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If it was in a letter of wishes to the Trustees, would they have to follow it.
They have a duty to act in the best interest of thebeneficiaries.
A letter of wishes is purely that, it is not legally binding andthey do not have to follow it.
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?
There is no legal problem both using the same solicitors providedthe solicitors agree. There are certain criteria for using the same solicitorsand that is that both sides should be members of the same family or bothexisting clients and there should be no conflict of interest.
To be honest, I don't think that the relationship between you isclose enough for most solicitors and regardless, because of the potentialconflict here, I would urge you to use a different firm. Remember, you need tobe completely divorced, remote and removed from this to make sure that there isno allegation of any undue influence.
There is no problem having six months between exchange andcompletion. You can agree what you like between you.
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.?
Where can I get an example of such an agreement online? Or can it be simply worded?
I would be very surprised if you could get one online and asolicitor will probably charge £3/400 for doing it and that is a reflection onthe amount of work involved in the terms that need to go in it. It is certainlynot do it yourself job
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.
The trustees can do what they like, provided they act in the bestinterest of the beneficiaries however in this case, they would be absolutelyincompetent and stupid if they did this without actually asking thebeneficiaries.
If the beneficiaries agree, then I can see no problem in it.
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?
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