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Clare
Clare, Solicitor
Category: Law
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Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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An elderly friend asked if my husband would agree to being

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An elderly friend asked if my husband would agree to being an executor of her estate along with her nephew, when she died. My husband agreed, as did the nephew. The will read that the house should be sold, then the estate divided into shares. The will gave a list of beneficiaries with the number of shares listed next to each beneficiaries name. The nephew stated his interest in buying the house at the market value, and most beneficiaries agreed on a fair price, as he would be a cash purchaser. Now however the nephew has asked that he be recognised as having inherited 30% of the house, and is trying to reduce the amount that he pays to the estate, saying he should not be buying what he can regard as having inherited. There are about ten beneficiaries in total. How on earth do we sort this out? The estate is worth about £300,000, the house the same. The cash offer was for £295,000. Originally the nephew said he would not take his money out of the estate, being about £200,000 and pay cash for the remaining amount.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstHow much is the nephew due t inherit from the Estate?
Customer: replied 1 year ago.
Good afternoon, Clare.
My understanding is that the nephew is due to inherit about £187,000 or 30% of the estate. This figure is made up from the monies released by the sale of the house and the money from banks, building societies and so on. Our conveyancer is saying that as the nephew in effect has inherited one third of the value of the house, in the contract of deeds we should put the house is being sold for £205, 000, rather than £295, 000. This of course lowers the stamp duty being paid. My husband is worried that if this happens he is liable for any discrepancy, as he and he alone swore the oath for probate.
Expert:  Clare replied 1 year ago.
Hi
Please tell your husband not to worry - the solicitor is correct and this is indeed the right way to deal with the matter
Please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33823
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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