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Stuart J
Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 19877
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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Rather than change the will, would a letter from her to the

Resolved Question:

Rather than change the will, would a letter from her to the solicitors accepting an offer for the house be enough to secure it for us at a price that we can manage?
Submitted: 11 months ago.
Category: UK Law
Expert:  Stuart J replied 11 months ago.
Thank you for your question here on Just answer. It is my pleasure to try and assist you with this today. Please bear with me if I need to ask for any further information from you in order for me to be able to advise you fully. My name isXXXXX and I am a practising solicitor. I have been an expert on this website in UK law since 2008. During that time, as you appreciate, I have answered thousands of questions from satisfied users on a variety of subjects.
Because we are all in practice with clients and court and other users, I might not always respond in minutes, particularly evenings and weekends. Please bear with me in that case. I will be online and off-line all day most weekdays and weekends.

Could you explain your situation a little more please?
Expert:  Stuart J replied 11 months ago.
If she is instructing solicitor, it is easy to change the will.
The letter you describe is not legally binding unless it is done in the form of a contract and signed by her and you just the same as any other purchase
Customer: replied 11 months ago.

If it was in a letter of wishes to the Trustees, would they have to follow it.

Expert:  Stuart J replied 11 months ago.


They have a duty to act in the best interest of the
beneficiaries.

A letter of wishes is purely that, it is not legally binding and
they do not have to follow it.

Customer: replied 11 months ago.

I am considering using a conveyancing firm to handle the sale of the property as i understand they can act for both myself and my Aunt so as not to use her costly solicitors and to avoid delays. Would there be any problem with this. Can completion be delayed untill March or does it have to follow exchange within a fixed time period?

Expert:  Stuart J replied 11 months ago.


There is no legal problem both using the same solicitors provided
the solicitors agree. There are certain criteria for using the same solicitors
and that is that both sides should be members of the same family or both
existing clients and there should be no conflict of interest.

To be honest, I don't think that the relationship between you is
close enough for most solicitors and regardless, because of the potential
conflict here, I would urge you to use a different firm. Remember, you need to
be completely divorced, remote and removed from this to make sure that there is
no allegation of any undue influence.



There is no problem having six months between exchange and
completion. You can agree what you like between you.



 

Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 19877
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
Stuart J and other UK Law Specialists are ready to help you
Customer: replied 11 months ago.

Finally, I may not be in a position to buy the property in March although I should have the finances by then. Rather than enter into a contract now is there such an agreement where I have an "call option" to buy in March at an agreed price from the estate assuming she has passed away.?

Expert:  Stuart J replied 11 months ago.
Yes, you can also have an option to purchase which basically does what you are looking to do and leaves you in control however the beneficiaries are not going to be best pleased if they are waiting your pleasure for the next five years
Customer: replied 11 months ago.

Where can I get an example of such an agreement online? Or can it be simply worded?

Expert:  Stuart J replied 11 months ago.


I would be very surprised if you could get one online and a
solicitor will probably charge £3/400 for doing it and that is a reflection on
the amount of work involved in the terms that need to go in it. It is certainly
not do it yourself job

Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 19877
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
Stuart J and other UK Law Specialists are ready to help you
Customer: replied 11 months ago.

How feasible is it for the Trust to give me a loan to buy the property? Or rather for me to give her a first charge/loan agreement on the property and to make payments to her and then to her estate. As the property is free of debt. This would actually give her a greater return than cash or bonds.

Expert:  Stuart J replied 11 months ago.


The trustees can do what they like, provided they act in the best
interest of the beneficiaries however in this case, they would be absolutely
incompetent and stupid if they did this without actually asking the
beneficiaries.

If the beneficiaries agree, then I can see no problem in it.

Customer: replied 11 months ago.

The property is not in the hands of the Trustees yet and she still is capable of making decisions. If the loan value and interest were at market rate would there be any grounds for complaint by the beneficiaries?

Expert:  Stuart J replied 11 months ago.
There can be no complaint if she lends u the money provided she is of full capacity to do so
Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 19877
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
Stuart J and other UK Law Specialists are ready to help you

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