Legal question regarding joint ownership of a property.

Loaded_Bachelor

Hello friends, I wonder if you can please help me.

Me and my brother are soon to become the joint owners of a property which my father currently owns but wants to put into our names as he is elderly and in poor health.

My question is what the law is relating to whether both myself and my brother have to jointly agree to sell the property? If one party wants to sell and the other doesn't then does this create a permament position?

Basically, what are the general rules regarding joint ownership and selling?

P.S. I/we would not consider selling while my father lives in the property.

Thanks for your help with this.

david29dpo

If one or the other refuses to sell and no one wants to buy the other out, a court order can be obtained to force a sale but you dont want to go down that road!

beingjdc

Loaded_Bachelor wrote: »

Me and my brother are soon to become the joint owners of a property which my father currently owns but wants to put into our names as he is elderly and in poor health.

I don't mean to be brutal, but don't forget that if you're taking this as a gift rather than buying it from him, then you'll still have to pay inheritance tax if he dies before 2016.

poppysarah

Poor health will indicate intentional deprivation of assets to any future benefits /nursing care costs.

Catti

beingjdc wrote: »

I don't mean to be brutal, but don't forget that if you're taking this as a gift rather than buying it from him, then you'll still have to pay inheritance tax if he dies before 2016.

And unless your father intends to pay you full rental value for the property, it will still be treated as his for inheritance tax purposes anyway under the reservation of benefits rules.

And has he thought what might happen if either of you should divorce, die or be declared bankrupt?

I would recommend that you take some serious legal advice over all of these issues!