Complex problem with house ownership

Pixie5740

mushymatt wrote: »

From memory she had some cash saved and it was "well Id love to buy my place" and well....Numnuts here went "heres £45K" we can sort it out later.

Later is now....and things got complicated ;P

Siblings, who'd have them.

mushymatt

Sambella wrote: »

There is usually a period of time you have to keep the ex council flat before you can sell it without repaying some of the discount. So if she is going to sell you would need to check that first.

You should also have made sure you had something in writing as regards this loan. Just in case.

yeah, comming up next year.

mushymatt

Pixie5740 wrote: »

Siblings, who'd have them.

lol, yep..

Totally naive on my part.

Sambella

Presumably your Brother in Law works hence how they were able to buy another house? So if there are two incomes and rental income as well surely they could manage for a time off benefits?

I see no reason why your sister cannot add you to the deeds as a joint owner once the discount repayment period ends as she is free to do as she likes after that.

marksoton

mushymatt wrote: »

yeah, comming up next year.

Then she has even more problems.

mushymatt

Sambella wrote: »

Presumably your Brother in Law works hence how they were able to buy another house?

Both my mother and my brother in laws folks helped them out with buying the place. Its value is not really representative of their earnings.

Sambella wrote: »

I see no reason why your sister cannot add you to the deeds as a joint owner once the discount repayment period ends as she is free to do as she likes after that.

well...Thats an option, that and selling it and seeing whats left after tax.

fairy_lights

Another thing to consider is that if your sister and her husband split up, and divided their assets, it could be even harder for you to get back your full investment.

Cakeguts

I think the easiest thing is to sell the property and she can let you have your 45K back or whatever she thinks she owes you and then you can both get on with your lives. Sometimes you just have to sell a property for what you can get for it even if you have to pay back some of the discount life is too short for this kind of problem. The flat did her well when she lived there now she needs to sell it and move on.

mushymatt

fairy_lights wrote: »

Another thing to consider is that if your sister and her husband split up, and divided their assets, it could be even harder for you to get back your full investment.

Yeah....that has been at the back of my mind for a while.

mushymatt

This is going to sound pretty heartless.....


My mother is pretty elderly and in ill heath. As some point she wont be with us. We expect the estate to be worth about £200k which would be split between me and my sister equally.

Could I simply say to my sister take my £45k, and pay me back when my mother is no longer with us. And she takes full ownership flat, and I get my cash back at a later date.

Obviously this assumes a lot - like for example that my mothers estate wouldnt be used to pay for future medical treatment and the like. But just thinking of options at this point.

And feel pretty crappy talking/thinking about money in this way