left 1/4 share in house, best way to buy out others

missymoo1981

Hi

Thanks for looking, am a new poster. I would like some advice please. My partner has been left a 25% share of his family home in will. There are 3 others family members. 2 would like their share now. The problem is the elderly father is still living in the house.
As it’s a quite large house I have suggest that we attempt to buy out the other shares. We have no deposited as we rent, just our incomes and the house share. Family communication has broken down as 2 members want their money now. It would be nice to keep the house in the family and not to disturb my father in law, but I have a feeling that the stress may not be worth it?!?

Has anyone any advice how to proceed? Or what to do? Been through similar?
I would assume valuations and mortgages advice, and definitely solicitors.

Thanks

hcb42

does your father own 1/4 share?

Are the ones who want their share his children? if so shame on them.

You would need to be able to buy them out, can you raise a mortgage for all that? There are a lot of questions here.

missymoo1981

thanks for quick reply, father in law has a share. He is natural father of one, step father of others for 40+ years. We can raise if father in laws keeps his share in and we just need half share, looking at 150K as house never had any work done ( not through lack of trying to convince them over the years). There are lots of ifs and buts, just starting with the questions now, answers are harder! Thanks x

zzzLazyDaisy

It is a shame the will wasn't properly drafted as the normal way would be to give the father the right to live in the house until his death and then the house to be sold and the proceeds shared (the father can of course leave his 25% share to whoever he wishes - lets hope it isn't the ones who are wanting him out!).

However, there may not be as much urgency as you fear - the house cannot be sold unless all part owners agree, or unless the other two go to court for an order for sale (which wouldn't leave much left after legal fees are paid). Don't misunderstand me, I am not suggesting that you fight this out in court - the only people who would win in that case would be the lawyers. But I am suggesting that you take your time and tell the other two to back off - as someone else has said - shame on them!

missymoo1981

Thank you, the will was written rather hastly to avoid any issues. It would break her heart to know all the arguing. I hope it doesnt get to the court stage, they are still family at the end of the day. I dont know about the fathers share, but maybe in a few year if it goes through we could remortgage to pay them off again. He would not be able to buy any where for his share it would be nice if he could remain in the family home.

GDB2222

missymoo1981 wrote: »

thanks for quick reply, father in law has a share. He is natural father of one, step father of others for 40+ years. We can raise if father in laws keeps his share in and we just need half share, looking at 150K as house never had any work done ( not through lack of trying to convince them over the years). There are lots of ifs and buts, just starting with the questions now, answers are harder! Thanks x

I'm not a lawyer, but if father-in-law made an application to the court under the Inheritance (Provision for Family and Dependants) Act 1975, I would expect him to be successful. He would almost certainly be awarded a lifetime tenancy in the property rent-free. It would be costly to go to court, so I do not recommend that, but it would make sense to get legal advice about this as it might help to resolve the family dispute. It might inflame it, also, but perhaps the chucker-outers would be less vehement if they understood that they have no real chance in law of succeeding?

I would just add that if FIL made an application under that act he might get awarded more than just a lifetime tenancy. He might get the whole of MIL's estate if that was what he needed.

getmore4less

Why was the will done this way what problems were tying to be avoided

Any pressure from anyone

Was it executed and witnessed correctly

missymoo1981

getmore4less wrote: »

Why was the will done this way what problems were tying to be avoided

Any pressure from anyone

Was it executed and witnessed correctly

Thanks for the reply get more. It was done quickly as it was a rontiune checkup and later that day, we were told her death could be any time (we had a week). She wrote her will for the sake of writing a will, and to make her final arrangements.

It was excuted correctly. My brother in law is not putting pressure as such, just very impatient shall we say, she was not even dead a week and he wanted her current account and savings emptied and divided. I keep telling myself grief affects people differently!

We are arranging some vaulations this week, see what they come back as, and hope we can raise the mortgage, its not looking good though.

RAS

Did she havbe proper legal advice before making the will? In whose names was the house before she died? How long had father lived there?

missymoo1981

RAS wrote: »

Did she havbe proper legal advice before making the will? In whose names was the house before she died? How long had father lived there?

thanks for reply, sorry for my late reply. she had a week, the sols were used to witness it, i am not sure what they advised. i think it was more that she was about to die at any time and that she felt she needed one quickly. Her assests house and a 2 ish grand went 4 ways. The house was all hers. They were married 46 years i think, so he has been there at least that long. she had the house from 1960 i think, he moved in about 65 i think.