Potential family dispute with our mother's estate

E201

Dear All,

I have 2 issues that I wanted to ask:

1.I lived with my mother in the family home (50:50 tenants in common) for over 20 years. She added my name to the title 7 years ago. After our mum's passing this year, one of my siblings is saying that I have to pay backdated rentals due from our mother's estate. Is there any possible claim on this?

2.I am thinking of buying out my siblings so I can remain living in the house. We have had a number of probate valuations carried out so we know the value of my mum's estate (her only asset was the family home). Is the amount I pay to each of my siblings based on the probate valuation amount or is there another series of valuations needed?

Thanks for reading my issue and I hope to hear from you.

Keep_pedalling

Whatever the financial arrangements you had with your mother is nothing to do with her estate. You owned the house 50/50 so by your siblings logic if you owed her rent for her half this would be cancelled out by the fact that she owed you rent for her half. So no you do not owe the estate back rent.

The amount you pay your siblings should be whatever the full market price is today, or any other amount you can all agree on.

What does the will say about the house ( if anything) and who is the administrator?

shiraz99

As above really but just be aware that any difference (increase) between the probate value and the amount you agree to buy out your siblings may attract CGT for your siblings.

tacpot12

Shiraz99's comment is potentially very useful. Some people are happy to lose a £1 to avoid paying 20p tax on it!

Keep_pedalling

shiraz99 said:

As above really but just be aware that any difference (increase) between the probate value and the amount you agree to buy out your siblings may attract CGT for your siblings.

Not quite, the OP would be buying the portion of the house he does not own from the estate and it is the estate that would be responsible for any CGT liability. 

Marcon

E201 said:

Dear All,

I have 2 issues that I wanted to ask:

1.I lived with my mother in the family home (50:50 tenants in common) for over 20 years. She added my name to the title 7 years ago. After our mum's passing this year, one of my siblings is saying that I have to pay backdated rentals due from our mother's estate. Is there any possible claim on this?

2.I am thinking of buying out my siblings so I can remain living in the house. We have had a number of probate valuations carried out so we know the value of my mum's estate (her only asset was the family home). Is the amount I pay to each of my siblings based on the probate valuation amount or is there another series of valuations needed?

Thanks for reading my issue and I hope to hear from you.

Given the nonsense your sibling is spouting, and what you hope to do in terms of buying out your siblings, I suspect you'd be better off getting proper professional advice from the outset. They're hardly going to believe input from a random bunch of strangers on the internet, and it could well avoid conflict and drawing out a process which could be relatively straightforward.

Newly_retired

DId the will not give you a life interest in the property, meaning you could continue to live there?
I agree that you need to get professional advice.