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Would be doubtful to get a mortgage after being carer for over 10 years and now only back in full-time employment,had wanted to keep the house on for memories and sentiments but these count for nothing. House was mortgage free for over 20 years. Assets included was a car worth at the time around £10000 which my sister got and I asked for £4000 as she was obviously next of kin.
Time for me to move on and sell up I guess,lesson learnt.
next of kin is meaningless you have equal stake in everything
what sort of numbers are you looking at for a mortgage?
amount needed, income0 -
Would be doubtful to get a mortgage after being carer for over 10 years and now only back in full-time employment,had wanted to keep the house on for memories and sentiments but these count for nothing. House was mortgage free for over 20 years. Assets included was a car worth at the time around £10000 which my sister got and I asked for £4000 as she was obviously next of kin.
Time for me to move on and sell up I guess,lesson learnt.
To start with, sorry for the loss of your parents.
I agree with the others that your sister is being perfectly reasonable in asking for her equal share. If your parents wanted to "repay" you for caring for them, sadly they neglected to do anything about this in a will. So as it stands 50/50 is the way to go and it isn't fair on her for you to pay her less whilst you keep living rent-free. I don't think you mean to be greedy but that's how it could come across to others, yet you accuse her of that for only wanting her fair and equal share.
However she may have to wait for it whilst you sort out the necessary financing. You should not drag your feet on this but you can find out the timescale required and keep her updated on this. Communication will be key as if she sees you actively taking steps to resolve it (apply for a mortgage, or putting it on the market) she will be less worried than if you go quiet.
When did you start your new job and are you out of any probation (trial) period?
If you're in a probation period then you probably need to wait until that is finished before you apply for a mortgage. However that isn't usually more than a couple of months. Speak to a broker.0 -
There seem to be various aspects to this.
1) The Estate.
It sounds as if this may not have been properly wound up. Was it?
* who are/were the Administrators (in place of Executers as there was no will)?
* Has Probate been granted (this is always needed where there is a property involved)? What date?
* Whose name(s) is the property now registered in? Your parents? Mum? Yours? Sisters?
* If Inheritance Tax was due on the total Estate (not just the property), has it been paid?
2) the property.
Who is managing it? Paying running costs? Paying maintenance?
3) Rent.
How much rent are you paying your sister for living in a property that she half owns? Is the rent half the market rental value? Are you paying tax on this income? Or are you just living for free in a property you only half own.......?
4) Fair Shares.
You are being greedy. Why should your sister accept less than half the value? If anything, she should get more than half (see 3 above)
5) The family
What uncles and aunts think/say is irrelevant. The property is owned 50/50 by you and your sister.
6) the solutions. Options:
a) start paying her rent (and declare it to HMRC)
b) pay her half the market value for her share
c) sell the property and split the proceeds 50/50
Anything else is unfair on your sister, and could result in court action if she wanted to force a sale - which would cost YOU a lot in court fees in the end.0 -
With the revelation about the car (worth ~10k) and you having 4k for it - and mentioning everything in the house. It sounds as if this should all have been dealt with in probate?0
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Have to disagree with point 3 G_M.
OP has probably had free or cheap rent for the time they've been a carer - but, on the other hand, they have been a carer and the sister hasnt.
So - just call it "even stevens" and split the equity 50/50 as per the parents will is imo the way to go on this.
The only quibble I would see to this is it sounds like sister took 60% of the value of the car (ie 10% more than she should have had) and I am concerned that she has been unfair on that.0 -
moneyistooshorttomention wrote: »Have to disagree with point 3 G_M.
OP has probably had free or cheap rent for the time they've been a carer - but, on the other hand, they have been a carer and the sister hasnt.
So - just call it "even stevens" and split the equity 50/50 as per the parents will is imo the way to go on this.
The only quibble I would see to this is it sounds like sister took 60% of the value of the car (ie 10% more than she should have had) and I am concerned that she has been unfair on that.
Carer yes but for how long? It doesn't sound as if the OP was responsible for paying the mortgage on the house so that means that at least one of the parents worked at some time. If this was the case then there was no reason why either of the children needed to continue to live at home with the parents. They could both have left at age 18?
Most parents would not want to favour one child over another and it seems as if other family members have been trying to influence the situation.
There is nothing to stop the OP from putting the house on the market and buying their own home at the age of 46 with half the proceeds of the sale.0 -
OP, as others have said, your sister is entitled to her share of the house and other assets, she isn't being greedy. (Also, do bear in mind that people grieve differently, it may be that, quite apart from anything else, part of her grieving process is about trying to sort these issues out so that she can move on)
As others have said, it would make sense for you to talk to an independent mortgage broker. It may well be that you would be able to get a mortgage for 50% of the property value so that you can buy out your sister. If they say you need to have ben employed for a little longer then you coul then go backto your sister with a proposal to market the property but on the basis taht you will buiy her out if you can get a mortgage offer before a diferent buyer makes an offer.
In the alternative, you could see whether she would be willin to gree to you paying her 50% of market rent for the next few months with an greement that the property ill be sold if you are not in a position to buy her out within x months.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
Any ideas on what I could do apart from drag my heels ,which I'm naturally going to do!
Unwise for all sorts of reasons as set out in previous posts.
It is not unreasonable for your sister to want to realise her asset, the 50% share in the house.
Contact a mortgage broker in the first instance to check your prospects.
You appear to have savings - it could very well be that you can pay your sister her dues with a combination of these and a mortgage.0 -
I sympathise with your situation, but can see this from your sister's point of view.
If your parents wanted you to have the lions share, they had ample opportunity to write a will. Clearly they did not want this.
The house has sentimental value to you, but not to your sister.
Agree to the sale, then look at getting a mortgage to buy yourself something smaller, and move on with your life.
Well done for getting a full time job after 10 years being a carer!
Ps - I might do some grovelling to your sister...Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
You could point out to your sister that if the house was sold, she would not get half the 'market value' (meaning what the estate agents quoted) because 1) estate agents tend to give high quotes, hoping to real you in and knowing people will probably want to haggle so set a price to allow for this 2) estate agent, solicitor and other fees would be deducted from proceeds.
On these grounds something less than half would be a fairer price.0
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