beneficiaries of will one wants to buy house

avenue12

Hi just a bt confused and know MSE are so great for everything!!

1/ Mum died a while ago but her will left half the house she shared with our step-dad in trust for us two siblings. (no mortgage, under inheritance threshold)

2/Now step-dad has died and the will specifies of the remaining 50%:

80% is split between us two siblings
20% is split between my two children and my sibling's child.

3/ So far, co complicated, but now my sister's child wants to buy the house with no estate agents etc.

4/  The solicitor who read the will says that this is much more complicated and will cost the other beneficaries more. Of course they are not keen to pay more.

5/  I am all for a straightforward sale through estate agent to oversee legal things etc.

6/  This is causing major headaches already and we haven't started probate yet.

What I am asking is does anybody know why it would cost more? I assume that all beneficaries have to agree to one beneficiary purchasing the house,

Also, we have had 3 valuations on the house, but  can't see how all 5 beneficaries are going to agree a price.

Any help would be gratefully received.

sammyjammy

Why would it cost you all more?  If you were going to sell the house anyway there is no change in the costs, the buyer will need their own solicitor for the purchase which they will pay for.

Devongardener

Who are the executors? The first thing they  need to do is apply for probate.  The house can’t be sold to any buyer until it has been granted.

There’s no reason that the house can’t be sold to the sister’s child, without an estate agent, but with a conveyancing solicitor is needed, to act for the estate.  The buyer, whoever’s it is,  is responsible for their own conveyancing costs.

The executors have to agree on the acceptable sale price, not all the beneficiaries.

If you have three valuations you could take average, but get current valuations after probate.

Keep_pedalling

I can’t see why this should be more complicated or expensive, no estate agent fees to meet. A proper (paid for) valuation should be obtained (not an average of 3 estate agents). 

Hopefully the solicitor is not the executor. 

qwert10

Hi no my sister and I are executors. Solicitor said if there are 5 beneficiaries each needs to agree? isn't that true? We are 2 of them and our children the others.

lisyloo

Why would any of you disagree if it saves on estate agent fees?

avenue12

Well agreeing a valuation is difficult. but someone above said get a paid valuation.

I guess wait for probate to go through, then get a valuation and take it from there.

Thanks all, it's a bit overwhelming on top of the funeral etc.

Devongardener

qwert10 said:

Hi no my sister and I are executors. Solicitor said if there are 5 beneficiaries each needs to agree? isn't that true? We are 2 of them and our children the others.

The beneficiaries don’t all have to agree.   People can be beneficiaries of wills without even knowing about it.   The executor’s job is to legally and responsibly wind up the estate, finalising all accounts and paying any debts, get probate and pay any inheritance tax due.   This is why executors are appointed, any other beneficiaries have no say in the process, they don’t even have to be informed of how the final net proceeds of the estate have been calculated.
The sister’s child can purchase the house at a fair market price.  The only slight complication is that they will have to pay the estate for it in full.  The sale proceeds will then be split 5 ways with any other assets,  so the child will get their share back, bearing in mind that the net sale value will be after all conveyancing costs.   If they want their share deducted from the house price, I suspect that’s why it might cost more in legal fees, as you would all have to agree to allow them to do that, if it is legally allowed.

Marcon

qwert10 said:

Hi no my sister and I are executors. Solicitor said if there are 5 beneficiaries each needs to agree? isn't that true? We are 2 of them and our children the others.

Are you sure that's what they said? If so, it suggests the will was quite specific about beneficiaries inheriting a share of the house, rather than a share of the proceeds of sale - and yes, that is going to make life more difficult and expensive.

msb1234

Who did the stepfather leave his share of the house to? 

Mands

msb1234 said:

Who did the stepfather leave his share of the house to? 

The OP says:


2/Now step-dad has died and the will specifies of the remaining 50%:

80% is split between us two siblings
20% is split between my two children and my sibling's child.