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Money Moral Dilemma: Should I refuse to pay for the ongoing costs on our deceased father's house?
Comments
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Do your siblings know that Capital Gains Tax will be due on any increase in the value of the house from death of owner to sale date?2
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Surely your share of the expenses would be deducted from your share of the profit once sold? Either you persuade them or you'll end up paying anyway.0
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roubiliac said:Do your siblings know that Capital Gains Tax will be due on any increase in the value of the house from death of owner to sale date?2
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of course we have to make assumptions cos there isn't a lot to go oni would be assuming that its not a 60k flat because would an estate agent be recommending you took an offer which was 84% of the value (lets assume its been valued correctly) and more like an average house in an average town so 10k is around 5% of the value or even less.and are we assuming it has been left empty because the longer its unoccupied will the insurance company bump up the premiums cos of the increased risk of a burst pipe/ break-in etcI would be asking the estate agent what are the realistic chances of the market picking up locally as none of us know what area it is in and there are going to be all sorts of local factors which will affect the house prices, yes they have a vested interest in getting as much for it as they can, but the fact they aren't saying wait a couple of months and you will get the asking price probably means its unlikely it is going to happeni would be also asking your siblings how long are they going to hold out for the full asking price because if its in 6 months time, the person offering to buy isn't going to wait that long and the next one might want a 15k discountDebt of £6300 cleared in 5 years, now ZERO1
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Why take less than it is worth? House prices will continue to rise while demand outweighs supply. Just wait it out and get the full amount0
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Are all three siblings executors to your late father’s estate, and does your father’s will state that the proceeds of the estate be divided equally amongst the three of the you?If the answer to those two questions is yes, then I think you have to arrive at a democratic decision between the three of you - if the other two siblings want to wait until the market picks up and hold out for the asking price but you want to go ahead and sell at the lower figure then you’re essentially outvoted, and you’ll just have to go along with their wishes.
If you refuse to pay your share of the ongoing costs then your other two siblings may look to recoup the amount from the sale proceeds when the house is finally sold (quite reasonably, in my opinion). But look at the bigger picture here - if you choose to go down that path you risk one almighty family fall-out over £10,000, which equates to £3,333 each and is virtually nothing in terms of property transactions. Is it worth causing bitterness and division with your siblings, which could last for many years, over such relatively trivial amounts?1 -
I know what I would do in your shoes:
Put all the ongoing house costs on a spreadsheet. Include a column showing the interest you all would be getting on the sale money if you sold now. Best savings rate according to Martin is 5.16% at the mo. So that goes in the debit column too, as your siblings won't sell. Add it all up. Then schedule a family meeting with the agent, who can explain to them that there's a bit of a spike in the market now, prior to the stamp duty going up again in April, after which there will be a slump. Labour is seeing to that. Show them your figures which make clear how much money you're all losing by not selling right now. If they still don't see sense then, bite their ankles until they do4 -
Need more info.Is there an executor who can discuss with you all?But as they are majority think you have to go with them. Just keep trying to convince them, tell them you cannot afford costs.If you do not pay they can take it of your share when they do agree to sell.Good luck0
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Stamp duty goes up in April. £10k off the asking price isn't much, even if the property value is low. I'd definitely take it and be done with the process. After April, the SD rise is going to cause another slump. Something to consider - is it worth renting it out? The rental market is very strong and will only get stronger after April.2
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I think you should all be grateful for having anything left from your father’s property. Many of us had sell our parents house to pay for nursing home fees.3
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