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Rights re: sale on death?
Comments
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Reading it back it seems that:
1. Very risky, but may be fine. All or nothing scenario.
2. Can ask again, once showing the other options (inc rent), but unlikely.
3. Not an option
4. A possibility
5. A possibility
6. A possibility but probably not sensible, plus she would probably say no.
7. Would only help me a little0 -
Is it impossible for your uncle to buy you out?0
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Unfortunately, yes, it is impossible.
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So to summarise I think I have the following options (ignoring the lease issues):
- Wait it out, and she sells her half (as I do) on my uncles death. Downside - I believe she is only saying that at the moment and won't actually do it. Possibility / probability that I will never see my half realised.
- Get her to buy me out - this seems to be the sensible option. Downside - she has already rejected this saying she can't afford to.
- Buy her out. Downside - Can't get a mortgage as a family member will still be in the property.
- DOT to transfer ownership from my uncle to his partner, also agreeing that the property must be sold on his death. Downside - Will fall foul of deprivation of capital.
- Ask my uncle to convert from Tenants in Common to Joint Tenants. Get it agreed in a DOT that I will sell on death and give half to his partner once sold. Downside - she may stay in the property, and then I would need to spend time and money getting her evicted (or wait till she goes out and change the locks)
- Get her to buy me out (part 2) - I agree to pay the mortgage until my Uncle dies. Downside - Not sure how I would go about this, or if she would be able to get the same mortgage as I would.
- Start charging rent. May need to do this with a mixture of above. Downside - Further fractured relationship.
Are these all of my options? Which would you go for? Or would it be another not mentioned?
1. Possible. She might agree to you buying her out if she can't afford to live in/maintain the property on her own.
2. Non-starter.
3. Presumably, you would be able to get a mortgage because your family member no longer lives there (he has died otherwise she wouldn't own half).
4. Possible if he agrees.
5. Possible but risky. I don't think you'd have a cat in hell's chance of getting her out without a Court Order as I'm pretty sure she would change the locks.
6. No idea if that is possible.
7. As I said earlier, how would you enforce that if they/she didn't pay?0 -
It's possible to get a mortgage with a dependant relative living in the property with a major High Street lender.
See a broker, this should be quite simple to arrange. (Not a corporate EA advisor though - someone who knows what they're doing).I am an Independent Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's possible to get a mortgage with a dependant relative living in the property with a major High Street lender.
Even if the dependant relative used to own the property? I'm not a mortgage broker (and I don't know which lenders you're talking about, or their criteria), but I suspect the fact the uncle owns it now and would remain in the property complicates matters hugely.
But I very much agree with the gist of your advice - a broker with all the facts in front of him will be in a much better position than the rest of us to assess what is possible.0 -
Not quite your case but same ownership issues regarding forced sale:
http://www.theguardian.com/money/2013/jan/30/co-owners-force-auction-sale0 -
Was there a will for gran or not?
If there is no life interest to uncle on her death then that gives some options.
Like, move in, potentialy charge rent, force a sale on the grounds you need the money now.
One issue with a change to joint tenants is either party can sever the tenancy without agreement of the other.
https://www.gov.uk/joint-property-ownership/change-from-joint-tenants-to-tenants-in-common0
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