Tricky family situation - can I buy out my brother's 5% share?

gettingtheresometime

I don't know about the rights & wrongs of you offering the 5% from your savings whilst you keeping the house but if I was your buyer I'd be seriously naffed off having spent money on searches etc, not to mention waiting for the issues to be sorted, only for you to pull out because you'd changed your mind about selling.

Parisian

Thank you for the replies. The situation is a lot more complicated than my summary.

The will gives all personal chattels to me. It then divides the house (after funeral and administration expenses) into 100 shares, giving me 95 shares and him 5 shares.

With regard to the comment regarding the buyer - a legal complication came up with the house, and the buyer was told that the house sale may not go through. They threatened to pull out of the transaction, but have not found anything else so have shown interest again.

I guess the detail was unecessary... I was really looking to understand the following:
1. Can a beneficiary refuse for their share to be bought out? In this scenario I have 95% of the share, and my brother has 5% of the share.
2. If I keep the house, can he insist on maintaining a 5% share in the house?

Thank you!

Flugelhorn

oh dear - more complicated! Perhaps might have been better if the will had allowed the executors to sell the house and then divide the proceeds, you could have bought it from the estate then.

Sounds like you are now tenants in common ... would be better to get some proper legal advice - there is some advice re going to court here
where people can't agree on selling https://www.howellslegal.co.uk/news/post/FAQ-Series-Can-Tenants-in-Common-Force-a-Sale

Socajam

I would give him the 5% as stated in the will.
Obviously your mother knew why she made that decision and I feel that you should stick to it.
You were the one that took care of her and carried the brunt of the work during that time.
I would send him a copy of the will, pull out of the sale and have the house revalued.
Get yourself a solicitor, send him the three copies of the valuation report along with the will and let him know that you would like to buy out his 5% stake in the property.
Do not let him bully you in giving him anymore money - 5% was your mother's wishes and stick to it.
He is lucky he got something.

martinthebandit

Socajam wrote: »

I would give him the 5% as stated in the will.
Obviously your mother knew why she made that decision and I feel that you should stick to it.
You were the one that took care of her and carried the brunt of the work during that time.
I would send him a copy of the will, pull out of the sale and have the house revalued.
Get yourself a solicitor, send him the three copies of the valuation report along with the will and let him know that you would like to buy out his 5% stake in the property.
Do not let him bully you in giving him anymore money - 5% was your mother's wishes and stick to it.
He is lucky he got something.

This seems like the right, and least stressful, answer to me.