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How to divide three into four.
Comments
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I suggest that they transfer each property to all 4 of you as Tenants in Common at 25% each. And for them, it is job done.
The rest you should sort out between yourselves, selling and dividing the proceeds by 4 if none of you want to keep a property or buying shares off each other if that is what you want.
If all four sisters are very reasonable people, this is a good idea but it could also lead to big problems in the future.
Four people have to keep paying their share to maintain and insure the property; four people have to agree to sell it; four people have to agree on what is an acceptable offer and so on.0 -
Tell them to sell all 3 properties, buy what they want and split the difference. Then to write Wills leaving the property to be sold and the value of their estates to be split equally between you.
If they start giving you stuff now and they end up needing care you might find yourselves having to give it back - google deprivation of assets.Eat food. Not too much. Mostly plants - Michael Pollan
48 down, 22 to go
Low carb, low oxalate Primal + dairy
From size 24 to 16 and now stuck...0 -
If all four sisters are very reasonable people, this is a good idea but it could also lead to big problems in the future.
An apposite cautionary tale -
https://forums.moneysavingexpert.com/discussion/45075610 -
While I agree that in the case you link to, the OP appears to be hard done by, she is actually no worse off than if she never received the inheritance and stands to be much richer later.An apposite cautionary tale -
https://forums.moneysavingexpert.com/discussion/4507561
In the present case the financial gymnastics which OP is being pressured into are worse because she will have to find money to make it work. It is one thing for the sisters to have equal shares and agree to put money in to make the best of what they have. It is quite another to have disparate shares and twist the arm of one sister or another to put extra in to make something work in the first place.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
1. Where are the parents going to live if they give the properties to the daughters?
2. Those concerned need to check the rules on deprivation of capital.
3. What happens if either parent re-marries?If you've have not made a mistake, you've made nothing0 -
I suggest that they transfer each property to all 4 of you as Tenants in Common at 25% each.
The rest you should sort out between yourselves, selling and dividing the proceeds by 4 if none of you want to keep a property or buying shares off each other if that is what you want.While I agree that in the case you link to, the OP appears to be hard done by, she is actually no worse off than if she never received the inheritance and stands to be much richer later.
In the present case the financial gymnastics which OP is being pressured into are worse because she will have to find money to make it work. It is one thing for the sisters to have equal shares and agree to put money in to make the best of what they have. It is quite another to have disparate shares and twist the arm of one sister or another to put extra in to make something work in the first place.
I wasn't thinking about gbee's opening situation but ValHaller's suggestion that the sisters become joint owners.
The scenario in the first post would be a complete non-starter for me for the reasons you mention.0 -
Many thanks to all who posted. Many comments, questions were useful. I will shed some more light on the situation.
Around 6-7years ago one property was transferred into my sisters name (empty and inhabitable) and my mothers current property was put in my name. The property where my father lives is joint name with myself and father. This is where the mess occurs - should have made this clear!
I suppose I am in the messiest situation of all because I imagine that if I was to sell the properties which have my name attached then I would be liable for capital gains? I would not be able to take all the cash and buy a property to live in as my sisters would require a share.
I am at a point where I want to walk away and say I want nothing but I wear the noose.
The transfers occured as my mother wanted a formal divorce but not have to split the assets 50/50 with my dad. As it transpired, legal costs prevented her from going ahead. My mother is also disabled and unable to maintain the properties, she felt she could pass them on for us to take on and maintain and live. I at the time was the only one working thus my name was used. I then invested a small amount of money into the empty property but was messed about with the builder amongst other things. There were huge disagreements with my mother and I walked away.
I set up life for myself and even managed to get on the property ladder.
My mother believes she is giving us the greatest gift - a property in London. I believe it is a headache!Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.0 -
I suppose I am in the messiest situation of all because I imagine that if I was to sell the properties which have my name attached then I would be liable for capital gains? I would not be able to take all the cash and buy a property to live in as my sisters would require a share.
I am at a point where I want to walk away and say I want nothing but I wear the noose.
The bad news is that yes, as things stand, I think you would be liable for capital gains.
The good news is that you have the proceeds of sale of the properties to pay for the capital gains! Just remember to keep ALL the paperwork, no matter what you decide.
The bad news is where money is involved, everyone is too happy to criticise the person who is doing the running.
Unfortunately, you've agreed to have the properties put in your name, so you are caught.
If it were me, and I wanted out, I'd decide how to get myself out, get legal advice as to how to achieve it, get letters sent out to all parties involved, stating this is how it's going to be, and if they want otherwise, they can step up to the plate and do the doing(not just dish out random criticism from the sidelines). And then do it.
Because they are not going to extricate you from this. Given half a chance, they'll have you running here, there and everywhere whilst they just sit and lob criticism, and be ever convinced you've taken more than your fair share.0 -
You have one sister who owns one property?
You who owns one and a half properties?
And two sisters who own nothing?
So your parents don't actually own the three properties they are trying to divide between 4, they only own one half of one property?
You're right, what a mess!Accept your past without regret, handle your present with confidence and face your future without fear0 -
peachyprice wrote: »You have one sister who owns one property?
You who owns one and a half properties?
And two sisters who own nothing?
So your parents don't actually own the three properties they are trying to divide between 4, they only own one half of one property?
You're right, what a mess!
If that is the case they should not feature in the wills as 3 houses it should feature as half a property so totally different to the original question.. they want to share 1/2 a property between 4 daughters...
I suggest 1 daughter buys them out of their half a property now alleviating all issues.LB moment 10/06 Debt Free date 6/6/14Hope to be debt free until the day I dieMortgage-free Wannabee (05/08/30)6/6/14 £72,454.65 (5.65% int.)08/12/2023 £33602.00 (4.81% int.)0
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