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Thanks guys,don,t worry Nutt i,m thinking it all over.Have been thinking about staying,simply because that,s the easy thing to do.But is the easy way the best way?
What sort of state is the house in. Would you be doing repairs yourself? Or find the cash (possibly remortgage the house) to pay someone to do it for you? Obviously you don't really want to remortgage, but if it means you can spend £25k and realistically sell for £50k, or have no intention of doing the repairs yourself but it allows you to live there happily, it might be worth considering.
Got a photo of the house? Don't know if we are talking about a mid-terrace or a rambling old detached house in the middle of no-where.
oh my goodness, OP. Condolences about your father, and then sympathy for what happens next. Nightmare.
Just about anyone else here will be better informed about property but seeing as the interest rate on money is low, if:
- a) you're renting at the moment
- b) you'd want to live there
The money you'd save on rent would surely be more than the return you'd get from taking the money and putting it in the bank. Wouldn't it?
But at this point you might not want to move everything, go through the hassle etc.
After rushing everything through,probate has been granted on my Fathers estate.After only 4 months since my fathers death i now face a difficult choice.I can only stay in my home if i get the lawyer/executer to accept they,ve overvalued the property.Should i just make a reasonable offer and hope they see sense?
Could you get a few estate agents to value the property to support your idea of the value? That at least would be free. Either way, glad things are moving and it should soon be behind you.
the one thing not to do is rush.. a property is only worth what someones prepared to pay for it. dont take some estate agents valuation as a fact even if its one of half a dozen valuations pound notes is what counts and thats all its worth.
Does anybody know if once probate has been granted,can valuations on things like housing be challenged.Cheers for all your help,the apes.
Monkey
Did you take the advice of almost everyone who has posted and get your own solicitor? It doesn't sound like you did if you are still not happy with things.
As for making an offer on the property, and depending on the market in your area, it may well be worth making an 'under-valuation' offer if all the 'vultures' want to do is get their hands on the money quickly.
Did I mention - see a solicitor. You'll need one anyway if you buy the house and they can give you advice at the same time.
I am not going to buy the house.I will just be given it as my share of the will
i would first get in touch with the police and then a solicitor as a matter of urgency.
Do remember that a house with a sitting tenant has a far lower value than one with no tenant.
Stay put buster.
Had the same fella after my Nan died at 101
Not going into detail, but it just amazes me how shit
people can be and being your family.
Sorry for your loss Fella !!
I am not going to buy the house.I will just be given it as my share of the will
Oh, I see. You are still, in effect, buying it as it wasn't specifically bequeathed to you and is classed as part of the estate. I would be very suspicious that the house valuation 'just happens' to be the worth 50% of the estate value on a 50/50 split, especially as you have said it is run-down.
Have you taken any independent legal advice at all?
GWoody I,m on benefits.Lawyers ain,t cheap mate.Cheers all for your advice. PS anybody else having trouble with this website tonight.
Lawyers ain,t cheap mate
Better than losing your inheritance though.
Reminds me of the big wing in the local prison reserved for the prisoners who defended themselves without a solicitor.
Obviosly I don't know the ins and outs of your situation, and Laywers aren't cheap, but 4/500 quid spent now really could pay for itself many times over. and most lawyers would wait for payment till after the will has been settled
Sorry to hear about your father and even more sorry about your relatives.
I can't give you advice on wills etc but have had a couple of surveys on properties recently. We were offered three types; valuation, homebuyer survey and building report.
Valuation - basically confirms it's a house and not falling down and estimates a value.
Homebuyer report - estimates a value but also assesses the property for any defects and rates their severity. A lot of the time will advise additional expert surveys. we paid 700.
Building report I believe is more thorough version of above but also identifies the repairs and associated costs.
[url= http://www.rics.org/site/download_feed.aspx?fileID=6087&fileExtension=PDF ]RICS Guide Here[/url]
Talk to a solicitor.
You're labouring under the idea that "I can't afford it" without any idea of cost at all, and your family are taking the pish and laughing all the way to the bank. An initial consultation with a solicitor is often free, and if you're due an inheritance then a portion of this will cover the fees.
Talk to a solicitor.
See also, the first point in this post.
And, talk to a solicitor.
monkeycmonkeydo - Member
GWoody I,m on benefits.Lawyers ain,t cheap mate.Cheers all for your advice. PS anybody else having trouble with this website tonight.
Legal Aid?
I'd def speak to some Est Agents re. valuations or look at what comparable stuff is selling for. You have seen their valuation yes?
You need to argue this stuff hard (with evidence) unfortunately, if you're not comfortable doing so yourself a lawyer will make sure you are taken seriously.
You may also wish to think of the effect of any inheritance on your benefits...CAB?
Talk to a Solicitor who deals with Contentious Probate you will need a larger firm with a specialist family or private client division.
Only accept a valuation in writing from a fully qualified chartered surveyor and then get a second opinion from another fully qualified chartered surveyor.
If inheritance tax has been paid and the property value has gone down HMRC will even rebate some of the tax paid. After all the property market in most of the UK is shot to hell and prices are falling all over so it would be unsurprising if any property with a sitting tenant has seen a significant fall in its value over the last four or five months.
Took your advice people and hired a solicitor. Can't say I feel good about it.Cheers for all your contibutions.Apeman
Monkey, sorry to hear about your family loss.. my dad died just recently and we have been through all the legal stuff too.
This sound like its running too fast... did you check how the solicitors charge their probate fee? Some charge per hour, others charge a percentage of the estate... could that be the reason for the inflated property valuation... ?
Good luck getting it sorted. There is loads of good advice here.
R
You [i]should[/i] feel good about it - the end result will be fair because of your actions.