Should we charge rent?

Robust_2

You mentioned the fact that you aggrieved to think if the worse happen your hubby's brothers or sisters will benefit from his wise investment.

1. Didn't your hubby and his Dad discuss with their MA what they wanted in the event if the worse happen to either of them?
2. Did they choose a tenancy in common to enable them to select who they both wanted to inherit their share of the estate repsectively? Reasons of IHT for example (inheritance tax)

In common cases lenders would prefer a joint tenancy for obvious reasons, that is why I ask the questions above (No.1 & 2).

The reason for the two questions is that maybe both owners - your hubby and his Dad knew what they wanted and hence happy with the scenario of his brothers and sisters getting a share in the property if the worse happen.

If this isn't the case, the MA should have in any event explain to them both the Pros and Cons of a tenancy in common and the joint tenancy approach so they could make the right and suitable decision for their needs and understand the implications of both types of joint ownership.

Just my two cents.

Bossyboots

The issue the OP appears to have is that they are now paying the whole mortgage on a property in which they only have a 50% share. If this goes on for some time, the OH will have ploughed a considerable sum into the property, the benefit of which will be reaped by the sister and brother on death of FIL.

A properly drawn legal document is required to ensure that on the death of FIL and subsequent sale of the property any payments made by the OP's OH over and above what should have been his share are paid back.

There also needs to be a clear understanding of what will happen in respect of MIL if FIL dies first as she will inherit anyway on death of her husband. The agreement in respect of payments made needs to cover this scenario.

With so many ifs, buts and maybes, it is important to get this all done properly.

Forreal

There have been discussions over the years betwwen us and the inlaws. FIL wants to make sure he leaves something to his two other children which is fair enough.

I have tried to encourage them to make wills as FIL himself fell out with his brother over his parents will and that was a straight forward affair!!

Foolishly we did not discuss ifs and buts for when people get old and pass on - I guess it only came home when we had a bad year and FIL had quad heart bypass, my mum dies suddenly and my hubby had a stroke at 34 (felt slightly mortal then!).

The inlaws are a little difficult to discuss the issue with, they are not very money minded and example would be the three years I spent trying to pursuade FIL to move some inheritance money ISAS and better accounts from a current account.

Robust_2

I see, you can't be seen to prod people into a decision, they will only react even if it for their own good. I hope everything works out for you. The participants in this thread have all given valuable comments so maybe if you get your hubby and/or FIL to read this thread they will realise the importance of what you are trying to accomplish re the situation regarding equity in the property where a WILL and legal issues are concerned.

Forreal

Thanks to you all for your advice....we are going to sort this out straight away this new year!!