executor dispute

D

dlastharibo

Guest
Hi everyone,
I wish to get some legal advice re the following problem. I am joint executor with my sibling and we are currently trying to sell the family home which due to the slow market conditions is not really moving- we don't get on very well and my sibling is pushing for a quick sale (for his own personal reasons) and demanding large price reductions (to below the AMV). I agree a price drop is probably necessary but not to the same scale. If I don't agree to my siblings large price drop what can he do? I have heard mention of the high court- Is it the loser who pays the cost etc? Please help!
 
The way Im reading it . The sibling is threatening court proceedings unless the house is sold below its market value (whatever that is ) at a price unacceptable to dlastharibo.

I think if the sibling has personal problems the last thing he or she will be able to cope with would be court and the house could even be sold by the time the case even reached court (assuming a case had any basis in law which I doubt).



What scale of reduction is the sibling looking for ?
 
The gist is that the house has been for sale for few months, no offers yet. Estate agent says not overvalued, sibling wants to reduce price excessively to below AMV to sell yesterday. I agree to drop to generate interest but not to this extent. Solicitor advises if no compromise these things end up in high court...if so who would pay the bill?? thanks for your help
 
dlastharibo said:
The gist is that the house has been for sale for few months, no offers yet. Estate agent says not overvalued, sibling wants to reduce price excessively to below AMV to sell yesterday. I agree to drop to generate interest but not to this extent. Solicitor advises if no compromise these things end up in high court...if so who would pay the bill?? thanks for your help
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The Estate???
 
you still didnt say by what percentage the sibling wants to drop the price ?

5% , 10%.. 99% ? etc

And are you sure about the valuation of the house ?
 
Other option ....

Could you take out a mortgage and offer him half the value of his lower valuation .... then you can sell in your own time... not a cheap solution , but better than the high court....
 
jhegarty said:
Other option ....

Could you take out a mortgage and offer him half the value of his lower valuation .... then you can sell in your own time... not a cheap solution , but better than the high court....
Click to expand...

Good idea. In the meanwhile you could rent the properly and it would probably pay for half a mortgage. Basically treat it as a long term investment. Since it sounds like you don't need the money but your sibling does. Opportunity to get a great deal, and do your sibling a favour.
 
jhegarty said:
Other option ....

Could you take out a mortgage and offer him half the value of his lower valuation .... then you can sell in your own time... not a cheap solution , but better than the high court....
Click to expand...

Not before Probate is granted I think? At present the OP is merely an Executor and not a legal owner. The house therefore still belongs to the estate, the question being whether a financial institution will grant a mortgage in such circumstances.
 
House sale can't be completed at all, full stop, until probate is granted. However an agreement for sale could be signed, subject to probate. I think jhegartys idea is a good one if the Op were in a position to do it.
 
If you really think you can get the house for below market value than its in your interests to buy the other half of the house off the sibling and in this case the lower he wants to go the better for you ;)
 
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