PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Money Moral Dilemma: Should I refuse to pay for the ongoing costs on our deceased father's house?

2456

Comments

  • roubiliac
    roubiliac Posts: 44 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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?
  • gothvixen
    gothvixen Posts: 45 Forumite
    Fourth Anniversary 10 Posts
    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.
  • 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?
    That may not apply here - if the current offers are below market value, and then you sell in 3 months at market value, there's no CGT due.
  • of course we have to make assumptions cos there isn't a lot to go on

    i 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 etc

    I 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 happen

    i 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 discount






    Debt of £6300 cleared in 5 years, now ZERO
  • 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 amount
  • keithyno.1
    keithyno.1 Posts: 124 Forumite
    Tenth Anniversary 100 Posts Name Dropper Photogenic
    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? 
  • squirrel59
    squirrel59 Posts: 68 Forumite
    Seventh Anniversary 10 Posts
    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 do :)
  • 2702
    2702 Posts: 39 Forumite
    Second Anniversary 10 Posts
    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 luck
  • 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.
  • 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. 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.