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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Probate sale

88 replies

MyEyesHurt · 21/05/2023 10:15

IABU because it's absolutely none of my business but I just need to vent.

Grandma has died. Her house passes to her two daughters but also four step children, so the house must be sold and will go six ways. I'm told this is fair because her husband had put more money into the purchase, which I'm a bit suspicious about because when she married him aged 70, i know how much her previous house sold for. However, that part is none of my business, maybe she spent the money on biscuits. I don't know.

Anyway mum, joint executor with her sis, said she would put it on sale on the open market and asked the solicitor to do so. Auntie had the keys and solicitor asked auntie for them for viewings.

Before the keys were handed over, my cousin has made an offer on the house, of below what my grandma paid for it back 17 years ago. Similar sales on the street are about 60k-90k higher than this offer.

Mum had anticipated this and had decided to get it valued anyway for fairness.

Fast forward to now and my cousins offer has been accepted by the 6, as one of the step sons argued that they could save on estate agent fees that way. They also argued that the market has cooled.

If is absolutely not my business. The money will not be passing to me.

However in the back of my mind it feels like my cousin has just scored a huge discount on her house - which I shoukd be happy about, what's wrong with me? And the six all get a little less that could have been passed on to all the grandkids if they weren't that in need of it, though I'm sure they would all find uses for an extra 10k :-)

For context this is coming from me having seriously struggled to buy a house 5 months ago. My work hasn't been doing very well so I've been really cutting back, as in no new clothes for me for a few years.

So to the point:
I am definitely BU so I don't need MN to make me feel dreadful, and I haven't acted on my opinion at all. but what I do need is ways to bloody get over myself and forget it. Any tips please?

Last bit of context, I see the cousin next to never and she has me on restricted settings on fb, so we're not really close. That doesn't mean I don't like her, but I'll realistically never go to that house again, same as if it had sole on the open market.

OP posts:
Sirloinwithlove · 21/05/2023 20:21

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MyEyesHurt · 23/05/2023 23:06

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I'm not sure why you think I have a buy to let?

OP posts:
MyEyesHurt · 23/05/2023 23:07

TheSilveryPussycat · 21/05/2023 12:03

Won't they have had to report the value of the house to HMRC?

I think they would just list the sale price as the value.

OP posts:
HappyHolidai · 24/05/2023 04:02

I don't think that can be right if there is a sale at significantly less than the value.

Aslanplustwo · 24/05/2023 05:12

Aprilx · 21/05/2023 11:59

I have mentioned it a couple of times now, but in your first post you said that your mother and her sibling were the executors? In this case it is for the two of them to reach agreement, nobody else.

Exactly this! It is up to the executors to make the decision, it is nothing to do with the beneficiaries, and they should be looking at the best option, not giving in to pressure to sell it to someone in the family at a reduced price.

Why do people not understand how the system works regarding wills?

Sirloinwithlove · 24/05/2023 05:23

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FatAgain · 24/05/2023 05:30

The problem is the market is fucked. We’re also mid probate sale and it’s just fallen through. I’d happily take £10k less of my share to get rid of it.

greenspaces4peace · 24/05/2023 05:37

Some executors want fast and easy and are willing to take a slightly lower value for the convenience.
My dh did so as did I. All the beneficiaries in agreement sooner can be better even emotionally.

springtome · 24/05/2023 05:49

@Aslanplustwo The aunt who is an executor is the one who's daughter wants to buy the property at a huge discount. So OP's mum is being pressured by a fellow executor and because the rest of the beneficiaries agree, she doesn't feel she can say no.

GoodChat · 24/05/2023 05:57

Honestly my dad is having a game and a half selling a probate property. I'd just be glad your DM has a fast and easy solution that saves her a shit load of stress!

ThankmelaterOkay · 24/05/2023 06:17

MyEyesHurt · 23/05/2023 23:06

I'm not sure why you think I have a buy to let?

Presume they are alluding to the thread about getting an EIRC.

ThankmelaterOkay · 24/05/2023 06:20

I’d just let it go. It’s just money. Sure your cousin has pulled a fast one, but until a law is broken, there’s not much you can do.

She’ll have a hard time explaining to the future buyer (when she comes to sell) why the property didn’t increase in value for 17 years. “Oh, yeah I got it below market price as I was ripping off my family”.

ThankmelaterOkay · 24/05/2023 06:22

FatAgain · 24/05/2023 05:30

The problem is the market is fucked. We’re also mid probate sale and it’s just fallen through. I’d happily take £10k less of my share to get rid of it.

I wouldn’t say the market is fucked, per se.

The market is flooded with probate properties that haven’t been updated since the Queen’s silver jubilee, yet priced like they are dream homes.

FatAgain · 24/05/2023 06:58

ThankmelaterOkay · 24/05/2023 06:22

I wouldn’t say the market is fucked, per se.

The market is flooded with probate properties that haven’t been updated since the Queen’s silver jubilee, yet priced like they are dream homes.

nothing is shifting where we are and there’s barely anything on the market either.

Wonnle · 24/05/2023 06:59

Quick tart up and on the market in a couple of months after purchase
Nice profit in this it seems !

Sirloinwithlove · 24/05/2023 07:20

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Sirloinwithlove · 24/05/2023 07:21

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HappyHolidai · 24/05/2023 08:41

The cousin is getting a £60k gift from the estate and the OP isn't. It may not be illegal but I can entirely sympathise with the OP in thinking it's hugely unfair.

Sirloinwithlove · 24/05/2023 09:00

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GoodChat · 24/05/2023 09:19

HappyHolidai · 24/05/2023 08:41

The cousin is getting a £60k gift from the estate and the OP isn't. It may not be illegal but I can entirely sympathise with the OP in thinking it's hugely unfair.

The OP hasn't put an offer in on the house

MyEyesHurt · 24/05/2023 10:06

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In answer to your direct question, no.
Why DO you think that I did?
And why is it relevant to this issue?

OP posts:
MyEyesHurt · 24/05/2023 10:08

springtome · 24/05/2023 05:49

@Aslanplustwo The aunt who is an executor is the one who's daughter wants to buy the property at a huge discount. So OP's mum is being pressured by a fellow executor and because the rest of the beneficiaries agree, she doesn't feel she can say no.

Exactly this

OP posts:
Sirloinwithlove · 24/05/2023 10:09

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MyEyesHurt · 24/05/2023 10:10

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I joked that you were my cousin because you made a string of attack-like comments.

OP posts:
Sirloinwithlove · 24/05/2023 10:10

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