Executors and self-dealing

Jennex

Savvy_Sue said:

Jennex said:

Savvy_Sue said:

Jennex said:

WYSPECIAL said:

Why not simply tell him what you want for your half?
If he doesn't want to pay that it goes on the open market and finds its own value.

Well, I did and he spouted a load of angry insults and said it would be the end of any family relationship.

As co-owner I don't think I can put the house on the open market without asking the court to intervene.

How much of a family relationship do you want (with someone who spouts angry insults when you attempt to start negotiations)?

Sadly he's the only family member I have left, and I'm used to having to accept abuse until he decides he likes me again.

Well you may be used to it, but IMO you don't HAVE to accept it. It's not as if you're trying to keep the peace to enable others to maintain a relationship, is it?

You can't do anything without him, but equally he cannot do anything without you. He wants to buy your half of the property, but does he intend to live there long term? It may be difficult to stop him moving in and remodelling the place (which his conversations with architects etc indicates he may wish to do), but he won't be able to sell it on if you dig your heels in. 

I know you don't want to retreat behind a wall of solicitors, but that doesn't stop you having one conversation with a solicitor of your choosing, and asking them to send one letter setting out how the law applies to THEM and what steps you may take to ensure they comply with it. One conversation, one letter, then he decides how to respond, but you don't have to take it any further with a solicitor. 

What valuation was used for probate, and where did that come from? 

If it was a low valuation, and then he pays you a lot more than that, we may be in CGT territory. That's a point for negotiation between you. He may not understand how negotiation works, but doesn't stop you trying it. 

Probate valuation was done through a surveyor who included costs of building work. I suspect he was doing us a favour as there were some awfully large figures there and as a result, the end valuation was under IHT. Private buyers have expressed interest of nearly 3x the value, most likely because if planning permission is granted there's certainly enough space to build another house, maybe two. Estate agents put value 200-300K higher than the surveyor, and that includes with them reading the surveyor report.