Selling a half share in a house

Ames

globalds wrote: »

Just stick the property on the market now , for whatever price you think it will be in the spring rise...Then if it goes now you and your sister won't feel you have lost any profit and it will be on the market so your benefits will still be given to you.

But they're saying that the longer it's on the market for the less likely it is to sell, then in Spring we'll have to drop the price a lot.

Yorkie1 wrote: »

I think your parents are rather out of touch with the market - the spring bump didn't really happen this year and I wouldn't wait 8 months to see whether it happens a little bit next year. Get on with the decisions now rather than delaying.

Only parent, sadly, it's mum's house - she passed away in April. I'm happy to get on with the decision now, but sister isn't, and I can't force her. Her attitude is that the benefits agency has no power to force her into a decision so they can't sanction me. I can't get through to her and dad the situation I'm in.

It's further complicated by the fact that dad wants to buy the house, and sister wants to sell to him. He wont sell his house till April though because he wants to get the most for it.

And it's my fault it's got to the wrong time of year anyway, mum died in April, if I'd got the probate forms in straight away instead of leaving it till now (I'm taking them in tomorrow) then it would have been early enough in the year to sort it out.

getmore4less

Tell them if they want to keep the place till spring then they can pay all the bills and the councill tax.

Empty place over the winter is a big risk.

Tell them they will probably need to visit regularly for insurance purposes.

Speak to the executor about selling within the estate rather than inheriting if the will allow for this.

There is the other issue that some lenders need you to own a house for 6 months before yu can sell

holly_hobby

I've just read that the propety was your Mums - I am so sorry for your loss, it must be a pretty awful time for you all. And made worse for you by the complications and worries that Dad & Sister are causing with wanting to hold on until next yr.



Moving on from that, and to answer your question regarding CGT ...

Annual personal CGT allowance for 2011/12 is £10,600.

Current CGT rate (2011/12) you will be liable to on sale is 18%. (assuming you are a basic rate tax payer on its disposal, 28% if you are a higher rate tax payer).

Finally, many moons ago I was FS in an Est Ags - we found our busy times were around March and also Sept - just a thought you could put to your Sister/Dad to see if you can persuade them to agreeing to market it sooner than nxt Spring.

Hope this helps

Holly

Ames

No council tax to pay, the council confirmed that.

There is no will, I'm the one applying for a grant of probate.

As her mortgage isn't being paid I can't see that the lender will have a problem selling it straight away. Once probate comes through we'll have to start paying it, which is an extra expense for me to find with a much smaller income once my benefits stop.

I'm just sick of being caught up in their plans - they're going to spend summer putting in a new kitchen and redecorating - knowing that their actions are having a negative impact on me. I have severe mental health issues and all this is making it worse.

I'm getting to the point where I just want out. I'd heard that some companies buy shares in houses, obviously that seems not to be the case.

Ames

holly_hobby wrote: »

Annual personal CGT allowance for 2011/12 is £10,600.

Current CGT rate (2011/12) you will be liable to on sale is 18%. (assuming you are a basic rate tax payer on its disposal, 28% if you are a higher rate tax payer).

Hope this helps

Holly

As I'm on benefits I'm not a taxpayer.

So I have to pay 18% on my inheritance from my mum? I really had no idea about this, no-one has mentioned it at all.

hcb42

I think your sisters plan is misguided for what it is worth, I cant see you getting much more in Spring..

pleasedelete

You need to get an estate agent or better still 3 round.

Changing the kitchen etc will not necessarily get back what it costs and may not make it easier to sell. Get a sale price now and an estimated one with the work done.

If your parents were not married then you father has no say. It is up to you and your sister.

You must get it valued. Also remember that in some areas house sales are still ok- so don't assume it will be an issue.

pleasedelete

Are you paying inheritance tax? Is tne house the only issue or is their cash?

pleasedelete

Not sure why capital gains tax would be relevant.

Ames

pleasedelete wrote: »

You need to get an estate agent or better still 3 round. We've had two round, with wildly different values. I took an average for the probate forms.

Changing the kitchen etc will not necessarily get back what it costs and may not make it easier to sell. Get a sale price now and an estimated one with the work done. Yes it will, as currently the kitchen taps don't work, and the kitchen's 30 years old. The bathroom's knackered as well.

If your parents were not married then you father has no say. It is up to you and your sister. The were divorced. Legally he doesn't have a say, but what he's saying makes sense to sister as it means her getting more money.

You must get it valued. Also remember that in some areas house sales are still ok- so don't assume it will be an issue. It has been valued. Dad's been keeping an eye on house prices in the village since mum was diagnosed and reckons it wont sell unless it's in top condition and goes on the market in Spring. One estate agent said it'll sell no problem, another said it'll never sell unless it's put up at a really low price.

pleasedelete wrote: »

Are you paying inheritance tax? Is tne house the only issue or is their cash?

No, there wont be inheritance tax. There was some cash but it covered the cost of the funeral, leaving less than £100. So really it's just the house.