Inheritence and house sale

[Lanzarotelady]

Interested in others opinions here - what's fair?

Mum dies leaves house worth 160,000 and £60,000 in bank

3 adult children

1 living at home - never had a mortgage - has had a nomadic life style
2 living in a house, paid for - single
3 living in a house -paid for- married with children

1 know he needs to get a mortgage, but with no deposit and no real credit history is struggling to get one

He has proposed to use the £60,000 in the bank as a deposit, smaller mortgage etc, then when the house is sold, the other 2 get their share of the house, their share of the money in the bank, ie £80,000 each and he gets what is left.

I don't know if this is fair, open to abuse, favouring one above the other

What do you all think

£160k for a large house is not a lot, ir us that the net sum after paying off a mortgage? - what will a 1 bed flat cost?
Bear in mind 55+ developments can be cheaper than open market properties.

A third of the total estate is worth more than £60k now, £73k, but you need to allow for any debts and funeral costs.
Is there some other reason for him needing cash urgently?

Sell the house and split everything 3 ways.

He can live in the house until sold, then rent until he can use his share of her estate as a deposit.

The executor needs to get their finger out and wind up your mums estate as per your mums wishes documented in her will.

Who is the executor and what has he/she been doing for the past two years?

Nomadic lifestyle of sibling isn’t your problem. Split 3 ways. Don’t touch the giving him all the 60k or it will cause issues, always does.

Is he paying the 2 siblings rent then?

Is he balls!

If there is a will and everything is to be split equally bro can keep his hands off every one else’s cash.

Surely some of the cash in the bank will be needed for bills, solicitor, utilities, house clearance etc etc

It can take 2 years for probate - it took longer for my mother's estate when she died in September 2020.

I agree with PP the money in the bank should be split 3 ways. You can't be sure that the house will sell for as much as you think - especially if it's in poor condition. You also have to factor in estate agent & solicitor fees for selling.

What on earth have you been doing all this time?

Probate took 18 months

If house sells for less than what it is valued at then it will be split between the 2 siblings

I had a similar situation. Buyers’ solicitors will want to see a tenancy agreement with 4 weeks’ notice. No one will buy a property with a beneficiary living there rent-free.

Agree 100%

@Lanzaroteladyare you Nomad sibling? you seem remarkably laid back about even entertaining this idea.

if you were either of the other two, I can’t help feeling you’d be laughing your head off at Nomad’s selfish, unfair suggestion.

Has safety certificate, electrical safety certificate to create a legal tenancy for nomad.

Each has £73k inheritance - he needs a mortgage of £83k to release that in equity from the house so that the 83k plus the 60k in the bank can pay the other 2. He doesn't need a deposit as such as his 73k is his deposit.

The mother’s wishes should be respected. That was the will she made.

I agree

No I am not Nomad

Sibling three has been living rent free since the dinosaurs roamed, including the Two years since probate was granted. . If anyone is to lose out then it seems fair it is sib3.

1)Split the cash, sib 1 moves into rented .
2)Sell the house with full vacant possession, some of the money used to pay selling expenses etc remainder split 3 ways
3)sib 3 then has deposit money can buy property.
4)Sib 2 and 3 have their inheritance.

Sibling 2 & 3 quite naive, don't think they need to seek advice as they can't see anything wrong with this idea

You split everything equally as per the will and your late mother’s wishes. If she had wished differently she would have instructed so in her will.

Follow the will or intestacy law to the letter. Once the estate had been distributed, each beneficiary can decide what to do with their share. I don't think there is any argument about what the testator "would have wanted" They will either have made their wishes clear in a will or have wanted (or at least not minded) that the law was followed. If you are letting the nomad stay in the house, make SURE that you will be able to get him out!! This smells a bit of eau de CF to me.

oh dear God! tell me they are not executors?