Brother wants to buy out siblings from family home left to 3 siblings

D

dublinwoman

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I really need help and hoping someone can help me please. My mother passed away in 2021 and left the family home to myself and two brothers. Probate was granted.

Mam knew that one of my brothers would like to move back into the family home when she passed so in the will she said that he had first option to buy. He has sold his own home and is now living in my mother’s house and is ready to buy out his two siblings. We are all happy that the family home is staying in the family.

The house has been valued at €450,000 and he is all set to buy out his two siblings.

The big problem now is that he thought that he just needed €300,000 to buy us out and he is happy that his share is in the house but we have been told that he has to buy the house at 450k and then its split 3 ways.

Why cant he pay cash for our share of the property and for us to sign the deed over to him?

He cant get a loan because of his health.

Solicitor could only suggest lowering the price and myself and other sibling gift him the money.

I can take the hit but my other brother needs to buy somewhere to live and needs every penny.

I just dont know what to do and I'm the executor. My poor brother is sorry he sold his home now
 
We did something similar in 2004 - there was no problem selling the house a to one of the siblings who just paid the value of the share he was buying to the estate.

Change solicitor

The solicitor handling the estate recorded the transactions in the estate accounts
 
Thank you, that gives me hope
 
Do I need to get a probate solicitor or conveyancing solicitor please, sorry but I am so confused. Many thanks
 
He already owns one third of a house worth 450. He pays 300k for the two thirds that he doesn't own.

Who told you that he should pay 450k?

Why pay for something you already own?
 
That makes no sense.

House valued at 450k between 3 siblings means each share is 150k.

So Sibling A pays 300k for property & buys house.

Sibling B & C get 150k each.

Don't see what the issue is.

Btw do you have Grant of Probate yet? You can't do anything until you have that.
 
Protocol said:
He already owns one third of a house worth 450. He pays 300k for the two thirds that he doesn't own.

Who told you that he should pay 450k?

Why pay for something you already own?
Click to expand...
Solicitor told me that as executor I am selling the house to him
 
Yes that's my understanding too
 
Yes probate was granted
 
This is very odd advice but I have heard it before.

And, yes, discuss the full case with another solicitor just in case you are missing out on some key piece of the story.

You as Executor can sell the house to him for €450k. He can pay you with €300k and an IOU of €150k.
The estate will then be comprised of €300k cash and €150k IOU.
You return the IOU to him and the other two take €150k cash.

Brendan
 
My brother would be very happy with that solution if a solicitor would accept it, thanks
 
Bad way to structure transaction. Adds €1500 of needless stamp duty. At a minimum, the acquiring brother should have his one third share vested on inheritance without stamp duty liability.

One solicitor cannot handle both sides of transaction. If executor's solicitor is out of her depth (as she seems to be), but if it would not be cost effective to change, just make sure acquiring brother has a solicitor who knows what she is doing.
 
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