Marketing of Inherited Property _ Siblings Non-Agree

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Autofloor

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My father recently passed away and left his property to myself, my brother and sister. On the will we are joint executors. The house is in need of modernisation. I would like to buy the house in its current condition at its current value. My sister would like to do some works and sell it as a "Mortgageable" property. My brother wants to do it up extensively and try and increase its value extensively before marketing. Basically we don't agree whatsoever in how its marketed.

We haven't got a solicitor to execute the will as yet, but please can anyone tell me how the differences are resolved without the solicitor having a conflict of interest. Would we need separate solicitors to act, or would the job have to be taken over by an external administrator, or would some other process have to take place.

Thanks in advance if anyone has any advice to offer me with this real shambles of inheritance job.
 
Not sure how anyone here will be able to give you guidance on a 3 way disagreement.

Perhaps if you look at it from the 3 view points. You want to buy it now why, are you residing in it, does it have sentimental value to you. Or is it to do with the value. The market value should reflect the fact that a little money spent on it could increase the value.

Perhaps the market value is 200k, with a 20k spend the market value can be increased to €250k or €50k spend increased to €300k.

Obviously these are just figures you need to get them for your property, the higher the spend the higher the risk.

Perhaps there is some middle ground you agree to give them the value of the property for the amount of investment that your sister is proposing.
 
Perhaps if the three of you were to sit down with a totally independent estate agent (not a friend of anyone :)), get the exact sales figures taking the three scenarios into account and see if this would help.
 
Been there and know how stressful and intractable it is. There are family mediators who deal with this kind of work - less expensive than solicitors or estate agents and no vested interest.
 
Thanks for the advice. As you probably guessed, this is the first time in my life I have had to deal with this, and I am a bit naïve as it what to.

I have rung my local probate office in Winchester, and they are unable to help sort the contentious issues, although unable to help or offer advice, they have warned me that if it gets out of hand, that all our inheritance will be eaten up in solicitors costs, and she mentioned 5 figure sums.

She advised me to firstly apply to the probate office for a Grant Of probate. I said, I would like to do it this way, but my sister, who is actually holding the only physical original copy of the will, wants to use a solicitor. This is probably to ensure she gets her third. Do I have any power to insist on doing my probate manually. I want to save on solicitors fees. If my sister takes the will into a solicitor, having quoted about £5,000-£10,000, can I refuse acceptance and say I want to do it "direct" with the Probate Registry ??

Thanks in Advance for any advice
 
I have just noticed that you are based inn England, This is an Irish site and the law isnt always the same here.

However, the same basic principles apply.

You are joint exectutors, so no you can't extract YOUR probate, there is no my probate and your probate. The joint executors have to extract probate on the estate.

I do not know if any mechanisms exist in English law to help joint exectuors who cant agree.

Even if you agree on whether to use a solicitor or not to help you apply for probate, the law will not help you to resolve the dilemma over what to do with the house.
The law will take your money to help you fight it out though.

ALL THREE of you need to agree some method of arbritration.
Please remember that you will still be siblings long after the money is spent.

good luck,
 
Autofloor said:
my sister, who is actually holding the only physical original copy of the will, wants to use a solicitor. This is probably to ensure she gets her third.
Click to expand...

She doesn't have to use a solicitor to get her third.

Are all 3 of you executors?

First solution

All 3 of you to go to the house this weekend with only tea and cigarrates and not to leave until you all agree on what to do.

Second solution

Democratic decision. You all agree that two people can make the decision. Then you or someone else goes with the option of another.

Third solution

You tell them to do what they like, and you let them at it. Is it really worth falling out about this?

In relation to your sister's and brother's suggestions. Who will pay the costs of modernisation, will they do this? Presumably then they will get those costs back out of the sale price, but will only get a share of the increased value at the same rate as the other two.

Clearly your siblings feel that they current value can be increased, any idea of costs of renovations and how much value this would add.

Why do you want the house.
 
I think you probably need to see a solicitor to establish some basic answers like

What does the law say about renovating a house in a deceased estate prior to selling it?
What is the time frame within which the estate has to be settled?
If you renovate it and then sell, who is responsible for any capital gains? Is it the estate, or the legatees?
 
You may find some more specific answers on www.fool.co.uk, they have a forum dealing with wills which will probably cover your question.

I think (and I can't remember if it's Irish or UK guidelines) that there is an expectation that the estate will be settled in about 12 months.

If you have siblings who see development potential in it, why don't they buy it at market value in it's current condition, do it up and sell at a profit themselves? But I find building works (which I haven't done much of) to be very stressfull.

[broken link removed]
 
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