Advice needed on letting a house

m_13

AverageJoe wrote: »

Not if they use imaginative accounting.!! It can be put through under one name and if the OP wants to share it out, then he kindly shares it out to his sisters.. Its always nice to be given a gift from your brother when your on income support.

If three siblings inherit a house split between them then each own a third of that house unless the will was incredibly complex in how it was to be shared. You can't own a property as 'joint tenants' if there are three of you!

If each own a third then a deed can be written to change ownership only to one so they get all the income and pay tax on it all and can then make gifts to the other two or so they are tenants in common and own different shares. However, this is likely to be quite expensive on top of the probate bill (which isn't cheap either).