Own half a house..am I able to sell??

R&R1701

Good evening all.

Long story short...I own half a house with my sibling which was left to us by our grandparents. In their will it states that we own the house but our Father can live there until he no longer wants to or when he dies.Until then we cannot sell the house.

I have never actually seen my grandparents will so I'm taking what I have been told as Gospel.

If this is true then would it have any legal standing?

Many thanks

da_rule

How do you own the property with you brother, is it as tenants in common or as joint tenants?

R&R1701

We are tenants in common

marliepanda

R&R1701 wrote: »

Good evening all.

Long story short...I own half a house with my sibling which was left to us by our grandparents. In their will it states that we own the house but our Father can live there until he no longer wants to or when he dies.Until then we cannot sell the house.

I have never actually seen my grandparents will so I'm taking what I have been told as Gospel.

If this is true then would it have any legal standing?

Many thanks

You do not mention your Father passing away, so if he is alive, no you cannot sell.

When the inevitable does happen (hopefully many years ahead) it is possible to sell half a house (depending on how you own it, hence da_rule's question) However, practically, who is going to want to buy 'half a house'...

G_M

Yes it appears your father has a life interest in the property. You cannot sell (except perhaps with a complicated legal agreement that the new owner must also abde by your father's right to remain!)

Plus you'd need your joint owners agreement to sell.

You can get a copy of the will from the Probate Office once probate has been granted.

https://www.gov.uk/wills-probate-inheritance/searching-for-probate-records

R&R1701

Thanks all

xylophone

It may be that the will created a life interest trust. Get a copy and check.

http://www.greenwoods.co.uk/knowledge-base/private-client/life-interest-trusts/

Above may be worth a look.

tim123456789

you can legally sell a house encumbered with a "life interest"


you see them occasionally in auctions


They are seriously reduced in value though

agrinnall

Your best option would be to sell to your sibling, you might not get full value but because they would know that when your father dies the value to them will increase they might be prepared to pay a bit more than a punter off the street would.