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Value of estate?
Comments
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Yorkshireman99 wrote: »Noted. If you feel the solicitor is wrong then initially ask them for an explanation. If you are not satisfied you can use the firm's complaints procedure.
The solicitor's won't talk to me!
They are acting on behalf of mother.
I have no legal standing, no rights! Not married or in civil partnership
I am only involved being a creditor to the estate, and I am told my loan will not be repaid until proceeds of house sale is finalised!0 -
. The estate claims an equitable interest in property.
A deed of variation will share estate er
This claim seems to be the key here as as konark said in post #4
If they were joint tenants then the property should have passed directly to the other joint tenant.
Also what is being 'varied' ? If the house goes to the joint tenant then the capital is never there to be varied. And if he is 'gifting' then surely the percentages are up to him and he could gift without it going to the estate - although he would have to be careful should he die in near future.
So what is the basis for the claim? Is this why solicitors are involved?0 -
There WAS NO WILL, intestate estate!
The joint owner has agreed to sell house and gift proceeds to estate/mother . He only added his name to mortgage as convenience to enable my partner to get mortgage, he didn't contribute to mortgage. The estate claims an equitable interest in property.
A deed of variation will share estate (after joint owners expenses are repaid) between mother 70%, the joint owner 15%, and myself 15% (being the unmarried/non civil partner)
These figures being proposed by mother as next of kin, accepted by joint owner after his offer of straight 3way split was rejected by mother
Now you are adding new relevant information that should have been put in the first post.
Anything else people need to know?0 -
So what is the basis for the claim? Is this why solicitors are involved?
This comes up a lot where people say joint assets are always passed by survivorship but that has never been true for all assets.
HMRC cover this using bank account examples but the principles apply to any asset.
looks likes the joint owner is being sensible and being reasonable.0 -
Noted. It illusratres why posting full relevant details is crucial to getting the correct answer. However as a creditor of the estate the solicitor is not doing their job correctly as executor by refusing to speak with you. I expect you are just going to have be patient frustrating as it may be.The solicitor's won't talk to me!
They are acting on behalf of mother.
I have no legal standing, no rights! Not married or in civil partnership
I am only involved being a creditor to the estate, and I am told my loan will not be repaid until proceeds of house sale is finalised!0 -
getmore4less wrote: »Now you are adding new relevant information that should have been put in the first post.
Anything else people need to know?
Just realised I can answer my own question
Still no information to establish the net value of the property at DOD.0 -
Indeed the joint owner is being more than reasonable! The property has been transferred into his sole name at the land registry, after filling DJT Form. And it is up to him to do with it as he pleases
The mother's solicitors threatened him with court action, and because he just wants "out" of this situation he has found himself in, is agreeing to mothers demands.
I am not happy with the situation, and believe I deserve more, after almost a 20 year relationship. Alas we never made it legal!
I believe I could have made a provisions claim within 6months, but never did, believing the joint owner would split proceeds equal 3 ways as he told me he would. But at the same time he was telling mother he would divide proceeds differently. He was trying to keep everybody happy!
I have had legal advice and was told to accept 15% as legal proceedings should I take it to court, could run into 10s of thousands of pounds and any thing over the 15% could be eaten up in legal fees.
There is one more thing!
Whether the mother is actually next of kin! My partner was married and divorced (so the wife gets nothing) but he is named on child's birth certificate as the father! I believe the assumption of law says he is treated as biological father(although he isn't)and this could be proved with a DNA test of child and grandmother. But no such test has been made! And the child had been skipped in favour of the mother being next of kin.
The whole thing stinks, it seems to me the proper legal process is not being followed.
Raising any issues I have, I am told I am just being obstructive and awkward.
I just want to roll over and accept whatever scraps are thrown to me from the table! But I hate standing by and watching this fiasco!
Sorry for ranting0 -
getmore4less wrote: »Just realised I can answer my own question
Still no information to establish the net value of the property at DOD.
DOD?? Date of death?
It was valued rather low at £270000
So half of that figure I guess they used for IHT figure0 -
I did make a proposal, and it was agreed by the joint owner, that I reimburse his expenses and be allowed to stay in the property until I die, at which time it could then be transferred to my partners nieces and nephews.
But this was rejected by his family.0 -
DOD?? Date of death?
It was valued rather low at £270000
So half of that figure I guess they used for IHT figure
What about the mortgage?
This is getting quite complex and the information is still not sufficient to even answer your relatively simple first question
Is there anywhere you want to go with this other than get your £20k?0
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