Anybody ever bought a house bequeathed to charities before?
Discussion
Well, of course some people have, but have any of you?
We're currently trying to buy a house local to us, the owner of which is deceased. After numerous offers were knocked back by the solicitor we finally got a letter from the EA saying that the offer has been passed to the executors. Had a quick chat with the agent over the phone to be told they would hopefully have an answer within a fortnight. This seemed a little long to me but I figured there would be a few siblings squabbling over a few grand, but we found out today (13 days after making the offer) that the property is bequeathed to 11 charitable organisation! 11!!
We're not talking a multi million pound estate here, so they're not going to rich off it, but over half of the organisations have said yes to the offer, the others wanted more time to think about it and more information on our position as buyers.
Anybody been in such a position before? I'm just wondering whether it will be a majority rule thing, or will one money grabbing lot be able to halt the sale and stop me buying a house and the other 10 charities from benefitting so soon?
Realistically if they bargain hard they might get another £2k out of us or another buyer (house needs too much work to be worth more) but then they'll get <£200 each before solicitors fees have come out of it! Why so greedy?
We figured they were just hoping for more interest from others but we're the only people who have made an offer in the month and a but it's been on the market. They're doing my head in now!
So, what are the chances that it's a majority ruling thing? Or is every will different? I thought maybe 1 executor would be able to make a decision, but I assume that's wrong.
Let me buy the bloody house!!!
We're currently trying to buy a house local to us, the owner of which is deceased. After numerous offers were knocked back by the solicitor we finally got a letter from the EA saying that the offer has been passed to the executors. Had a quick chat with the agent over the phone to be told they would hopefully have an answer within a fortnight. This seemed a little long to me but I figured there would be a few siblings squabbling over a few grand, but we found out today (13 days after making the offer) that the property is bequeathed to 11 charitable organisation! 11!!
We're not talking a multi million pound estate here, so they're not going to rich off it, but over half of the organisations have said yes to the offer, the others wanted more time to think about it and more information on our position as buyers.
Anybody been in such a position before? I'm just wondering whether it will be a majority rule thing, or will one money grabbing lot be able to halt the sale and stop me buying a house and the other 10 charities from benefitting so soon?
Realistically if they bargain hard they might get another £2k out of us or another buyer (house needs too much work to be worth more) but then they'll get <£200 each before solicitors fees have come out of it! Why so greedy?
We figured they were just hoping for more interest from others but we're the only people who have made an offer in the month and a but it's been on the market. They're doing my head in now!
So, what are the chances that it's a majority ruling thing? Or is every will different? I thought maybe 1 executor would be able to make a decision, but I assume that's wrong.
Let me buy the bloody house!!!
Good luck. In my agency days it would tire me relentlessly when presented with a sale such as the one you describe. Even one charity alone could and would mean any and all decision making taking days and weeks with individual committee members likely having next to no understanding of the property, local market conditions, the nature of buying and selling anything or the conveyancing process. having a multitude of charities, each with their own rules, procedures - or lacks thereof - due diligences to follow, internal politics to dick around with blah blah blah.
Rather you than me.
Each case is different, mind. The EA is more likely to know the ins and outs of your specific purchase. Well, more likely than the Internet is anyway. Most agents in this situation wouldn't have a clue themselves. Has the estate appointed an individual solicitor? If they have then you might get an idea of the set up through them (not that they would accept direct correspondence from yourself in any case).
Honestly, I'd be minded to walk away and I'm getting a headache even reading about your situation!
Rather you than me.
Each case is different, mind. The EA is more likely to know the ins and outs of your specific purchase. Well, more likely than the Internet is anyway. Most agents in this situation wouldn't have a clue themselves. Has the estate appointed an individual solicitor? If they have then you might get an idea of the set up through them (not that they would accept direct correspondence from yourself in any case).
Honestly, I'd be minded to walk away and I'm getting a headache even reading about your situation!
It sounds far worse than a typical divorce sale. More akin to an embittered estranged and extended family of a dozen cousins spread across several continents at differing stages in their lives with varying financial positions and loyalties following the death of a Great Aunt none of them spoke to for decades.
Or it could go through sweetly...
Or it could go through sweetly...
Rather then the Will saying 'I leave my house to the following 11 charities...' perhaps it should have said 'My house is to be sold and the proceeds divided among the following 11 charities...'
That may be the difference between a home-made Will and a professional one.
Sounds like a nightmare to me. I expect they will fiddle and faddle over it for years.
That may be the difference between a home-made Will and a professional one.
Sounds like a nightmare to me. I expect they will fiddle and faddle over it for years.
The good news is that once you have got their agreement they will be pushing you like hell via the probate solicitor to exchange and complete within days...
These things are often a nightmare when there are charities involved and even more so with some of the bigger charities who have their own legal people who like to f
k around with things in the hope of screwing another £2 out of the estate neatly forgetting that the net effect due to time and waste is often going to cost them...
Anyway.
The poster that mentioned buying of estranged cousins and so on, about right. BUT once you have an agreement on the price and the solicitors are instructed it should not go any differently to a normal probate sale.
These things are often a nightmare when there are charities involved and even more so with some of the bigger charities who have their own legal people who like to f
k around with things in the hope of screwing another £2 out of the estate neatly forgetting that the net effect due to time and waste is often going to cost them...Anyway.
The poster that mentioned buying of estranged cousins and so on, about right. BUT once you have an agreement on the price and the solicitors are instructed it should not go any differently to a normal probate sale.
Thanks All,
to answer some of your questions:
It's unique in the way that it is the only property currently for sale of the type we wish to buy in the area we want to live in. It's ideally located for excellent local schools which will be a bonus for when our 2 year old is a bit older.
It's not perfect in that it doesn't have a garage, but it's in a very quiet street in a nice area and most importantly it's in a st enough state that we can actually afford it (buy the worst house in the best area and all that jazz)
We have sold (are selling0 our property at the moment, so we need to port our mortgage. We have 90 days to complete on the purchase following the completion of our sale (which I'll admit to delaying slightly by not returning forms to our conveyancing solicitor as promptly as I could!
So yeah, it's not perfect, but it's perfect for us, this delay is just doing my head in.
I need to find out whether if they accept the offer they all need to sign the bloody forms to proceed with the sale as that may hold us up. If there is any chance of us missing the 90 day deadline then we'll cut our losses and look elsewhere - having to take out a new mortgage rather than porting is likely to cost us around £450 a month extra!
Will give the AE a call now to see what the latest is.
thanks all.
to answer some of your questions:
It's unique in the way that it is the only property currently for sale of the type we wish to buy in the area we want to live in. It's ideally located for excellent local schools which will be a bonus for when our 2 year old is a bit older.
It's not perfect in that it doesn't have a garage, but it's in a very quiet street in a nice area and most importantly it's in a s
t enough state that we can actually afford it (buy the worst house in the best area and all that jazz)We have sold (are selling0 our property at the moment, so we need to port our mortgage. We have 90 days to complete on the purchase following the completion of our sale (which I'll admit to delaying slightly by not returning forms to our conveyancing solicitor as promptly as I could!
So yeah, it's not perfect, but it's perfect for us, this delay is just doing my head in.
I need to find out whether if they accept the offer they all need to sign the bloody forms to proceed with the sale as that may hold us up. If there is any chance of us missing the 90 day deadline then we'll cut our losses and look elsewhere - having to take out a new mortgage rather than porting is likely to cost us around £450 a month extra!
Will give the AE a call now to see what the latest is.
thanks all.
AlmostUseful said:
Will give the AE a call now to see what the latest is.
thanks all.
Then I would definitely inform the EA that they have until 4pm Monday to confirm the price or the offer is off the table so as to ensure you don't mess up your own sale. The EA is unlikely to believe you but still, the last time I did this and they called the next day I told them they were too late as the offer was conditional (I did the same with two properties and it was the one who got back to me by the deadline we bought).thanks all.
Jasandjules said:
AlmostUseful said:
Will give the AE a call now to see what the latest is.
thanks all.
Then I would definitely inform the EA that they have until 4pm Monday to confirm the price or the offer is off the table so as to ensure you don't mess up your own sale. The EA is unlikely to believe you but still, the last time I did this and they called the next day I told them they were too late as the offer was conditional (I did the same with two properties and it was the one who got back to me by the deadline we bought).thanks all.
We'll give it longer than a day, but it's definitely starting to take the piss.
Heard today that one of the charities has asked for a chartered surveyors report to confirm that selling for our offer is a reasonable thing to do. Of course it will be the estates money that pays for the surveyor, how very charitable of the charity to spend someone else's money to make sure that they get as much free money as possible!
Asshats.
If there was anything else worth buying we'd sack it off for sure!
Heard today that one of the charities has asked for a chartered surveyors report to confirm that selling for our offer is a reasonable thing to do. Of course it will be the estates money that pays for the surveyor, how very charitable of the charity to spend someone else's money to make sure that they get as much free money as possible!
Asshats.
If there was anything else worth buying we'd sack it off for sure!
The more I think about this the more I think that getting 11 assorted people all to march in the same direction at once is close to impossible - at least in any feasible timeframe. There will always be one awkward twonk/civil servant mentality - that will fk it up.
Maybe get on your hind legs and say 'This is my offer, accept by X date or I'll walk'?
k it up.Maybe get on your hind legs and say 'This is my offer, accept by X date or I'll walk'?
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