Looking for advice on buying a part of my Dads flat please

marliepanda

liz-paul wrote: »

Thanks for the reply. Re the will (off topic, sorry!). My parents were never married and therefore not divorced. Does this still mean that the will would still be valid or not, do you know?

Why would it not be valid just because they were not married? People leave their estates to animals or charities, who I assume they were never married to...

liz-paul

Because the post above mine stated that if they had been married when the will was made and were now divorced the will would no longer be valid. As they weren't married but are now seperated I wondered if it was the same.

marliepanda

liz-paul wrote: »

Because the post above mine stated that if they had been married when the will was made and were now divorced the will would no longer be valid. As they weren't married but are now seperated I wondered if it was the same.

I imagine it depends on the wording of the will?

We had a similar faff on with my Grandad with next of kin, divorced grandmother no longer next of kin, claiming money.

Why is he unwilling to change his will?

liz-paul

Um.... 'Cos he is lazy I think
And probably the same as me & OH, just haven't got around to it...
The wording of the will is very very complicated to my uneducated eyes! I really think he should change it though as apart from anything else he has my mums brother & his wife as executors of the will and my mum as beneficiary (with me & siblings as beneficiaries if my mum dies before my dad). It all made sense when they made the wills 20 years ago but I think that somebody he actually still sees should be the executor! And I don't like the pressure it puts my mum under if she inherits what he wants to go to us.... But anyway that is probably a subject for another day!

cte1111

Maybe make an appointment for you all to go and see a solicitor to get your wills sorted, then your Dad won't have to make an effort and you're all sorted out on that front at least.

Re the house, do you have a mortgage on your current residence? Is there any equity? I would think that your best chance would be to increase the mortgage on your current property and use the money to buy the percentage of your Dad's flat that is currently mortgaged. You can then get legal documents drawn up to show that you own xxx%.

marliepanda

He honestly needs to be making a new will if I am being honest. After having such an awful time with people not leaving wills and the problems it causes I think its quite selfish not to have an updated will when you go!

Under the current one it sounds like your mum (his ex partner) will get everything.

Once she gets it, Im pretty sure she doesnt ever have to give you, or your half siblings, anything (if she so wishes, not saying she would do that).

If your Dad wants them to have things he needs to go put that in a will to that effect... You are right that if they are not his blood or adopted children they won't get anything without a valid will (though you would and could of course then split it off your own back)

liz-paul

Thanks both of you. It is a bit of a complicated situation esp as we live in completely different parts of the country. I would like to think that if it came down to it then we would all do the right thing but tbh money changes people! I was thinking of getting my dad a will for his birthday but I don't want to look like I'm trying to get him to change it in my favour....!

kidmugsy

You had better ask this solicitor you are going to see how you can arrange things so that your father has a guaranteed right to live in that house. That will give him defence against (say) your marriage breaking down, your going bankrupt, and the like.

marliepanda

liz-paul wrote: »

Thanks both of you. It is a bit of a complicated situation esp as we live in completely different parts of the country. I would like to think that if it came down to it then we would all do the right thing but tbh money changes people! I was thinking of getting my dad a will for his birthday but I don't want to look like I'm trying to get him to change it in my favour....!

You wouldnt believe.

hcb42

Your dad might only live one year after retirement, or maybe only 4-5(mine did )

To be proposing you take on an £80K mortgage, and then inherit the balance of a £220K house is preposterous, and I would not like to be in your shoes when the family find out - if you take this crazy thought any further that is.

Your brothers and sisters could still inherit, if Dad sells up now. Dad could simply downsize into something worth £120-£140K and resolve the loan issue and still have somewhere to live. Or he could go interest only mortgage potentially depending on his income and life insurance policies. Or he could blow the whole lot on a houseboat. It is up to him after all.

If you do finance this £80 K then at least propose to do it on a fair basis before you discuss with your father or siblings. I.e. you could have that share of ownership, but he could then split his estate between the three of you. Meaning no doubt the house will be sold at that time.