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

well if your husband is not bothered either, I think that you can not be bothered too. after all there is zero that you can do.

but if it does go tits up its not your problem surely? It doesn't sound as though your partner wants your support or advice? And forgive me? he told you who the executors are/is and you have forgotten?

Split it 3 ways, is he single?

I'd be bothered if I were married to D3. It's kicking a can down the road, and it doesn't get easier to deal with. Nomad stays in the house, its condition gets worse, decent sale harder to come by. Or he gets his share early /spaffs it up up the wall/house ends up going under value etc.

60-odd k is a life changing amount for most people. I presume OP and her DH are aged 50+, she may want their share for children's education (or helping them get on the housing ladder), retirement, bucket list holidays etc. That's not grabby.

If no. 1 refuses to agree to the house sale, tell him he'll be sued for the rent he should have been paying. Arse.

Sorry am I supposed to remember everything my husband tells me??

He isn't refusing the house sale, he wants to sell so he can buy something smaller - more manageable -

It won’t go tits up if the executors carry out their legal duties and distribute the estate equally in accordance with the will.

@Lanzaroteladyultimately not your problem because you’re not an executor or beneficiary but it might be worth reminding your dh of this! if he’s an executor himself, he has duties. If he’s just a beneficiary, he ought to be asking questions of the executors. If Nomad is an executor, they’re on dodgy territory, leaning on other beneficiaries to try to gain an advantage for themself.

sounds like everyone involved needs to look carefully at where responsibilities lie. That’s how to avoid things going tits up.

So the suggestion seems to be that he gets the £60k cash and then continues to live in the house rent free. What could possibly go wrong?

Then crack on. Get some estate agents round. Remind your DH how the money could benefit your kids in the future.

Then what's the issue?

Get the house on the market ASAP, and what is left after selling, fees, solicitors etc... they get a third each. The sibling living there can remain there until it is sold but most move out before exchange.

The £60k in the bank they all get £20k each NOW.

This is the most simple and fair way to do this and what the will stated.

Tell him you are going to implement the will as your mother wrote it. End of conversation. Work for your money.

No he uses the 60,000 to put down as a deposit and leave him with a manageable mortgage

How can I do that?? I am not am executor - I am married to a sibling

I have said this then he can pay his mortgage off when he sale goes through but no one is listening to me

I have said this and how much the money can be used to set us up - to no avail

He can get a manageable mortgage once the estate is distributed in accordance with the will. There’s absolutely loads that can wrong if he’s given 60k beforehand. What if he cant get a mortgage offer? What if he decides that actually he’d like to hang on rent-free and mortgage-free for another year or two?

He needs to leave, find a room or somewhere to rent short term and then sort out a permanent home when the sale has gone through, the estate is wrapped up, all final costs are known and distributions made

I have said this @gattocattivo

They do, but if the beneficiaries are the same people as the executors, and none of them seems bothered about making progress, who is going to make a complaint? Sibling 1 obviously has a motive to drag his feet, so realistically, the impetus needs to come from Sibling 2 or Sibling 3. Do they not want their share of the inheritance?

Ok, I see. Have to trust the husband. I have reservations about my MIL will but my husband called me grabby woman. Well, so

There will not be £160k in the house after solicitors, estate agents etc.

I'd split the £60k at £18k each leaving £6k for costs incurred.

Sell house and split 3 ways.
If house doesn't sell you could end up in a pickle otherwise.

I’m suggesting that experience so far indicates this may not happen. Or not for a long time. But if the siblings are happy to take that risk, maybe there’s no problem.

I'd suspect he won't get a mortgage big enough to get a house in the area unless you're in a very cheap area and he has a decently paying job.

£60k deposit round here would mean you would still struggle to get a small house on one person's salary.

Looks to me that #1 is either very optimistic, or opportunistic - that is, he knows the above, and also knows his siblings won't see him homeless, so he'll take the £60k and then let them know he can't get a property, so "very sorry and all that" but he can't sell the house.

It must be very frustrating @Lanzarotelady I see that you can't obviously tell your DH what to do with his inheritance from his mother. There's all sorts of emotion swirling about & I'd guess, largely unacknowledged - concern for his brther mixed with irritation, grief over the loss of his mother ...

Can you appeal to your DH's paternal feelings? If he does anything more for his brother than his mother willed, he is depriving your DC. A lump sum of £70k doesn't come often to ordinary people - it could contribute towards a house deposit for your DC (£35k each if you have two? - it's a good sum to set them up). And so on.

My father has given away a fair fortune to various women - at one point, as he was about to hand over £100k to his latest floozy, one of my siblings sat him down & told him what that money would mean to his two grandchildren. He changed his mind when confronted with the consequences of his befuddled lovelorn brain.

60-odd k is a life changing amount for most people. I presume OP and her DH are aged 50+, she may want their share for children's education (or helping them get on the housing ladder), retirement, bucket list holidays etc. That's not grabby.

My thoughts exactly @ThePiglet