Buying Out Beneficiary - Property

Mojisola

Chips15 said:

theoretica said:

If you are the executor, but he is not, what exactly does the will say about the property? 

It just states that it should be shared equally

Does it say the property has to be shared or just that the total estate is shared equally?

Chips15

Mojisola said:

Chips15 said:

theoretica said:

If you are the executor, but he is not, what exactly does the will say about the property? 

It just states that it should be shared equally

Does it say the property has to be shared or just that the total estate is shared equally?

The estate is shared equally

mobileron

Call his bluff, ask him how many buyers will want to purchase half a house and pay u a rent monthly,doubt if they will get a mortgage.

Chips15

mobileron said:

Call his bluff, ask him how many buyers will want to purchase half a house and pay u a rent monthly,doubt if they will get a mortgage.

Not many I’m sure.  However, I was hoping to buy his share so I could live there.  Whatever I offer is not enough for him.  If he were to try to force a sale through the courts, would the court really allow him to do that when I’ve already offered him 50% more than his 50% of the market value?  

RAS

quote the exact phrase regarding the house, please

Keep_pedalling

Chips15 said:

Mojisola said:

Chips15 said:

theoretica said:

If you are the executor, but he is not, what exactly does the will say about the property? 

It just states that it should be shared equally

Does it say the property has to be shared or just that the total estate is shared equally?

The estate is shared equally

In which case it is solely down to the executor to dispose of the house however and executor buying property from an estate they are administering has to be aware of the self dealing rule which means that they are going to need the permission of the affected beneficiaries to do it.

As this does not really seem to be about money in this case, it looks like you will not be able to buy the property. If you really want it you could make a one off offer for a bit above market value to but don’t hold your hopes up as logic seldom overrules emotion in these cases. 

Chips15

It says “I direct my executors to convey and make over the residue of my estate equally between my said sons [names]”.  That’s it.  There is nothing specifically relating to the property.

Chips15

Keep_pedalling said:

Chips15 said:

Mojisola said:

Chips15 said:

theoretica said:

If you are the executor, but he is not, what exactly does the will say about the property? 

It just states that it should be shared equally

Does it say the property has to be shared or just that the total estate is shared equally?

The estate is shared equally

In which case it is solely down to the executor to dispose of the house however and executor buying property from an estate they are administering has to be aware of the self dealing rule which means that they are going to need the permission of the affected beneficiaries to do it.

As this does not really seem to be about money in this case, it looks like you will not be able to buy the property. If you really want it you could make a one off offer for a bit above market value to but don’t hold your hopes up as logic seldom overrules emotion in these cases. 

Thanks - it’s a nightmare situation to be in. 

Mojisola

Keep_pedalling said:

In which case it is solely down to the executor to dispose of the house however and executor buying property from an estate they are administering has to be aware of the self dealing rule which means that they are going to need the permission of the affected beneficiaries to do it.

Are you sure?

If the executor gets a RICS valuation and then buys the property from the estate at a slightly higher price, it would be very difficult for a beneficiary to claim that the executor had personally benefited from the process.

Savvy_Sue

Are the the sole executor? If you are, I think you have authority to sell the property to whoever you like. Including yourself. Offering to pay your brother well above half the market value - I don't think he'd have a leg to stand on with a formal complaint. 

Even if you do put it on the open market, you can still buy it yourself, offering above the highest offer you get. 

It's only if you are joint executors that he can stop you doing anything, as far as I can see.