Yes Clare, I had to replace fences and a fallen wall and re-fit the kitchen which was found to have mouse corpses behind the cabinets. This cost me £8K. I have also been cutting hedges, cleaning gutters and painting. The house increased its value from £165K to £190K during the year. Travelling weekly 100 miles at 68p per mile was a significant expense. We have probate and the Estate is about £40K below the IHT threshold.
About £45k each was allocated after probate. We are under the Death Tax limit. (Mother inherited Dad's Estate)
It was, about 6 months ago.
Both my Brother and I are the executors, Clare. I understood that executors had to act in the best interests of the Wills beneficiaries. I have certainly looked after my Brothers interest in the property but it is costing me thousands.
My brother said that he would sell to me providing that I submitted to an Overage clause. He refused to let me have sight of this clause and I would not buy without seeing said document. Several letters to his Solicitor and texts to him did not persuade him to send it to me. After a year I twigged that I was being used as cheap labour so he could delay the sale of the bungalow whilst property prices increased. After a year I said that I will no longer look after the house and I gave the details to an estate agent with instructions that I could not sell since I did not have a certificate of ownership. My brother shortly after visited the estate agent and arranged the sale of the house which happened within eight weeks to completion, but the sale went through without the Overage Clause. I wasted a great deal of time and sold a house to raise money purchase of the bungalow. As an equal Executor and Beneficiary, do I have a claim against my Brother? I seem to have rather lost out here. Thanks this Clare. John.
I did but my brother insisted that I should submit to an Overage clause. Over the year he put the price up but below the rate at which I improved the bungalow. It was very tatty when I first started looking after the house. After a year he wanted - insisted that he took control of the sale but he sold it at about £30k below market value. I afterwards discovered that he had not imposed his Overage clause.
Thank you Clare. I thought that might be the case. G'night, John.