unanimous, then 4 x "sale" votes should outweigh 1 x "no sale" vote, whoever the purchaser is.


But who is/are the beneficiary/ies of the trust...? They're the ones who get the money if/when the trustees decide to sell it, not the trustees. If the will says "give to the trustees in trust", then there's a strong argument that the trustees are also the equal-part beneficiaries. But...

Jarndyce v Jarndyce?

Thrugelmir

Minstrelle wrote: »

However, my sister-in-law does not get on with my hubby at all (understatement of the year). If we were to come up with the money, is she within her rights to refuse to sell to us at the market value? She might refuse on principle (unfortunately she lives next door to my MILs property).

Politely keep her informed of your plans. She can then plan ahead as she wishes. Ultimately one suspects her only real concern will be that the price paid for the other shares of the property is fair and equitable.

tlc678910

Hi,
As you are not desperate to live in this property (you might rent it out) can't you just sell it - after the youngest siblings right to reside expires - as your mother in law probably intended

Isn't it likely your mother in law chose you as her executer as she trusted you to distribute her estate fairly without causing further aggravation between siblings who she knew did not get on?

As executer you should be acting for the beneficiaries and not in your own interests. There seems to be a conflict of interests as you would like the house for yourself. Perhaps you could give up your role as executer in this case and then attempt to buy the house when you do not have this conflict of interests.

xylophone

The Will creates a Trust - the Trustees are the legal owners of the property and there is a "right to reside" clause (rather than an "interest in possession" as here)

http://www.thisismoney.co.uk/money/pensions/article-5966805/What-life-trust-family-home-trustees-duties.html


which permits a certain party to live in the property for a period of eighteen months.

What does the Will say about what is to happen when the "right to reside" ends - are the children all equal beneficiaries?

If you are not sure, then consult the solicitor who drew up the will or another STEP solicitor if you prefer.

https://www.step.org/member-directory