Shared inherited property please help !!

Grayandsullysnan

Hi my sister and I have inherited my late mother's house...we are both executors and equal beneficiaries..
I want to buy my sister out, at the valuation, which we've had two of, which were the same amount...she is refusing to allow me to do this just out of pure spite and control... she stated she has sought legal advice and was told as the will doesn't provide for a beneficiary to buy the house, it has to be put up for sale and I would have to match the highest bid....In this process, I cannot offer a bid nor buy it but have to match the highest bid...
Can anyone advise if this advise she has had is correct thank you

Flugelhorn

sister sounds quiet difficult - I don't know the legals on this but she has to remember that if you buy it then there would be no estate agent fees etc 

do you think it would achieve more on the open market?

sometimes people are impossible and the only thing to do is to put the house on the market and move on, she'll never leave you alone if you stay there and probably still see the property as "hers"

Bigphil1474

Legally, you can buy the property in this situation if the executors agree unless the will specifically says you can't. She's talking nonsense really, but you are supposed to maximise the income to the estate before it is finalised. Bear in mind that EA fees are usually 1% +VAT, there are advantages to her selling to you, not to mention the faffing about for months on end.  Unfortunately, as there's 2 of you as executors, it would be a split decision and difficult to get around if she is set against you buying it now. You could offer to put it up for sale on somewhere like purple bricks (for free) and you buy it if it hasn't sold in a month at the valuation price you've had done? Waste of time in my mind, but some beneficiaries are a pain when it comes to wills unfortunately.

FlorayG

If you are sure she's being mean and not just badly advised there are a few things you can point out to her;
If it goes with an estate agent, you can offer the asking price and she will say no then she has to wait and wait until someone offers a price she is happy with. (Then you could be equally mean and say no to that offer).So that's a long time paying utility bills and council tax and looking after an empty house with winter coming until it is sold. Also, if it sells for more than the valuation, there may be Capital gains Tax to pay. There will be estate agents fees and legal fees
If she wants to go to auction then you won't even get the valuation you will probably get less
Once the two of you own the property you can do whatever you want with it, but you have to agree. So she CAN sell out to you, but you can't force her to.
I'm sure there is a way you can 'match the highest bidder' because you will only have to actually PAY half that. Speak to a mortgage broker and an experienced conveyancer; although of course if it's with an estate agent she can just refuse anything you offer; at auction she can't.

housebuyer143

She's being nasty so if you really want it just play the bigger person and offer her £5k more than the valuation figure so £10k total. Point out as well this is more money for her, because no EA fees, no waiting for a buyer and maintaining a place over winter - quick sale. All this is more money for HER.

If she won't go for this, then play hard ball and tell her you can equally refuse to sell the property to anyone else as without your agreement she can't sell it either. How long does she want to wait, who needs the money more? 

Keep_pedalling

Unfortunately although buying your sister out at market valuation is sensible and will save a whole bunch of costs and time, if she digs in there is little you can do as often when it comes to inheritances logic goes out of the window and emotion takes over. 

In you shoes I would simple let it go and get it on the market as soon as you are granted probate. If you get no offers near the asking price then she may come round to your offer again. This is not the best time of the year to sell so this could work in your favour.

Rhubarbium

I think she needs to understand how much her idea is going to cost her…..
I’m selling mums house and every month it’s sat there it’s costing me council tax (full council tax is due from 6 months after probate is granted) utilities and insurance. In my case this is about £300/month coming out of mum’s estate.

Also the estate agent is wanting £2.5k and the legals are £1k. So another £3.5k in cost.

So using my numbers it’ll cost your sister  (in reduced inheritance) £1.75k in selling costs and £150 a month in running costs for every month before a sale completes.

mebu60

Also worth noting that the 'highest bid' could be below the valuation. 

Perhaps list it on a no sale no fee basis for an agreed amount of time, say 2 - 3 months. Ideally with an agreed plan of action for what happens if it's still for sale at the end of the arrangement.

As others have said, you can refuse to accept offers. Not that that progresses things. 

@housebuyer143 's suggestion of offering slightly over to your sister is a good one. I'd add to make it a one-time only best and final timebound offer.

pumas

And, never own it jointly.
Is the house just part of the estate or specifically left to the pair of you?
3 of us inherited similar, 2 took the house(bad idea) the third took the 'cash'.

Albermarle

It maybe in the end the only solution ( depending on your sisters behaviour) is to just sell the house, split the proceeds and move on.
At least you should be mentally prepared for that outcome, even if you do not want it. 

Bookworm105

bottom line is as equal executors each of you can therefore frustrate the other as the legal duty of an executor is to act in the best interest of the beneficiaries.
she can accept or reject whatever offer she gets for her share as can you with yours.
There is no legalisation in place that will force her to accept your offer, even if it is the matching highest.

not a pleasant position to be in, but ultimately it appears the only solution will be, as others suggest, sell up and go off in your own directions with a family split as the outcome.