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Kasare
Kasare, Solicitor
Category: Family Law
Satisfied Customers: 204
Experience:  Solicitor, 10 yrs plus experience in civil litigation, employment and family law
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could you tell me how to improve the agreement below thank

Customer Question

Hi could you tell me how to improve the agreement below thank you
This agreement is between CL, RL and ZL
• CL and RL agree that ZL can Purchase the house from probate under the following terms.
• ZL will give the sum of ????? (approx. 60000 TBC) to cover all debts related to the estate of their father Mr RGL within 6 weeks of probate being granted.
• ZL will give the following cash sums to CL and RL and herself:
• CL - 60000 within 6 weeks of probate being granted.
• ZL - 60000 within 6 weeks of probate being granted.
• RL 30000 within 6 weeks of probate being granted and on the same date in 2016, 2017 and 2018 each anniversary the sum of £10000
• Zl will pay the first payment of the inheritance tax due and then the next 10% + annually until 2020.
• ZL will take responsibility for all upkeep of the property with no cost to CL or RL
On the anniversary of the debt in 2020 ZL will put the house on the market to be sold and the proceedings of the sale distributed as follows.
• The mortgage and remaining 5 years of the Inheritance tax are paid.
• The 5 years of payments of the inheritance tax given back to ZL at the same rate as paid out no added interest,
• RL & ZL to receive £30000 each in payment for house in Hungary.
• The rest of the proceedings after any legal or other fees will be distributed evenly between ZL, RL and CL with the assistance of an accountant.
• ZL will keep records of all costs and income associated with the buying and letting of the property. RL and ZL will receive an annual financial statement and a valuation of the house.
Submitted: 1 year ago.
Category: Family Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.

I can wait a couple more days thank you though I did pay for speedy service! Thank you Zitta

Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Clare replied 1 year ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Which part of the Uk are you in?
What are the circumstances which led to this agreement?
Clare
Customer: replied 1 year ago.

Hi Clare

I am in London and the circumstances of this agreement is that our father died. I was living in the house at the time and have agreed with my brother and sister that I can keep the house for another 5 years and then will sell. This is to show that and how it will be done.

Thank you

Expert:  Clare replied 1 year ago.
Hi
Did your father leave a Will and is this being dealt with by way of a Deed of Variation?
Clare
Customer: replied 1 year ago.

He did leave a will I am not sure about the deed of Variation. In the will it says that after other expenses/gifts are paid the remaining estate to be split equally between me my sister and brother so they are doing me a favour really

thank you

Expert:  Clare replied 1 year ago.
HI
How much is the house worth and how much will you borrow on mortgage?
Clare
Customer: replied 1 year ago.

The house is worth approx 800000 and I will borrow 275000

thank you

Expert:  Clare replied 1 year ago.
Hi
What will that sum be used for?
Clare
Customer: replied 1 year ago.

The Moby will be used as shown in the agreement Mand the first years inheritance tax.

• ZL will give the sum of ????? (approx. 60000 TBC) to cover all debts related to the estate of their father Mr RGL within 6 weeks of probate being granted.

• ZL will give the following cash sums to CL and RL and herself:

• CL - 60000 within 6 weeks of probate being granted.

• ZL - 60000 within 6 weeks of probate being granted.

Expert:  Clare replied 1 year ago.
Hi
What makes you think that the Inheritance tax can be paid by instalments?
Clare
Customer: replied 1 year ago.

Because I am keeping the house I thought you were allowed to pay over 10 years?

thank you

Expert:  Clare replied 1 year ago.
Hi
Before I spend time researching this can you confirm whether or not you have checked that you can do this when you are taking out a mortgage on the property?
Clare
Customer: replied 1 year ago.

No I have not checked that out I will ask another expert

thank you

Expert:  Clare replied 1 year ago.
Hi
No worries I will check it out and try and give you an appropriate frame work for the agreement
Clare
Customer: replied 1 year ago.

Ok thanks I will cancel

lther question then

thank you very much

Expert:  Clare replied 1 year ago.
Hi
That is fine - I will work on this today!
Clare
Customer: replied 1 year ago.
Relist: I still need help.
I don't know why it was closed
Customer: replied 1 year ago.

Hi can you tell me what is happening with this question now

thank you

Zitta

Expert:  Clare replied 1 year ago.
Hi
I am sorry - it simply fell out of my list and I assumed that you had withdrawn it.
Could you confirm who the executors are - and is the mortgage in place
Clare
Customer: replied 1 year ago.

The executors are me my sister and a family friend the mortgage is only in place hypotheticaly on probate being granted

thank you

Expert:  Clare replied 1 year ago.
Hi
What is the rough amount of Inheritance Tax due?
Clare
Customer: replied 1 year ago.

Between 120000 and 160000

Expert:  Clare replied 1 year ago.
Hi
So you will hold the property essentially on trust for the other two so far as capital is concerned BUT the net income will be yours no matter what?
Clare
Customer: replied 1 year ago.

Not sure if I know what you mean by net income, The money to pay the mortgage will come from the rent earned I do not see there being an excess if there is it will either go to home improvements or saved until the end of 5 years and split equally between the three of us.

Thank you

Expert:  Clare replied 1 year ago.
Hi
Right
So this is in fact a joint venture which will benefit all three of you - it is simply that you are the "lead" as it were?
Clare
Customer: replied 1 year ago.

Yes thats right

Expert:  Clare replied 1 year ago.
Hi
Again just to check - is there any reason why the mortgage could not be in the joint names?
Clare
Customer: replied 1 year ago.

They live in hungary and would not get a mortgage

Expert:  Clare replied 1 year ago.
Hi
Well that is indeed a good reason!
Last question - is the instalment option for RL essential?
Clare
Customer: replied 1 year ago.

No not essential at all

Customer: replied 1 year ago.

Hi I haven't herd from you for a while I wondered what your reply was thank you

Expert:  Clare replied 1 year ago.
Hi
My apologies again it fell off my list.
I will go back and find the draft I did and get it to you this evening.
Please contact me at 9ish!
Clare

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