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Shares in Property

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  • 05-01-2020 4:39am
    #1
    MizzBiz
    Registered Users Posts: 14 ✭


    Looking for advice on rights when you own shares in a property please. House left in disrepair for 15 years by executor and I’ve recently been given shares by relatives who have given up trying to resolve the estate. What rights do I have? Can I move in and repair the property? Can I force the sale?


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    #2
    DubCount
    Registered Users Posts: 1,067 ✭✭✭DubCount


    I guess it depends what you mean by "Shares". Is the property owned by a company in which you have shares, or is owned as a partnership or in a trust or ….? Is the property still in probate?

    This sounds like a question for a solicitor who can review the exact circumstances on your particular situation.


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    #3
    antoinolachtnai
    Registered Users Posts: 9,773 ✭✭✭antoinolachtnai


    MizzBiz wrote: »
    Looking for advice on rights when you own shares in a property please. House left in disrepair for 15 years by executor and I’ve recently been given shares by relatives who have given up trying to resolve the estate. What rights do I have? Can I move in and repair the property? Can I force the sale?

    Legal advice needed here. It sounds like other relatives have transferred their interest to you. You need to make sure this transfer is sufficiently formal that it cannot be revoked.

    I would suggest that you get similar transfers from all relatives if possible. You will need to promise to pay these relatives some amount (which needs to be fixed now) when you actually get the property.

    You will need to pay for legal advice and possibly legal action.

    It might well be possible in practice to get access to the house and repair it but doing any more than weatherproofing it is probably not a good idea if you aren’t then in a position to rent or sell.

    You need to consider the tax implications too.

    Make sure the payout you will get for sorting out the whole thing is worth the trouble you are taking on.


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    #4
    Del2005
    Registered Users Posts: 18,883 ✭✭✭✭Del2005


    MizzBiz wrote: »
    Looking for advice on rights when you own shares in a property please. House left in disrepair for 15 years by executor and I’ve recently been given shares by relatives who have given up trying to resolve the estate. What rights do I have? Can I move in and repair the property? Can I force the sale?

    If the person who was left the property in a will couldn't get it resolved in 15 years what chances has a random person got? You can't do anything to the property till it's in your name and I doubt that you could force a sale when the people it was left too couldn't


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    #5
    Edgware
    Registered Users Posts: 5,875 ✭✭✭Edgware


    Del2005 wrote: »
    If the person who was left the property in a will couldn't get it resolved in 15 years what chances has a random person got? You can't do anything to the property till it's in your name and I doubt that you could force a sale when the people it was left too couldn't
    If you are a legal part owner you can take a case to the Circuit Court to protect your property rights. The Court can order a sale to do so.


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    #6
    the_syco
    Registered Users Posts: 37,295 ✭✭✭✭the_syco


    MizzBiz wrote: »
    House left in disrepair for 15 years by executor and I’ve recently been given shares by relatives who have given up trying to resolve the estate.
    Is the house occupied?


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    #7
    MizzBiz
    Registered Users Posts: 14 ✭MizzBiz


    antoinolachtnai wrote: »
    Legal advice needed here. It sounds like other relatives have transferred their interest to you. You need to make sure this transfer is sufficiently formal that it cannot be revoked.

    I would suggest that you get similar transfers from all relatives if possible. You will need to promise to pay these relatives some amount (which needs to be fixed now) when you actually get the property.


    You will need to pay for legal advice and possibly legal action.

    It might well be possible in practice to get access to the house and repair it but doing any more than weatherproofing it is probably not a good idea if you aren’t then in a position to rent or sell.

    You need to consider the tax implications too.

    Make sure the payout you will get for sorting out the whole thing is worth the trouble you are taking on.

    Thank you it’s ended up being a huge amount of trouble. The Field comes to mind.


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    #8
    MizzBiz
    Registered Users Posts: 14 ✭MizzBiz


    the_syco wrote: »
    Is the house occupied?

    No it’s empty and was left with broken windows. Roof leaking, walls mouldy, etc. Completely uncared for. Executor holding it to ransom.


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    #9
    MizzBiz
    Registered Users Posts: 14 ✭MizzBiz


    Del2005 wrote: »
    If the person who was left the property in a will couldn't get it resolved in 15 years what chances has a random person got? You can't do anything to the property till it's in your name and I doubt that you could force a sale when the people it was left too couldn't

    The executor is holding it to ransom and denying shareholders their shares for 10 years. But you are right it’s a very difficult situation to resolve.


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    #10
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    You need to engage a solicitor or talk to the solicitor who looked after the probate. Once grant of probate is taken out in the high court the executor has a duty to transfer to the beneficiaries without delay. The probate solicitor if there was one should be overseeing this. Get legal advice.


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    #11
    JustAThought
    Registered Users Posts: 5,323 ✭✭✭JustAThought


    Baby01032012 wrote: »
    You need to engage a solicitor or talk to the solicitor who looked after the probate. Once grant of probate is taken out in the high court the executor has a duty to transfer to the beneficiaries without delay. The probate solicitor if there was one should be overseeing this. Get legal advice.

    The wills and probate office can possibly offer some advice about the procedures for the execution of a will. I found them and their website quite helpful. I wouodn’t ring mentioning the issue - just ask what the legal
    procedure is for executors, timelines, responsibilities and consequences. Seems incomprehensible what you say - is there someone else spinning the plates behind the scenes you’re not aware of? You can’t just move in even if you are one of the intended beneficieries. If the solicitor who is executing the will is so useless perhaps try sending them a solicitors letter to establish why there is a ten year delay. It’ll cost you but might give some answers.

    I wouldn’t pay a penny towards any roof repairs etc as this will muddy the waters further and tir you in further legal knots.

    Do you have a copy of the will? Are they refusing it to you? An interested party can get a copy from the wills and probate office for about e200. That being said the executor should provide you with a copy foc. I’d start there.

    I’d also ask in the legal discussion forum. You might get a better steer.


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