Shared Ownership of Property - Who is financially responsible for upkeep?

[Deleted User]

Paparika wrote: »

I think...

If the house was sold you would expect your 25%, but if work needs to be done they you should expect to pay 25% of the costs.


or you could say if/when the house is sold, have your 25% less any money that you would of paid for maintenance etc

Thanks Paparika - I understand where you are coming from, but things are rarely that "black and white".

I do not have "use" of a property that I own 25% of, I receive no income, and I do not contribute to the general wear and tear of the property. (In addition, I do not wish to charge my mum to live there either).

My question was not just what would be considered a fair and reasonable contribution but for what kinds of maintenance - I am not sure that general maintenance, replacing fixtures and fittings, decoration etc. (through wear and tear) is something that my sister and I should have to pay for as we have not caused it.

For example, my mum had a cable run from the satellite dish into one of the spare bedrooms last week as she wanted satellite TV in the room for when guests come to stay (not me!), I wouldn't expect to pay 25% of that fee.

libra10

Just a point - your mother's will was written after she re-married? Otherwise, her marriage would revoke a will written previously.

bryanb

goochie wrote: »

The deeds of the property were legally changed and state the split ownership and %. and Mum's will states that the property and it's contents all go to my sister and I upon her death.

We don't wish for our mum to pay rent on a property which she lives in and has done/owned for 40 years - it is her home. However, whilst we don't want any rent money perhaps the answer is as you suggested - in lieu of rent the upkeep of the property is mum's responsibility while she lives there.

As for my stepdad and what he contributes - I feel that is between my mum and him (we don't want any rent money from him either), he gives mum (over and above) his share of the bills every month.

You should be aware that a will made before marriage may be invalidated by the marriage. Take legal advice.

Snap!

[Deleted User]

Thanks BrianB and Libra1, the will was written in December 2008 (a couple of years after they were married).

arthur_dent_2

I too would agree that anything structural should be split 3 ways and wear and tear should be absorbed by your mum and stepdad.

SailorSam

Errata wrote: »

Goochie, it doesn't sound harsh it sounds very reasonable. Your mum's MIL can live rent free because your mum's OH is living rent free. A rapid exit by him when the time comes is common courtesy.

No one can know what is in your mums mind, but if she has been married to and living with your step dad i would'nt imagine that he would be left without a bean. She may have plans to leave part of her share of the house to him. If they have been together a number of years this would only seem fair. Of course if he was to go first, his house may go to your mum, or at least a share in it.

ria.pulls

We are in a sort of similar situation.
OH bought his parents house from the Council after they had been living there for 40 years.They were unable to get a mortgage.He, his mum and his dad all own 1/3 each and each pay 1/3 of the mortgage, and previously 1/3 of any works required at the house.
As we have bought a place of our own and have financial commitments in order to house ourselves, OH advised his folks he would no long pay towards general decoration and repairs. ie. the want to decorate - they pay. They want a new bathroom even though the current one is usable -they pay. They want a new upvc front door as they don't like the wooden one(current dilemma) - they pay.
If an essential structural repair situation comes up, ie. roof falls in /boiler dies, oh would volenteer to pay 1/3.
The idea is that when the mortgage is paid off (in 2 years) the folks will continue to pay 'rent' into a savings account to cover any such works.
The house only costs them £140 a month plus any bills so they are quite happy as they are having cheap accomadation and have OH on hand to sort any work required (even if he doesn't pay up).

Is it worth you all sorting something like this out? If your mum is living rent free at the mo, surely she can afford at least some stuff herself?

I haven't really considered her partner as to be fair he is in the same situation as yourself, paying for a house for his mum to live in? What set up does he have for repair of his house? he could be very understanding to your predicament

suki1964

We (me and hubby) have my parents live with use. Now they gave us half the cost of the house but their names are not on the deeds so we are responsible for ALL maintenance - even if its replacing the sink in their bathroom because they broke it - or similar . General wear and tear and decoration to their own rooms is down to them but if the house need rewiring or a new roof etc- its us. If their names were on the deeds then they would be responsible as well according to their share of the property - say 50/50 with us.

[Deleted User]

SailorSam wrote: »

No one can know what is in your mums mind, but if she has been married to and living with your step dad i would'nt imagine that he would be left without a bean. She may have plans to leave part of her share of the house to him. If they have been together a number of years this would only seem fair. Of course if he was to go first, his house may go to your mum, or at least a share in it.

Hi SailorSam
My mum and stepdad have both recently made wills - and mum's share of our property goes to my sister and I (as for his property, I have no idea, but we would not expect to benefit in any way). As for any other assets in my mum's will, I haven't asked, but would assume that she would have provided for her husband.

[Deleted User]

suki1964 wrote: »

We (me and hubby) have my parents live with use. Now they gave us half the cost of the house but their names are not on the deeds so we are responsible for ALL maintenance - even if its replacing the sink in their bathroom because they broke it - or similar . General wear and tear and decoration to their own rooms is down to them but if the house need rewiring or a new roof etc- its us. If their names were on the deeds then they would be responsible as well according to their share of the property - say 50/50 with us.

Thanks Suki, slightly different to our situation as 2 of the 3 "owners" of our property do not live in it and have not lived in it for 15 years, but thank you for replying, it's always good to get other peoples' perspective.