Rights re: sale on death?

Cheeky_Monkey

Mojisola wrote: »

It wouldn't be included in the financial assessment if his partner continued living in the house.

I thought that only applied if they are married?

nebari

What if (thinking outside the box) he transferred it to her, then I brought it and ensured the money went to him (lot of ifs and buts there) - would that be viable from a mortgage approval perspective as she is not my family?

dzug1

nebari wrote: »

Cheeky_Monkey - that sucks. :-( Surely a court would not let that happen? Wouldn't it be classed as deprivation of capital?

Deprivation of capital doesn't come into play until a claim for benefits of some sort is made. And it isn't illegal in itself - it just affects benefit entitlement

Cheeky_Monkey

dzug1 - I was talking about Care Home fees

OP - I'm obviously not an expert on mortgages but, a member of your family would still be living there. Also, asking him to transfer his half to her (even supposing he would agree to it) is a bit dangerous because what happens if he were to die before you had a chance to buy it from her?

Mojisola

Cheeky_Monkey wrote: »

I thought that only applied if they are married?

No - spouse, civil partner or someone who lives with you as though you were married or civil partners.

franklee

So Uncle isn't following Gran's wishes but you still are?

Why not put it to Uncle that either you both follow Gran's wishes and get it drawn up formally by solicitors to work exactly as she wanted upon Uncles death.

OR neither of you follow Gran's wishes and as such you want a return on your share now so they can either buy you out or start paying rent for use of your half right away.

Put it to them that they can't continue using your half for free if they aren't going to revert the whole to you as Gran wanted on Uncles death. Explain to them you have no choice as you need a return on this for your daughter and you will not budge from that.

Suggest you seek legal advice from a solicitor specialising in inheritance planing to see what all your options are and get how to enforce them clear.

nebari

Ok - another option (?) - can't really think of anything else:

How about it I ask my Uncle to convert from Tenants in Common to the other type (can't remember what it is called) and have this tied up with a DOT?

Wouldn't his 50% of the property then go to me on his death?

Could the DOT be written so that it states that I have to sell on his death, and that the proceeds (from his 50%) must go to his partner?

nebari

Franklee - thanks for the advice. Pretty much as some of my friends have been saying. Didn't want to go down this route if possible, but may have to.

I'm seeing a solicitor later this week (hopefully) - just trying to get all options discussed beforehand so that I can go in an not have to go through a number of options that are relevant.

Mojisola

nebari wrote: »

Ok - another option (?) - can't really think of anything else:

How about it I ask my Uncle to convert from Tenants in Common to the other type (can't remember what it is called) and have this tied up with a DOT?

Wouldn't his 50% of the property then go to me on his death?

Could the DOT be written so that it states that I have to sell on his death, and that the proceeds (from his 50%) must go to his partner?

If the ownership is changed to TIC, then he won't have a 50% to leave to his partner.

With TIC, you both own all the property. Thinking about all eventualities, if you were to die before him, his partner would then inherit the whole house.

nebari

Mojisola - Me dying before him wouldn't be likely (touch wood) as he is in his eighties and I have just hit forty. If that were to happen, it would not be a problem - I don't care if she inherited it all then, as my life insurance would sort out my wife and kids, and address the situation for my daughter.

So would that proposal be an option?