Left residence to be shared between 8 people!

K

Kennyt2009

Guest
Hi
I have recently been left a share in a property together with 7 other people, more of a nightmare than a benefit!

I had hoped property would be sold and proceeds divided between 8 but it seems huge majority want to keep it so I am out voted on that one!

What costs will there be to register each name on the deeds I assume this will have to be done, will there be a cost when property is eventually sold due to amount of names on the deed?

The property will not be generating any rent/income and as it is quite old will need to be maintained, the other 7 have voted that we meet in January and set a budget for the year to cover estimated expenses 2nd property tax (I presume we are liable?) estimated repairs and insurance et etc.

To be perfectly honest I cant afford to pay anything nor do I want to can the other 7 "force me" as co owners or can they ask and if I refuse maybe it registers as a debt when sold or something?

As you can see I would much rather this thing was sold and equally divided but I presume I cant "force" the other 7 to buy me out, they havent suggested it but I want to avoid spending any money on it. I had hoped to be left a few bob not something that is going to be a drain on my existing petty finances.

The reason it is not being sold is some of the others have attachments as a family home and want to keep it in the family and use it for hols/weekends but none of that appeals to me at all

Any advice?
 
Re: Residence to be kept between 8 people!!!

you need to meet with executor. it is unusual for house to be left between 8 as none can claim any real portion of the property. It is more common to have house sold and proceeds divided between 8.

Meet with executor/solicitor asap

as things stand, you have a mess, not an inheritance. Who is responsible for insurance and maintenance?
 
Re: Residence to be kept between 8 people!!!

As I believe have been proven in case law, it only needs one to force the sale of the property.
 
Re: Residence to be kept between 8 people!!!

Is there any chance you can reason with them - you can't afford the ongoing costs to maintain the property, so between the 7 of them, surely they could buy you out, if even on a phased basis. Try and come up with a reasonable price for your share of the property and put it to them.
 
Re: Residence to be kept between 8 people!!!

The executors are 2 of the 8 both retired and not short of money so neither will agree to sell will try the buy me out option but no big benefit to them to do so as it only gives them an extra eighth. There was a clause in the will that gave executors option to decide to sell house and split proceeds between eight or hold onto property and own between eight they unfortunately for me picked the latter.

Co-owners are responsible for all bills and maintenance

total nightmare
 
You will probably have to take legal advice on this in order to ensure you get the best possible outcome for yourself.

But my few observations would be as follows:

I'm reading between the lines that you don't get on too well with the group - or am I wrong?? The fact there is a clause, I would guess you have to go along with what the executors decide, so as I see it, your options are:
- hold onto your one-eight of the asset + the liabilities
- lay your cards on the table honestly about how you can not afford to fund an non-liquid asset and would appriciate if they would buy you out - this will depend on how well you get on with them
- give them a option to buy you out at an offer they should find hard to refuse (significantly below market value): but in reality, having a one-seventh or one-eight of a property is probably going to be neither here nor there for them
- walk away from the inheritance, if you feel it will cause you more financial hardship to take up the inheritance, you can walk awaly from it

Hope it works out for you - hopefully you'll have a few euro in your pocket at the end of the day as that is obviously what the person who left the property would have wanted.
 
You probably need legal advice.

Clarify Towger's point about your ability to force a sale. Explore what happens if you simply refuse to hand over any additional cash to them.
 
Re: Residence to be kept between 8 people!!!

Towger said:
As I believe have been proven in case law, it only needs one to force the sale of the property.
Click to expand...

Towger,

Can you point in the general direction of this with a reference or name?

I think this would be very useful advice for many in the current climate.

ONQ.
 
Kennyt2009 said:
Hi
I have recently been left a share in a property together with 7 other people, more of a nightmare than a benefit!

I had hoped property would be sold and proceeds divided between 8 but it seems huge majority want to keep it so I am out voted on that one!

<snip>
Click to expand...

Although my post in reply to Towger might suggest otherwise could I urge caution on the sale at this point in time?

Several pundits have suggested there may be a further 25% "adjustment" in the Irish property market based on European, British and American prices.

There is an argument for holding out until the market recovers - assuming no further drop.

There is an argument for selling now, assuming a further 25% drop and difficult conditions ahead where people might need the proceeds of the sale to survive financially.

If your position is the latter, but other people want to keep the property, being in a a position to force the sale to get survival money opens a third route whereby they must buy you out if they are to keep the property.

Consider all the options before you force any sale...

:)

ONQ.
 
You are fully entitled to force the sale. The executors must liquidate the asset and divide the proceeds among the 8 people within 12 months or else risk being liable for any losses incurred by any of the 8. If you dont want to own 1/8th of a house, then you can insist that the house is sold. Altenatively, one of the other 7 can offer to buy you out at market value. The house does not belong to the executors or any of the 8 until such time as probate is finished. There is no such thing as majority rules etc. and executors have no right to make decisions - the wishes of the deceased must be followed to the letter. If your entitled to 1/8th of the value, that is what you will get within 12 months full stop. Its up to the executors to deliver the cheque for 1/8th to you - you dont have to enter into any discussions to get it.
 
CSIirl I would so love you to be right but is it not up to the executors to have the final say in whether I receive 1/8 of the value or the house kept and divided by eight.

I dont have a copy of the will (they refuse to provide me with one so I have to wait till it goes through probate and then request one from the probate office) but I did read it a while back and it said the house was to be divided equallly but it did mention that the executors would decide whether to sell or split ownership to ensure everyone either got cash or share in property

If the executors and the other co owners want tot keep the property for the reasons given is it definite I can force a sale, would you have any link that confirms this

In my financial situation it would be a major drain to goto solicitor even though I know I should but if I could approach the executors with something definite to say that my wishes to sell are enough to force them to buy me out of force sale it may swing things in my favour

Relations at an all time low between me and executors I dont think I am unreasonable just practical

Tks for all the help
 
You are entitled to a copy of the will as you are a beneficiary.
CSirl is right - either they buy you out or it is sold.

My advice - make an appointment to see a solicitor.
For a consultation fee s/he will lay out your options and you can then decide what to do. Most solicitors charge about €100-€150 for a consultation. This could be a good investment.

If you really can't afford this, go an see them and state your case as per CSirl's post ie that legally you are entitled to your share, either by them buying you out (best option)or selling it. Tell them that due to your own financial situation you have no choice. And give them a time limit eg 5 days to get back to you, or you will have to take it to your solicitor. State your case calmly, but firmly. Write a letter if you prefer.

Don't allow yourself to be emotionally blackmailed - I understand people get sentimental about family homes, but you need to look after yourself and your own family (or future family). The proceeds from buying you out or a sale will help you pay for your own home. Especially when buying you out is not a problem for them financially. If they want the family home they have to buy your share from you. Simple as that.

It will be much easier for you to liquidate your share now, before probate, than in a few years down the line.
Good luck
 
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I did some investigation work for a party who had the same situation as you. A property "worth" about 1.5 million during the boom due to its development potential adjacent to Luas Dublin 14. The property was willed to six. One wanted to sell to capitalise on ts value. The others hummed and hawed and then the bust came.
In any case I understand that a beneficiary can obtain a Court Order directing that he /she be given their share of their inheritance. It would be up to the others to obtain the necessary funds either by sale or sourcing it elsewhere.

Like all these type matters you better get legal advice, probably a barristers opinion, before proceeding any further.
 
As an alien looking in, would it be worth your while giving the 7 an indication that, should they refuse to co-operate with you, you will, if you can, sell your portion of the house to someone other than one of the 7?
 
You mention that the will specifically says that the house can either be sold, or kept with each of the 8 owning one eighth.. and that the two executors can decide which option to go with.. (but you don't have a copy of the will)

Well, it could be that that clause in the will is illegal, and un-enforceable.. you'd need a solicitor or a barrister to let you know for certain.. but for example, a married man must leave half his estate to his surviving wife, .. if he doesn't do this in the will and gives the money to someone else then she can get her money somehow, possibly by applying to the High Court or something...


I'm not a solicitor so I don't know how it works.. but I wouldn't necessarily accept that just because it says something in the will that that is how it has to be.

I feel you'll need a solicitor, firstly to write to the executors and get a copy of the will, and secondly to apply to the High Court on your behalf for your one eighth share, either by selling the entire house, or selling your share, for a price you're happy with, don't take less than it's worth... I know the solicitor costs money you may not have, explain to the Solicitor that he'll get paid when you get your one eighth... also ask him if you can get your expenses refunded (by the executors personally, not by the estate) in having to chase up the executors, this refers to the issue of the executors refusing to give you a copy of the will, in spite of the fact that you are apparently entitled to it.

I hope it works out well...
 
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