Inheritance

M

MaryLoo

Guest
Hi,
I am one of 5 who has inherited my Father's house and we are due to go to a solicitor tomorrow. One of us wants to buy the house but not just yet. Any advise on how we should go about this? or what type of questions should I be asking the Solicitor?
 
Much depends on family circumstances.

Three examples:

1. House in Dublin . Fine 5 bed house - lovely garden but whole family grown up, moved away, have their own houses, all want to sell. Property goes on market 6 months after father dies, sells for 1.2m and proceeds split. Nice, neat, amicable.

2. House in Dublin. Very fine red brick house in very expensive area. Worth 2m. Five grown up members of family. Four have own houses and very well to do. One has lived in house after marriage broke up but Father has made special provision in the will - he gets 1/3 of sale price of house which will enable him buy nice house but not in same area. He is happy in the house and would like to stay ( no date mentioned) but rest of family think should move on and house sold in Spring - best time of year to sell. What to do?

3. House in Waterford. Last remaining sibling died in 2003. Grown up family - all with own grandchildren. Two members of family are very attached to house but its in poor repair and none of them can afford the market value. Nor can they afford to maintain it. But house in scenic area, planning an issue so on the open market, house will sell for very good price - much more than 1 or 2 can pay. Half of family want to sell ( and get full value) - other half want to let 1 or 2 buy at less than market value.

So you see - lots of issues. People often have emotional reasons for doing things that have no basis in reality. Equally I've seen people get the house at less than market value and then sell on in a very short time and then take the profit - not nice.

So realistically there has to be a concensus about what should happen - without that, it leads to conflict. When seeing the solicitor, you need to ask what is the process of taking out Probate, how long it will take, how much will it cost ( can you do it yourself?), are there taxes to be paid, when, etc.,etc

The question of person buying needs to be mentioned early so that all parties are consulted.

mf
 
In a similar situation myself. Fathers semi detached house has huge site at rear but landlocked to front. His neighbours house should come on the market soon also with huge back garden. Possibility of keeping fathers house and purchasing neighbours. Demolish both houses and build apartments. Or sell property and split proceeds. Or rent out property for the time being and sell in a few years time. The possibilities are endless. The personalities involved are diverse. Someone will be happy, someone will be disappointed.
 
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