Sibling refusing to drop price.

CottagePotager

We inherited an equal share in a house. We are both co executors. Probate was granted and the house has been on the market since March. Sibling insisted the house went on above it's valuation. I agreed just to get it on the market. Not surprisingly no offers were received. We dropped price to probate value after 3 months and then again after another month . Again no offers. Sibling is now refusing to drop price further. Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Can I force sibling to drop price? The stress is making me ill 

Brie

Don't know the answer to what you are asking but I would definitely keep track of what has been paid out by you so that you can ask for a share back when the place does sell.  

CottagePotager

Brie said:

Don't know the answer to what you are asking but I would definitely keep track of what has been paid out by you so that you can ask for a share back when the place does sell.  

Yes. I will. Thanks 

Hoenir

Have you had a frank discussion with your sibling as to the ongoing costs? Has the IHT been paid or merely deferred? 

Grumpy_chap

CottagePotager said:

Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Are there any assets in the Estate other than the property?  These should be used to settle ongoing costs rather than your own funds.

Can the IHT be deferred?

Is your sibling aware of the ongoing costs and the fact these effectively reduce the amount that will be realised from the property sale?  Make them aware, also that insurance needs to be maintained om the property and any damage that might occur in cold or storm weather needs to be remedied or will reduce the sale value further.

CottagePotager

Grumpy_chap said:

CottagePotager said:

Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Are there any assets in the Estate other than the property?  These should be used to settle ongoing costs rather than your own funds.

Can the IHT be deferred?

Is your sibling aware of the ongoing costs and the fact these effectively reduce the amount that will be realised from the property sale?  Make them aware, also that insurance needs to be maintained om the property and any damage that might occur in cold or storm weather needs to be remedied or will reduce the sale value further.

I've told sibling all this. They are very emotionally attached to the house but wouldn't be able to buy me out. I think they wants to delay the sale .

All cash in the estate will go to the next IHT installment. I'll have to add funds as well

ThisIsWeird

CottagePotager said:

We inherited an equal share in a house. We are both co executors. Probate was granted and the house has been on the market since March. Sibling insisted the house went on above it's valuation. I agreed just to get it on the market. Not surprisingly no offers were received. We dropped price to probate value after 3 months and then again after another month . Again no offers. Sibling is now refusing to drop price further. Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Can I force sibling to drop price? The stress is making me ill 

First, try your damndest to stop stressing. I have to ask, what are you stressing about? You've inherited a property, so - apart from some sibling irritation - you have been given a significant financial gift you have no real moral entitlement to. So, anticipate, and enjoy your good fortune.
Your sibling seemingly is emotionally involved, which can be understandable, but is allowing this to 'let' them act unreasonably - perhaps intentionally so...
Have you both become 'tenants in common' or 'joint tenants'? I know nothing of this other than what Google has told me, so treat with care.
https://www.homesellingexpert.co.uk/guides/inheriting-a-house-with-siblings#:~:text=Q4.-,Can I or my sibling force the sale of an,at the end of it.
Seems as tho' if you are tic, you can sell your share to a 3rd party. Not suggesting you do this, but it could be quite a lever against your sibling - "If you don't want to sell at its market value and split the proceeds, then I may have to just sell my half, and you'll then be sharing it with a stranger....".
Or, you apply to court for an 'order for sale', tho' not straight-forward as far as I can see. It will likely cost you, but will almost certainly ditto your sibling if they are going to try and (unsuccessfully) defend it. Your sibling doesn't really appear to have a valid case; the house needs to be maintained, possibly done up, but they have no money to contribute to this. So, they have no valid alternative to bring to the table - they are just being stubborn. 
So, place stress and emotion aside, and treat this as a transaction to be resolved.

anselld

Bear in mind that if the house sells for less than probate within four years you can apply for IHT relief for the difference in value, therefore you are only "losing" 60% of any price drop below probate.  Perhaps that can be used in persuasion although it wont make any difference if it is an emotional position.

Albermarle

Seems as tho' if you are tic, you can sell your share to a 3rd party.

You can, but I do not think there would be a queue of buyers.

lincroft1710

Tell sibling that unless they co-fund any maintenance costs with you, you will not fund them on your own. Be firm, sibling will just say they have no funds - "well then, either the house falls into disrepair, becomes worth less money and harder to sell, or you do the sensible thing and agree to a further price reduction and get the house sold before it falls down" and stick to your guns!!

Grumpy_chap

ThisIsWeird said:

Have you both become 'tenants in common' or 'joint tenants'? 

I assume the house remains in the Estate of the deceased and will be sold by the Estate and then the proceeds split between the two siblings.
"We inherited an equal share in the house" often means they each get half the sale proceeds, not that they ever each own half the house.  Each owning half the house can bring other complications such as CGT, SDLT surcharges, impact to any means tested benefits...

CottagePotager said:

Grumpy_chap said:

CottagePotager said:

Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Are there any assets in the Estate other than the property?  These should be used to settle ongoing costs rather than your own funds.

Can the IHT be deferred?

Is your sibling aware of the ongoing costs and the fact these effectively reduce the amount that will be realised from the property sale?  Make them aware, also that insurance needs to be maintained om the property and any damage that might occur in cold or storm weather needs to be remedied or will reduce the sale value further.

I've told sibling all this. They are very emotionally attached to the house but wouldn't be able to buy me out. I think they wants to delay the sale .

All cash in the estate will go to the next IHT installment. I'll have to add funds as well

In all reality, there will be no interest in the house (or any house) now until January.

Why not use this time delay as much as you can to your advantage?  
You can set out to your sibling that, if the house is not sold by the end of this year, you are unable to fund any of the ongoing costs and therefore you will require the sibling to fund them. 
You could say you would consider to relinquish your role as Executor, leaving your sibling as sole Executor so they have to deal with it one way or another.
You are being reasonable as you are giving 6-weeks notice of a "crunch-point" to your sibling.

Also, present the sibling with a statement of account every of costs incurred to date to be recovered from the sale proceeds and update every week so that the sibling is absolutely clear how much the total value of the property is being reduced before the remainder is shared between the two of you.