house to achieve maximum price - legally enforceable

MoneySeeker1

My parents estate should have been left equally between my brother and myself - but, in the event, my mother left the lions share to my brother and his children and I'm getting less than 50%.

Mine is still a noticeable size inheritance that's due - but am having to wait for it until the house is sold.

My brother/his wife were made executors of the Will by my parents and they are the ones marketing our house through an estate agent. I am obviously keeping an eye on this and it's priced pretty accurately for its location/condition (ie needing modernising).

I know I have the legal right (as someone getting a noticeable inheritance from my parents estate) to ensure it's sold for correct price (and not bargain price) and am keeping an eye on this. 

I can't recall the details of the law (though I know there is one) that protects people from having house concerned sold at an unduly low price (and thus diminishing the amount of inheritance). I just can't recall the details. I recall that house has to "priced up" by 3 different estate agents and then the average taken - but could do with details of the law thereafter whilst it's actually being sold. Reason being brother/his wife have been talking about possibility of selling the house to a developer behind my back and I will only agree to it being sold to a "normal buyer" (ie one that intends to live in it themselves) and certainly not to any buyer that tries to get it at a bargain price (at my expense).

Can anyone give links please to the details of how major beneficiaries (such as myself) have this legal right to ensure house is sold at a fair price and not a "bargain" price? With me being due to get less than 50% of the estate - then I can't afford to have our house downsold.

Savvy_Sue

I think you are imagining things again, although I'm not quite sure exactly what you think this 'law' says. And if you want legal advice, then I'm afraid you'll have to consult a solicitor. 

Let's start from first principles. A house is worth what someone is willing to pay for it. 

I'm confident there's no 'law' which says the house has to be valued by three different estate agents. For the purposes of valuing an estate accurately, it's often 'recommended' that a 'proper' valuation for probate should be obtained from a surveyor - not an estate agent. And while getting three valuations from different estate agents generally gives a better indication of what someone may be willing to pay for it, that's all it is, an indication. If no-one is willing to pay even the lowest guesstimate, then the house is not worth that much. 

Your brother and his wife may feel that a quick sale to a developer may be better than having the house sitting empty over winter, at the end of which its value may have gone down. And you have absolutely no control whatsoever over who they sell the house to, and who lives in it in the future. 

As executors, they are not required to keep you 'in the loop', so they could carry out the whole process 'behind your back' if they so chose. And they are the ones who accept any offer and proceed to sale. 

You could take them to court to remove them as executors and try to take over the whole process yourself. Google 'removal of executors'. You'll see it's neither simple nor cheap. Or google 'suing executors' and see what actions will be open to you if at the end of the process you feel that their actions have deprived of your rightful share of what was left to you (and I'm talking whatever was left, not the 50% you so clearly feel entitled to). Again, it's neither simple nor cheap - and unless they sell the house for £50,000 instead of £500,000 (for example) I'd rate your chances of winning very low indeed, because houses do not have one fixed value, and people have to make a judgement on what value to accept. 

Now many of the links about suing people lead to websites from solicitors pointing out the pitfalls of not using a solicitor to deal with probate. Perhaps your simplest option would be to pay a solicitor to write to remind them of their duties and the possible consequences of making a mistake. If they then engage a solicitor to reply, I believe they could legitimately use estate funds to do so. Your inheritance is quickly reduced. 

Voyager2002

So: the executors will receive more than 50 per cent of the price the house fetches. It will be in their interest to sell the house for as much as possible. Why do you believe that they might sell the house at a knoock-down price to a developer? Doing so would not be in their interest, unless they are very busy and cannot spare the time to sell the house properly (unlikely).

68ComebackSpecial

Selling to a developer may achieve the highest value for the property. I sold my previous house to a developer for more than double it's market value and my parents are also looking at this option as it would also realise a high price owing to the size of their plot. If your brother and his wife are as money grabbing as you perceive then it's unlikely that they will sell the house at a knockdown price.

As you are not an executor they do not require your agreement to sell or for you to have any input in the process as long as they correctly perform their duties. 

Keep_pedalling

I I think we are well in to the realms of paranoia here. Why would your brother sell at a knockdown price when it would cost him and his children a portion of their inheritance? As executors it is their job to sell the house and you have absolutely no say in who they sell it too. 

There is a balance between getting the absolute maximum price and selling at a reasonable price. The former is likely to take longer and the costs of maintaining an empty house is likely to out-way any benefit of obtaining a little bit more. 

In the unlikely event that your fears were realised you would have the option to sue the executors, but it seems to me that you are just making as much trouble as you can because you can’t overcome you unjustified grievance in how your mother distributed her estate.

MoneySeeker1

I get the point that some houses would sell for more to a developer than a "normal buyer". But I'm guessing that would be ones set on plots that are regarded as large these days. No - this would be a "do that exact house up and run" type developer - as it's only a standard size plot (even by today's standards). 

It's a good-size house and in a good road - just outdated. The houses are all pretty similar to each other in that road and just vary as to whether they are 2 or 3 bedroom, detached or semi-detached. It's one of the better ones - 3 bedroom and detached. People do want that road per se and there's often "bidding wars" on those houses. I can certainly see just how nice those houses can be if modernised - as the ones that have had that to date are not just "okay and now modern" - they are "nice".

Obviously - if they undersold - then they'd be doing themselves down (ie as well as me) - but they've got a lot of "personal issues" of themselves and may therefore want this off their plate as quickly/easily as possible. Obviously, I have "personal issues" too - in that I am very very strongly opposed to Lockdown and fighting it - so I spend quite a bit of time campaigning at present for an end to it. So I could also do with our house sold quickly and I can "tick that off the To Do list" and make my own house a nicer "prison" to be in Lockdown. But I'll hold out for the proper price personally.

MoneySeeker1

Re house being left empty over winter. The house isn't that old - it's noticeably younger than I am! So I don't see it as likely the roof would start "going" or anything over the winter. Windows and exterior doors are all upvc okay.

Also the house is "used" to being cold. My mother would never use enough heating and the house was always cold in the winter because of that - so it's not used to being "warm and cosy" anyway - and it's survived all these years with a proper level of heating it only happening in the last few years.

thepurplepixie

Have you checked the insurance?  When I was selling an unoccupied house I had to do monthly checks, if no one is local that can get difficult and if you want it to go on longer are you prepared to do your share of visits?

bouicca21

Money, sit down, take a deep breath and read Savvy 

Sue’s post again.  Rinse and repeat as many times as it takes to get it into your noggin that your brother and his wife will get the best price they can as quickly as they can.  It’s to no one’s benefit to leave the house empty and unsold.   It’s not good for your own mental health to obsess over your mother’s will and to allow that obsession to cloud your judgement about the sale of the house.  Once it’s sold you will have no need to have any further contact with your brother and his family. Put that resentment in a virtual box and seal it off.

MoneySeeker1

I do know what you mean bouicca - and that's part of why I want this "Over with" asap - so I can send that farewell letter I've drafted to my brother/his family and break off all contact permanently and they'll be out of my life for good.

Gers

MoneySeeker1 said:

My parents estate should have been left equally between my brother and myself - but, in the event, my mother left the lions share to my brother and his children and I'm getting less than 50%.

Mine is still a noticeable size inheritance that's due - but am having to wait for it until the house is sold.

My brother/his wife were made executors of the Will by my parents and they are the ones marketing our house through an estate agent. I am obviously keeping an eye on this and it's priced pretty accurately for its location/condition (ie needing modernising).

I know I have the legal right (as someone getting a noticeable inheritance from my parents estate) to ensure it's sold for correct price (and not bargain price) and am keeping an eye on this. 

I can't recall the details of the law (though I know there is one) that protects people from having house concerned sold at an unduly low price (and thus diminishing the amount of inheritance). I just can't recall the details. I recall that house has to "priced up" by 3 different estate agents and then the average taken - but could do with details of the law thereafter whilst it's actually being sold. Reason being brother/his wife have been talking about possibility of selling the house to a developer behind my back and I will only agree to it being sold to a "normal buyer" (ie one that intends to live in it themselves) and certainly not to any buyer that tries to get it at a bargain price (at my expense).

Can anyone give links please to the details of how major beneficiaries (such as myself) have this legal right to ensure house is sold at a fair price and not a "bargain" price? With me being due to get less than 50% of the estate - then I can't afford to have our house downsold.

Bottom line... none of your business.

And, to repeat, nothing 'should' about receiving more than you have.