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Inherited house

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Comments

  • thanks for your relies, this is my quick response. 
    The house is overseas, the probate solicitor is the executor to the Will. The house is valued at the date of death for the purpose of probate. it has increased in value in the 3 years since death.

    There are no estate agent fees and the house is very clear, there isn't' much left in there other than functional furniture.
    My sister has used it for a holiday home for her and her friends for the past year, and also received rent which she won't share with me. 
  • kazwookie
    kazwookie Posts: 14,114 Forumite
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    Get it sold, go to court if needed in which ever country, sounds like more trouble than it is worth long term, your sister is already taking the p**s by not shareing the rent etc.
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  • Bigphil1474
    Bigphil1474 Posts: 3,058 Forumite
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    OP, it might be worth speaking to the solicitor and finding out what the will actually said, if you don't already know. When my dad died, I was one of 2 executors and the will said the house was left to 5 beneficiaries including the 2 executors. When my FIL died, the will said that the proceeds from sale of the property were to go to the beneficiaries. In the second case, the solicitor has instructed the house to be sold. We did sell my dad's but in theory we could have kept it and rented it out for example. 

    The issue of EA fee's seems backwards to me - they are added on to the value of a sale, so by not using an EA you are both saving money. If the 3 EA's have valued at an average of £200k, that's what it's worth and you are entitled to half. Half the EA fees would only be taken off your share if you used an EA. I've had the discussion about decorating etc. with a prospective buyer for my house - the house is marketed at a value in its current condition, not what it would be worth if it was fixed up. Would be unreasonable IMO to deduct any potential costs of fixing it up from your share. 

    Sounds like your sister has seen the green eyed monster $$$$, and you seem to have a good case for a share of rental income plus any potential rent that she should pay when using it as a holiday home. I think you have two choices - thrash it out with your sister or get a solicitor involved, IMO. I'd suggest starting with the executor though.
  • OP, it might be worth speaking to the solicitor and finding out what the will actually said, if you don't already know. When my dad died, I was one of 2 executors and the will said the house was left to 5 beneficiaries including the 2 executors. When my FIL died, the will said that the proceeds from sale of the property were to go to the beneficiaries. In the second case, the solicitor has instructed the house to be sold. We did sell my dad's but in theory we could have kept it and rented it out for example. 

    The issue of EA fee's seems backwards to me - they are added on to the value of a sale, so by not using an EA you are both saving money. If the 3 EA's have valued at an average of £200k, that's what it's worth and you are entitled to half. Half the EA fees would only be taken off your share if you used an EA. I've had the discussion about decorating etc. with a prospective buyer for my house - the house is marketed at a value in its current condition, not what it would be worth if it was fixed up. Would be unreasonable IMO to deduct any potential costs of fixing it up from your share. 

    Sounds like your sister has seen the green eyed monster $$$$, and you seem to have a good case for a share of rental income plus any potential rent that she should pay when using it as a holiday home. I think you have two choices - thrash it out with your sister or get a solicitor involved, IMO. I'd suggest starting with the executor though.
    hi, thanks for this, i have a copy of the Will, the house is only inherited in 50/50 shares to me and my sister, no mention of a sale. 
  • Sea_Shell said:
    If you can't agree, How many thousands of £, in legal fees, are you willing to throw at the "fight"?

    How much do you value your relationship?

    Maybe be prepared to lose the battle, but win the war.


    pretty hard to value the relationship when she's completely taking the !!!!!!...the house is overseas, someone rented it for over a year with the rent being paid to my sister, she won't even share a summary of the rent paid or how it has been spent, let alone share any money with me. 
  • OP, it might be worth speaking to the solicitor and finding out what the will actually said, if you don't already know. When my dad died, I was one of 2 executors and the will said the house was left to 5 beneficiaries including the 2 executors. When my FIL died, the will said that the proceeds from sale of the property were to go to the beneficiaries. In the second case, the solicitor has instructed the house to be sold. We did sell my dad's but in theory we could have kept it and rented it out for example. 

    The issue of EA fee's seems backwards to me - they are added on to the value of a sale, so by not using an EA you are both saving money. If the 3 EA's have valued at an average of £200k, that's what it's worth and you are entitled to half. Half the EA fees would only be taken off your share if you used an EA. I've had the discussion about decorating etc. with a prospective buyer for my house - the house is marketed at a value in its current condition, not what it would be worth if it was fixed up. Would be unreasonable IMO to deduct any potential costs of fixing it up from your share. 

    Sounds like your sister has seen the green eyed monster $$$$, and you seem to have a good case for a share of rental income plus any potential rent that she should pay when using it as a holiday home. I think you have two choices - thrash it out with your sister or get a solicitor involved, IMO. I'd suggest starting with the executor though.
    We have a copy of the Will, the house is left to us equally, no mention of a sale. the house is not being sold therefore there are no EA fees, my sister is acting as though it is being sold so thinks she is valid to take those fees off the money she gives me, because that's the amount I would get if we actually sold the house. she is taking 50% of potential EA fees off me at 5% + VAT which is the highest rate possible in the country the house is located. The house is clear therefore there are no clearance fees, except she wants to charge me these fees too, again as if we were selling the house.
    but we aren't selling, she is buying my share, there are no EA fees and no clearance fees, because she is keeping the house. it all goes through the probate solicitor. 
    the house is valued at up to Euros 225,000, which is £196,000 it may sell for Euros 200,000 which is £174,860 - therefore my share should be the minimum of £87,430 - but my sister wants to give me £75,000 as that's her amount less all the fees she wants to take off me. 
    I can not force a sale as it is overseas and extremely complicated 
  • Refuse to sell to her and insist it is sold on the open market. Who is (are) the executor(s)
    Thanks for your comment, the house is overseas and the probate lawyer is the executor, I can not force a sale and the lawyer does not want to get involved in our arguments about the property. they aren't interested. 
  • Hoenir
    Hoenir Posts: 5,596 Forumite
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    Seens all you can do in this scenario is to sit on your hands. Bide your time. 
  • Grumpy_chap
    Grumpy_chap Posts: 16,963 Forumite
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    edited 10 November 2023 at 5:49PM
    Transit12 said:
    Refuse to sell to her and insist it is sold on the open market. Who is (are) the executor(s)
    Thanks for your comment, the house is overseas and the probate lawyer is the executor, I can not force a sale and the lawyer does not want to get involved in our arguments about the property. they aren't interested. 
    I understand the Solicitor not wishing to get involved in arguments between you and your Sister but the fact the Solicitor is the Executor gives you an out.

    It is not for you and your Sister to agree the split of the property.  That is set clearly in the Will.
    Simply request that the Executor administers the Estate and arrange distribution in accordance with the Will and ask what the likely timescale is for the distribution and that you would like to see a copy of the Estate accounts.
    The Solicitor should simply then process everything to the book - they won't have any incentive to do otherwise given they have to act in the Professional capacity and their PI policy could be at risk.

    EDIT TO ADD - you may have to notify the Solicitor that you wish for the value of the property to be liquidated at full market value and the proceeds distributed accordingly.  
  • * if she sells to you, there are no estate agency fees (I assume, though might depend on local laws?)
    * after 3 years, the probate value is irrelevant. 
    * either get 3 estate agent valuations and use the average, or pay for a formal valuation (according to hatever laws, processes professional bodies this involves locally)
    * factor in 50% of the rent she owes you. If you don't know what rent she's received, take a guess and double it. When she says she never received that much, ask her for evidence of what she did receive.
    * what are the local laws regarding rent? Is she living in the UK or wherever the property is? I ask because f she's in the UK she should be declaring the rent to HMRC and paying tax. Suggest you might ask HMRC what rent she's receive (they won't tell you, but if she's not declared the income the threat of telling HMRC might give you leverage........)
    * Insist that if you cannot reach agreement, the house be sold. Check local laws for how to force a sale.
    * others have mentioned that taking actions such as above might affect your relationship. I'd suggest the relationship is already broken



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