Will problem.

[want2bewealthy]

Hi there,

A friends Father sadly passed away some time ago and left his wife and another couple in his will for the Family home.

The other couple have been 'taking care' of selling this property but do not have an agent involved, the property is listed on owner.com and has been for around 1 year.

The couple now want to move into the property and pay the other half $100 per week rent... which is way below market rent and also not what the other party want to do.

The other party wants to sell their half for market value but the others don't want to pay that, they want to DIY and scrap the agent fees to pay less those fees which is unfair.

I get the feeling they will drag this out as long as they can.

What steps need to be taken to get results at this point in time?

I would think a verbal agreement and deadline for valuations would be a good start, if those are not satisfactorily met then a lawyer needs to be appointed to the case?

Thanks guys.

 

[Raddles]

Hi there
they need to see a lawyer to review the terms of the will - to see what the job of the executors are - and whether assets have to be sold or can be retained in their present form.
It will be relevant how the property is held - whether as joint tenants or tenants in common - for example it may be that this other couple may not have an interest in the property - or may have a 1/2 share as a tenant in common.
I would think the party who wants to sell should obtain relevant valuations - and if the other party can't buy them out - then the property should be sold.
thanks

 

[wylie]

What connection does the "other couple" have to the wife? Rather curious to know, as it could help understand the situation.

 

[want2bewealthy]

From memory I believe they are direct Family, Brother or Sister.