Property left in will

Meg231

bobster2 said:

Meg231 said:

Keep_pedalling said:

Meg231 said:

Thank you, i want to buy the property myself and my dad wanted me to have it so putting it on the open market isn't really an option.

So why did his will not just leave it to you? You have to be careful here. Does his will specifically say that the house has to be split 3 ways or is it the entire estate?

Because he wanted to be fair, as do i, he wanted them to have what their mothers would have inherited as regards the house, everything else he left to me. It says I am to sell the and convert into money their shares

Huh? It would be very unsual for a specifically say this - but if it does say this - why isn't this what you're doing?

Can you be specific...does the will say things like X should get 1/3rd of the value of the house, or X should get 1/3rd of the residual value of the estate (which includes the house).

It says I devise and bequeathed the residue of my estate .....  upon trust to sell, call in and convert  the same into money and divide one share to me, one share to my eldest sisters children and the final share to my other sisters children. Earlier in the will all money, household and personal items were left to me

Meg231

Keep_pedalling said:

Meg231 said:

Keep_pedalling said:

Meg231 said:

Thank you, i want to buy the property myself and my dad wanted me to have it so putting it on the open market isn't really an option.

So why did his will not just leave it to you? You have to be careful here. Does his will specifically say that the house has to be split 3 ways or is it the entire estate?

Because he wanted to be fair, as do i, he wanted them to have what their mothers would have inherited as regards the house, everything else he left to me. It says I am to sell the and convert into money their shares

Ingrate that he may be, but he can make your life very difficult unless you do as the will instructs. 

That's what I am trying to do but not sure of clause as to if I need to agree a sale value with them or just pay a fair price that I decide

Flugelhorn

honestly @Meg231 fancy having to deal with such a pesky cousin so recently after the funeral. And as others have mentioned it is more or less £1,000 he loses / gains for every £10,000 in value on the house.

I don't think execs have to agree a price with the beneficiaries, they just have to get the best price they can. Are any of the other cousins able to "have words" with him over this?

Keep_pedalling

Flugelhorn said:

honestly @Meg231 fancy having to deal with such a pesky cousin so recently after the funeral. And as others have mentioned it is more or less £1,000 he loses / gains for every £10,000 in value on the house.

I don't think execs have to agree a price with the beneficiaries, they just have to get the best price they can. Are any of the other cousins able to "have words" with him over this?

The problem is that if the OP buys it they are open to accusations of self dealing. If they are desperate to purchase it they should take legal advice on the best way to proceed. 

Flugelhorn

Keep_pedalling said:

Flugelhorn said:

honestly @Meg231 fancy having to deal with such a pesky cousin so recently after the funeral. And as others have mentioned it is more or less £1,000 he loses / gains for every £10,000 in value on the house.

I don't think execs have to agree a price with the beneficiaries, they just have to get the best price they can. Are any of the other cousins able to "have words" with him over this?

The problem is that if the OP buys it they are open to accusations of self dealing. If they are desperate to purchase it they should take legal advice on the best way to proceed. 

that is very true - 

RAS

Meg231 said:

It says I devise and bequeathed the residue of my estate .....  upon trust to sell, call in and convert  the same into money and divide one share to me, one share to my eldest sisters children and the final share to my other sisters children. Earlier in the will all money, household and personal items were left to me

You don't even have probate yet. If your nephew decides to place a caveat, there could be a huge delay before anyone gets anything, and the possibility that he succeeds and you are replaced as executor.

It's important to understand that you aren't "the sole executor of dad's house".

You are the executor of his will. And the fact that you want to buy the house from the estate is not necessarily consistent with completing your legal responsibilities.

There is a gulf between what you want to happen (buying dad's house) and what the will says must happen (sell, call in and convert the same into money). Everyone is feeling pretty raw and that gulf will be causing some ill-feeling. It's not even that the nephew necessarily has anything against you owning the house or you personally. They may simply be reading what the will says must happen, hearing you say something very different and getting concerned by the discrepancy.

You need to take legal advice, but based on what you've quoted you do not have the authority to convert your share in the cash residue into the right to buy the house.

If you really want the house, it may need to go on the open market, with the possibility that you have a chance to trump the highest offer. But you'll need to demonstrate that you paid above any offer.

Linton

Meg231 said:

bobster2 said:

Meg231 said:

Keep_pedalling said:

Meg231 said:

Thank you, i want to buy the property myself and my dad wanted me to have it so putting it on the open market isn't really an option.

So why did his will not just leave it to you? You have to be careful here. Does his will specifically say that the house has to be split 3 ways or is it the entire estate?

Because he wanted to be fair, as do i, he wanted them to have what their mothers would have inherited as regards the house, everything else he left to me. It says I am to sell the and convert into money their shares

Huh? It would be very unsual for a specifically say this - but if it does say this - why isn't this what you're doing?

Can you be specific...does the will say things like X should get 1/3rd of the value of the house, or X should get 1/3rd of the residual value of the estate (which includes the house).

It says I devise and bequeathed the residue of my estate .....  upon trust to sell, call in and convert  the same into money and divide one share to me, one share to my eldest sisters children and the final share to my other sisters children. Earlier in the will all money, household and personal items were left to me

So the will basically says everything should be sold for cash and the proceeds distributed.  ISTM that is what you should do.  To protect yourself, If you want to do something different other than honestly selling on the open market you need the agreement of the beneficiaries who could be disadvantaged.  What Dad would have wanted is irrelevent  and what you as an individual want is irrelevent.  What the will actually says is what matters.

Perthaps you could put in a sealed offer when the house is put on the market and then let events take their course. As said, a solicitor can advise.

Meg231

Flugelhorn said:

honestly @Meg231 fancy having to deal with such a pesky cousin so recently after the funeral. And as others have mentioned it is more or less £1,000 he loses / gains for every £10,000 in value on the house.

I don't think execs have to agree a price with the beneficiaries, they just have to get the best price they can. Are any of the other cousins able to "have words" with him over this?

They have tried, but he just won't listen.

sheramber

If your dad wanted you to have the house why does his will say it has to be sold.

How did he envisage you would inherit it when he said it had to be sold unless he assumed you would be able to buy it on the open market.

Surely, if he wanted you to have it he would have left it to you.

You have to do what the will says.

It says I devise and bequeathed the residue of my estate .....  upon trust to sell, call in and convert  the same into money and divide one share to me, one share to my eldest sisters children and the final share to my other sisters children. Earlier in the will all money, household and personal items were left to me

Grumpy_chap

I wonder whether the Will could be satisfied (sell, call in and covert the same into money) and value for the Estate / Beneficiaries be demonstrated if the house is sold at auction?

The OP can then bid, buy the house, and then receives back 1/3rd when the Estate is administered.