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

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  • If you have all inherited the house ie 1/3 each then I think you have to respect the view of the majority. If the house sale is throught the executors, then the decision is theirs If you 3 are the executers then again, I think you have to go with the majority decision
  • Why not say that you’re happy to sell now so your share should be protected at this sale price. If they want to wait then they should share the costs and the risks associated with keeping a property empty long term. They can then benefit or lose from any change in the eventual selling price. I don’t think you can force the sale but this might focus their minds. I have bought and sold several properties that we’ve refurbished over the years and £10k is very quickly eaten up in ongoing costs and the longer you leave it the greater the risk of fire, squatters, burst pipes etc. A bird in the hand is easily worth £3.3k 
  • “A bird in the hand is worth 2 in the bush”.

    How “good quality” is the buyer offering £10K under?  Double check that he either has funds in hand or is in a short chain.

    with a quality bidder in place I would be keen to take the offer on the table. The costs of keeping the empty house going - council tax, insurance, maintenance etc - will soon mount up.  As others have suggested, set out these running costs in a spreadsheet. Show your siblings how much you will be spending each month.

    And I would be wary about expecting a rise in market interest.  Yes, spring can bring house buyers out, but think of the negative tax ideas dreamed up by this silly government which about to go live in April.  Jobs are already under threat, folk may not be so keen to spend this year.
  • FreeBear
    FreeBear Posts: 17,338 Forumite
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    edited 5 February am28 12:26AM
    newsgroupmonkey_ said: Our resident doom monger Crashy is currently on Gardening Leave, but
    Looks like he is back. :s
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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 amount
    As others have pointed out there are maintenance and council tax costs involved in waiting it out, and what happens if waiting brings an even lower offer? The buyer doesn`t seem concerned about lack of supply if they are offering 10k less than asking?
  • honestcove
    honestcove Posts: 83 Forumite
    Third Anniversary 10 Posts
    If you are co-executors the general rule is that decisions must be unanimous and not by majority (unless the will says to the contrary). So you are perfectly correct not to accept a sub-standard offer (if that is what it is) as it is not in the best of the estate.
    As to whether the £10k really is a sub-standard offer or not, then how strongly do you feel the evidence is. If, for example, your estate agent is a wholly competent professional their advice that £10k short of the guide price is now reasonable, then you are perhaps being unreasonable. However, if your estate agent is at the other end of the scale and on a % fee then a £10k difference in sale price is only a small loss of fee income to them and minimal incentive to push them to get the best price -their new appraisal of the best market price is now of minimal weight.
    If you genuinely believe the evidence supports holding on then you are wholly correct to block the sale at a lower price. Potential to fall out with your siblings is the price you might have to pay though.

  • Surely. Unless you are an executor of the estate, it is not up to you.
  • if the property is empty and unoccupied, make sure the Council has applied a council tax Class F exemption if it qualifies. Also, the solicitor dealing with the esteate/any conveyancing could provide the council with an undertaking that any bill will be paid from the proceeds of the sale. that would help on that outgoing if nothing else.
  • Ed264
    Ed264 Posts: 127 Forumite
    100 Posts Second Anniversary
    An offer of £10,000 less depends on the actual asking price. My understanding is that an offer of 5% less is generally acceptable, so if the asking price was £200,000 then 5% would be £10,000, i.e. £190,000 net. You say it's a house so my guess would be it's on the market for significantly more than £200,000. Even if the market picks up, you still might get an offer of £10,000 (or higher) less than the asking price, so I think you're reasonable in refusing to paying your share of the ongoing costs. Remember - most agents earn commission so it's in their interests for an early sale. Good luck.
  • My brother was the Executor. He ignored my advice and sold house £25k under valuation price. Both myself and my sister were struggling financially and needed every penny whilst he was in a secure well paid job with wife also earning. But the sale did go through quickly which turned out better for me in the end as I could reduce my own mortgage. Best to do deals now with all your suppliers including water as low user to cut down costs. And have you considered buying the house yourself as investment or change of residence if that makes sense ? 
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