Siblings disagreeing on property inheritance.

[Ellzmum]

My brother and I are executors of our Mother's will and have inherited her estate 50/50, which includes her ex-council home which she bought many years ago. This property will be subject to a compulsory purchase in a few years time due the estate being regenerated.

As cannot sell on the open market the Council have made us an early offer which I would like to accept. However, my brother disagrees and wants to rent the property out until such time as the CP comes into effect. He has offered to 'buy me out' but at a less favourable amount then I would get if we sold. I have refused. I feel that if he wants the property to make the extra income for himself, (I don't want the hassle of having tenants and a that involves!), he should buy me out for half of the Council's offer. He is welcome to the rental income after that.

So we are at stalemate. Probate has been granted, and he has the Deeds. Should I be worried that he has the Deeds? Is there anything I can do? Is there any advice I can benefit from with this very unhappy situation?

Many thankis.

[Amethyst]

Re: Siblings disagreeing on property inheritance.

'less favourable amount then I would get if we sold''

Do you mean under the compulsory purchase order offer by the council or on the open market ?

How much less favourable is his offer?

[Inca]

Re: Siblings disagreeing on property inheritance.

Hi,,what a horrible predicament.

Personally I would seek professional advice on this issue.....cos nothing brings out the nasty in people than death/wills/inheritance/money/greed.

Good Luck

Sorry Ame,,my post crossed with yours xx

[CleverClogs]

Re: Siblings disagreeing on property inheritance.

Can something be done about the draughts in here?

Earlier, I posted that the property should be insured for the full rebuilding costs, lest it "goes on fire" - a perfectly possible event, if a house is left empty and vandals get in - but the wind seems to have blown that suggestion away.

[Ellzmum]

Re: Siblings disagreeing on property inheritance.

Less than half of what the council have offered us. So he wants me accept this, have the rental income and then he has the belief that when the compulsory purchase order is made he will get a higher price. CP offers have to made on 'market value between willing partners. I wish to have the capital, closure and move on.

[Amethyst]

Re: Siblings disagreeing on property inheritance.

If you would accept the council offer now, then you need to put half of their offer to your brother as your final offer to sell the house to him.

If he refuses and you do not wish to negotiate with him then you need to insist on a managing agent for letting the property, to be paid directly out of the rental income, and the remaining rental income to be split equally 50/50.

I would put the terms/offer in writing to him, but yes, as Inca said seek advice if it goes any further without agreement.

[MissFM]

Re: Siblings disagreeing on property inheritance.

Yes, he should pay half of the present market value. I can't see what possible argument he could have for paying less.