HELP! Inheritance & buying a house

Tigerfluff

Hi everyone, please could someone give me advice...

I'm a 34 year old disabled woman with 2 children. My father recently passed away and has left me half of his house with the condition that my Mum can stay in it as long as she wants. I'm currently privately renting a house we simply cannot afford and we can't get a mortgage as we are spending so much on rent we can't afford the deposit, I cannot work due to severe disability and my partner has just changed jobs so hasn't been there long enough to get a mortgage.

My mums house is worth approx £400,000 if she sold it we could each buy a house without the need for a mortgage. Obviously I don't want mum to have to sell her house so I was wondering if there's any other way of getting my share so I can buy a home?

G_M

Yes. Sell your share to your mum.

Or to someone else......

dimbo61

If your mum decides to sell and downsize great BUT if your Mum is happy in her home there is nothing you can do too make her sell up and downsize.

FBaby

There are no miracle means, if you want your share, someone else will have to make up the difference. As you mum is to remain in the house, this would only be as an investment, one they don't control because once your mum passes away, that half would come to you/siblings, so they would have to hope you want to sell then rather than move in. Who would want to do that?

Unfortunately, you need to accept that although you are entitled to equity it is only on paper, not money in your pocket.

moneyistooshorttomention

Ultimately, you have to look at it that its your mothers house now. Its up to her whether she remains in it till death or sells it on. Its not "his" house - its "their" house.

What your father has done is just make sure you inherit his half of the equity in it when she dies. She may - or may not - leave you her half of the equity as well at that time (I don't know whether you have siblings - who will also be expecting a share in the house?).

Sorry to say - but I'm afraid you've just inherited a Promise For The Future and not something you can cash in on right now. Your father was quite correct in putting his wife first - that is the norm. When children are adults then the priority is = spouse first, children second.

Old_Git

if you cant afford the rent your options are limited .Can you move in with your mum and save for a while

moneyistooshorttomention

Old_Git wrote: »

if you cant afford the rent your options are limited .Can you move in with your mum and save for a while

That is what I was wondering - but it may be that the house isn't big enough for that and/or they don't get on under the same roof.

There is also the factor that one of them might end up finding themselves as a free live-in carer for the other one of them - and that one could go either way by the look of it.

Add in that I imagine mum's half is probably down to be left to another sibling??? and they might wonder how the house could be sold for them to get "their half" somewhere along the line if OP was living there.