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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 69369
Experience:  Over 5 years in practice
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Hi, Im the administrator for my late mother estate, and one

Customer Question

Hi, Im the administrator for my late mother estate, and one of 5 siblings, my mother didnt make a will. The house is on the market, we have recieved two offers, but myself and my sister want to buy the other 3 out and have made an offer £5000.00 higher than the offers recieved. The family solicitor have advised me that i am not in a position to buy as all the siblings wont agree to sell to myself and my sister. In my capacity as administrator to the estate i am legally bound to accept the best offer for the property, which is the offer myself and my sister have made. Is there a legal way frwd to resolve this situation, as costs are incurring on the property, and therefore future offers may be lower due to maintenance and repair issues. Therefore in my opinion our offer is the best option.
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Hi.

Thank you for your question. My name is Jo and I will try to help with this.

What would you like to know about this?
Customer: replied 2 years ago.

Hi.


 


I would like to know, if there is a legal way for myself and my sister to buy my mums property, there is one sibling who is refusing to sell his share to us, even though he has been given the chance to buy us out, as he cannot obtain a mortgage. i feel as administrator this is the best way frwd to achieve the best offer for my mums property. The family solicitor is advising that because im the administrator i am gaining an unfair advantage and therefore cannot buy the propery.

Expert:  Jo C. replied 2 years ago.
Thanks.

The solicitor is partly right.

The executor is under a duty to act in the best interest of the beneficiaries. However, the executor cannot act in self-interest to the detriment of the other beneficiaries.

This is a really difficult situation. If your combined offer with your sister is the highest received bu the other siblings do not want you to buy the house then the disadvantage to the remaining siblings who do want a house sold is their share of £5000.

If two siblings want you to buy it for 5k more but three do not want you to buy it then the disadvantage to the beneficiaries is £1000 each.

Therefore I would suggest that you tell the three beneficiaries who do not want it sold to you two that you will agree to what they want if they agree to take £1000 less.

Can I clarify anything for you?

Jo
Customer: replied 2 years ago.

Thank you for your answer, our problem is with one beneficiary, the four including myself are happy for the sale to go ahead.


irealise this is a difficult situation, but i am trying to act for all beneficiaries and as the property is increasingly in need of maintenance and general repairs and is devaluing due to this, the four beneficiaries agree that this is the interest of all parties in moving frwd to conclude the estate.


If no higher offers are put frwd through the estate agent, the offers recieved are £95,000 . and 2 offers of £110,000 . myself and my sister have offred £115,000 18 months ago and its still standing.


There must be either an arbitraitor or independant court that we could take our case to get a ruling either to overide the the last beneficiariy in the interest of all other beneficiaries.


 


The last remaining beneficiary has been offred the property for £112,500 , in which he stated that he couldnt raise funds.


 


Can u advise as to whether we could go to an independant court for a judgement on this matter, as for myself as administrator its still the best offer on the table and i feel im acting in the best interest of the estate.

Expert:  Jo C. replied 2 years ago.
I cannot see why the family solicitor says that you are gaining an unfair advantage. It would be to the benefit of four beneficiaries to get a higher price.

It appears to be a case that if he cannot have it, he does not want anybody else to have it.

I entirely agree with you that you are acting in the best interests of the estate.

My suggestion would be to write to the reluctant beneficiary in the same terms that I have outlined, telling him that if he feels differently, he should take you to court and tell him that you will defend the action and seek costs against him.

The most important thing you need to do is make sure that you have proof that the property has been actively marketed elsewhere and at what price and details of any offers.

He only has a cause of action if you have breached your duty to the beneficiaries to act in their best interest

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