Selling a half share in a house

Thrugelmir

Ames wrote: »

Thanks guys. So a capital gain is the difference in the probate value and what it sells for? Not the difference in what I have now (ie, zero) and what the house sells for?

Correct. Also taking into account selling costs i.e. estate agents and solicitors fees.

Though this is on the basis that title passes to you and your sister. Currently the property is still in the estate.

pleasedelete

But anyone looking to move to tne village will look in the shop window. Local might be next town etc not everyone will know about it.

Ames

ViolaLass wrote: »

Could your dad buy your half of the property now and then your sister's half later? He's pretty much the only person who might be prepared to share a property with her (a stranger won't want to). Then they could do what they want to the house, which it sounds like they're doing any way.

no, he doesn't have enough money to do that, he needs the proceeds from his house.

Thrugelmir wrote: »

Correct. Also taking into account selling costs i.e. estate agents and solicitors fees.

Though this is on the basis that title passes to you and your sister. Currently the property is still in the estate.

This is why dad wont put his on the market till probate goes through, in case the government keep it and don't let me and sister inherit. It should be pretty straightforward and go to us though.

pleasedelete wrote: »

But anyone looking to move to tne village will look in the shop window. Local might be next town etc not everyone will know about it.

But then there's still the problem of my benefits being stopped. I don't think that the jobcentre will see 'a card in a shop window' as being a serious effort to sell, it needs to go through an estate agent so I've got a strong papertrail. But however it's done, it can't happen without sister's permission, and I can't get that permission till Spring...

Thrugelmir

Ames wrote: »

This is why dad wont put his on the market till probate goes through, in case the government keep it and don't let me and sister inherit. It should be pretty straightforward and go to us though.

Why won't probate be granted?

I assume that your parents were divorced and that the mortgage is in your mothers sole name?

Ames

It will be granted. They were divorced. No one is contesting it. There are two children, me and my sister. Mortgage and house are in mum's name.

But in dad's mind, no will means the nasty government can snatch anything they want from us.

Getting him to hand over his divorce papers for the probate was like pulling teeth, because he legally shouldn't let them out of his possession and the probate office might just keep them.

He has some odd ideas about government paperwork and stuff.

PasturesNew

Turn up on your sister's doorstep with a suitcase and say "Sorted it out, given up my place - here to stay with you for free, as I fully support your decision to wait". Then walk in, plonk yourself down on the sofa, change the TV channel over, slip the remote down your pants and shout out your sandwich/drink order... a lean/f4rt would be good about now too.

paddedjohn

Ames wrote: »

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.

The council tax will normally only be suspended for 6 months, maybe 12 if the property is derelict. Did your mother have any life insurance with her mortgage? if so the mortgage will be paid off when probate is sorted.

Ames

Council tax sent me a bill for this tax year, and it was for an amount of 0 as the property's empty.

There was no insurance with the mortgage, she couldn't afford it by the time she took it out in her own name.

There's a couple of little pots of money to come, from her work and trade union, which I can use to live off for a few months when my benefits stop, but if the house doesn't go on the market till April and then takes 18 monts to sell it'll run out long before everything's sorted.

PasturesNew, great idea but not really fair on her flatmate!

paddy's_mum

I'm afraid that if I were in your shoes, and facing all this short-sighted and extremely dictatorial behaviour, I'd be telling my family members where to stick it. I'd be withdrawing totally - let them deal with the whole kit and caboodle since they're so adamant they know everything!

"You know all about probate, house renovation, the finances of ownership and the property market? You're happy to crucify me so long as you get to control matters. Here you go then ...all yours".

Don't tell the benefits authorities yet and sort it all out with them, plus any refunds due, once the sale has actually taken place. Where do your family members get off!

I'm sorry for your loss and for your trouble.

womble12345

I think the spring bounce idea is rubbish,properties wont be worth more next spring. What is true is that there willbe a few more buyers around then so the liklihood of sale is higher then but I dont thinkyou wiill be able to get more money then. Thats just my experience leanred from this year.