Renting out a Property

[serene12]

My elderly father recently passed away. A relative who is also the executor of my dad’s will, thinks its a good idea to rent out my dad’s house, as he doesn’t feel it will sell due to clovid 19.
I don’t feel it’s a good idea, as the house needs to have a considerable amount of money to bring it up to a reasonable standard i.e. new carpets, it has a leaky roof, old white goods & will need decorating. It’s a 2 bedroomed house in a village in England with poor transport links. The house if valued is worth about £120.000.
Legally the five beneficiaries of my dad’s will, will be entitled to an equal share of any rental income which will not be a lot
I’m keen to hear anybody’s thoughts and if there could be any legal pitfalls

As a landlord I don't really find renting property is as lucrative as people think it is. by the time I have paid all fees and tax related to it I barely break even. Saying that if it's mortgage free and you have funds to invest in it then it may be more worthwhile. You have to work out what rent you would have against the amount you would need to invest. Minus the cost of insurance, agency fees and repairs.

If it is a case that everything is left five ways in the will then yes they will all have a stake in the rent. if the house is left entirely to you then no they don't. but saying that £120k divided 5 ways comes to less than £25k each and you'd also have to pay legal and agency fees if you sold it so probably end up with about £20k each. it depends if you want a longer investment or more immediate money.

This is something you'd all have to agree, otherwise the executor should sell the property and divide the proceeds.

My rental property costs me money every month. Between 5 of you it will be a nightmare. Sell utZ

Sell it.

Downright silly and unrealistic idea which isn't going to materialise any time soon, if ever - hopefully you can talk some sense into the executor.