Inheritance dispute

Discussion in 'Wills, inheritances and gifts' started by Scoobydoo, Jan 3, 2017.

  1. Scoobydoo

    Scoobydoo New Member

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    Hi, my mother died recently and my sibling and I have to sell her house as there is a loan on it. My sibling wants to sell it to the council who have offered 220 for it but 2 estate agents have valued at 250. I don't want to sell it to the council and he's insisting we do. It's not about the money for me. His argument is that the interest on the loan is costing us money which it is but probate isn't through and the solicitor has said we could give it to an estate agent now. My sibling states 9-12 month period for selling, Is it really that long? The house is in Dublin. Even if the house didn't sell for a year the interest paid in that time woul be a third of the difference between council offer and estate agent. Any advice would be greatly appreciated. Stress on top of grief is tough
     
  2. Thirsty

    Thirsty Frequent Poster

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    Very sorry for your loss.

    You can't complete the sale on the property until you have Grant of Probate and I suspect that's what your sibling means re "9-12 month period for selling" but that is the case regardless of who buys the property. So selling at a lower price to the local council won't get you your inheritance any faster.

    Getting Probate can take up to a year to complete, but your solicitor should be able to confirm what they expect.

    Who is the executor? The sale of the property is the responsibility of the executor(s).
     
  3. Scoobydoo

    Scoobydoo New Member

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    2
    Thanks thirsty. The solicitor expects probate to take 3 months that's from November, he said we could put it on the market straight away, no doubt allowing for the time to find a buyer. Estate agents say 1-4 months. I don't know if they're over optimistic. We are both executors. I'd be prepared to give in just to avoid the stress but it doesn't make sense for a variety of reasons. What happens if neither of us gives in?
     
  4. moneybox

    moneybox Frequent Poster

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    715
    Your sibling is worried about paying the remaining loan, he may find that difficult because of his financial situation. Could you take over the loan repayments in full until such time the house is sold in the open market?
     
  5. Bronco Lane

    Bronco Lane Frequent Poster

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    285
    Why are you responsible for the loan on the house?

    Did your mother have a mortgage protection policy?
     
  6. Thirsty

    Thirsty Frequent Poster

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    Moneybox yr post makes no sense to me.

    Any outstanding mortgage (assuming no life ince in place) is repaid from the proceeds of the sale.

    Put the house on the market and see what happens; you don't have to accept an offer you don't like.