Inheritance

Crazy_Angie

If anyone can help me out i would really appreciate it.

My father passed away. He left 50% of the estate to me, and 25% to each my of my siblings. The problem is they want there share of what the house is worth. I'm a full-time university student, i'm not working so cannot afford to buy them out. They told me to sell it or remortage. The problem is I really wanted to keep the property for any children i may have in the future.
I have offered to rent out the rooms as they are and pay them the value of there share in installements but they have refused. They have threatened to take me to court to force me to sell. Can they do this? Are there any schemes that can help me resolve this without having to sell?


Hope someone will be able to offer some advice..plssss help!!!

clutton_2

who are the executors of your fathers will

if it goes to court a big hunk of all your inheritance will be spent in lawyers fees - is that what your father would have wanted ?

Blackpool_Saver

Are they angry because you got 50% and they only 25%

Cannon_Fodder

To be fair to the siblings, your father's wishes are that they should get 25% each...not installments over an extended period.

Sell, take the 50% and when you have an income you can get a mortgage using it as a hefty deposit to own your own home...

googler

Happy families, eh..... It's at times like this I'm glad to be a 'sole beneficiary'

Who is the executor? Is it you?

If you're not the executor, it's not up to you to resolve the problem of how to sub-divide a single asset (like the house) into percentage shares - it's the executor's problem.

What else was in the 'estate' apart from the house?

You're a full-time student, you say, and forgive me, but you 'sound young' - how old are you and your siblings?

david29dpo

Its the executors job to grant the wishes of your father.You are stopping these wishes. They can force a sale and believe me, you don't want to go there!

googler

Helloooo....... OP? Still here?

Does father's will specify HOW the division of the house is to be achieved? If it specifies that the house is to be sold, and proceeds from the sale divided 50/25/25, then you don''t have any choice but to sell it, whether you're the executor or not.

getmore4less

If you want to rent the place out get a loan for 50% of the value and give them their money now, no need for installments

The rent would have to meet the BTL criteria.

googler

How many of you are resident in this house, if any?

pie81

Crazy_Angie wrote: »

They told me to sell it or remortage.

I have offered to rent out the rooms as they are

Assuming the house is not already mortgaged then it does seem like the best option is for you to get a mortgage on it for the 50% that your siblings own, then you can pay that money to them. Rent out the rooms to pay the mortgage.

If it is already mortgaged however (and hence you and your siblings own shares in whatever equity there is in the house) then you will need to sell, unless it's only a tiny mortgage which could be increased.

Crazy_Angie

Hi thank you all for the replys i'm 23 and my siblings are 40+. I'm not sure who the executor of the house is. Its a long story but he died of cancer. He drafted some papers up to state he wanted me to live in the proerty unfortuantely I didn't sign these papers before he passed away. I am totally out of my depth they have asked me to leave in 3 months but have nowhere to go. They said i can get a mortgage and give them there share problem is i am not working and have no form of real income. I am the only person that lives in the property in the UK. My dad has left me a share of other investments that i have offered to sell those and give them the money but i don't think to be honest it will be enough.
Now that my dad has died i don't have any other family and i feel as though i'm being attacked and forced into a postion thats not helpful to me and i am afraid i will be left homeless. (Siblings are half..we do not share the same mother).