Will Execution Impasse.

Keep_pedalling

xylophone said:

If D continues obdurate, in one way or another this will end up in court.

I am assuming that probate has been granted.

The solicitor, as executor, has the right (and indeed the duty) to  settle the estate.

It would seem that the terms of the will require him to sell the property in order that the  ER loan  can be repaid and the bequests/ legacies paid.

He  will be aware that if there is a repossession of the property, the ER company's main concern  will be  to achieve a price which will cover the loan and  ant costs incurred by the ER company.

In that sense, "market value" is immaterial as far as the ER company is concerned and therefore any repossession may well be to the detriment of the beneficiaries.

The executor solicitor may therefore be deemed negligent in not having approached the court for an order for sale well in advance of the repossession becoming a virtual certainty?

The ER company are not allowed simply to sell at a knockdown price just to cover their debt and costs, but what they would almost certainly do is auction it with a reserve coving there slice of the pie. 

xylophone

Have you asked the solicitor what exactly he does intend to do? 

xylophone

He is of the self confirmed opinion that he can keep the house despite a will requiring its sale.

This really does not make sense.

You appear to be saying that your brother (while suffering from depression, even severe depression), is nevertheless compos mentis and perfectly well understands that the property belonged to your father, that your father borrowed against the property and  that your father specified in his will that after the loan was repaid, the proceeds of sale were to be shared between his sister and his children.

If he understands this, how can he also be of the opinion that he can keep the house (unless he is not just depressed but also delusional)?

Had you considered asking the solicitor to enquire of your brother whether he wants to buy out his fellow beneficiaries, as he has the means to do so?

xylophone

The solicitor is the executor (and thus has legal responsibility)  and it is he who must now deal with the ER company.

Either he waits for the ER company to institute proceedings against the estate  (reactive approach) or he  asks the court for an exclusion/eviction order and then proceeds with the sale of the property (proactive approach)?

 Have your aunt and your other sibling contacted the solicitor or are you acting as spokesman?

calleyw

AgitatedCat said:

calleyw said:

AgitatedCat said:

RetSol said:

Someone mentioned earlier that the court costs, protraction costs could be applied against D's portion by the solicitor.  Estate is about £500k

No.  The costs of administering the estate will come out of the estate. 

I'm dismayed by your answer, as it is most likely true.  Alas, it seems incredulous that my share was suffer a penalty due to a sibling's obstinance.  

And that is why I asked is your brother able to understand the implications that everyone will get less money if he carries on like this and that includes him self.  Often when people realise its going to cost them they often change.  But as has been mentioned by others you have not stated if he can understand the implications.  Getting a letter from the solictor sent to him so its in black and white and he can't say he didn't know.  Yes it will cost you the going rate what ever that is.  But it might bring home what he is doing. 

I get the feeling he thinks if he stalls long enough he will get the house as everyone will get bored and go away. A repossession is going to be more way more stressful for him than just letting you sale the house which gives everyone time to get sorted. 

Yours

Calley x

He is more than aware of the implications and risks of eviction.  He is of the self confirmed opinion that he can keep the house despite a will requiring its sale.

"... letting you sell the house...."

You seem to believe I have some kind of control over the matter.  I don't.  I can only acknowledge what the solicitor will do assume the steps taken are in the best interest of all beneficiaries, hence my original post.

And, as much as he wishes, none of us named in the legacy will get bored and go away.

You are now start to nick pick at people trying to help you.  Oh I am sorry that I didn't use the word solictor/estate and used the word you.  I could use the famous line from the line of duty but I wont.  Your username agitated cat seems apt.

I am out as you have been told what will happen the property will be sold no matter what your brother thinks.  And the person you need to be most annoyed at is your dad he allowed this situation to happen.  As YOU made it very clear YOU are not dealing with it.  So why are you worrying about it let the solictor do the job the estate is paying them for.  And just wait for the money that you will recieve.

Yours

Calley x

badmemory

Ask the solicitor to pull their finger out.  If the equity release co get their hands on it you will get virtually nothing.  A house close to me was up for sale for 150k & the family refused the offer of £145k.  They took too long for the equity release company involved so they took over as per the agreement.   It went to auction & the equity release company got their money back, the family got almost nothing as the house went for £110k.  So everyone except the equity release lost out.  It has also devalued all our houses.

badmemory

People can now see online how much houses were sold for.  Why would anyone pay more for my smaller (very close) house than they could have done for a larger one?