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Inheriting House Abroad
pollyanna24
Posts: 4,391 Forumite
My bf has been told by his mum to get his siblings together to discuss what is going to happen to the house that his gran lives in. Just so they are prepared I think, not any sinister.
The mum has inherited the house, but doesn't want it, so is going to give it to the four kids. Three live in this country and one in the country where the house is.
The one that lives abroad says she wants to live in it, but she doesn't want to buy the other three out (probably because she can't afford to). What are other options? Paying the other three rent on their share? Or is there something else?
Bf is a bit loathe to just let her live there for free when we've worked so hard to get a deposit on a place over here and can't afford kids at the moment as a result.
Of course, this is all in the future, but as the mum suggested a discussion, just thought I'd bring it up.
The mum has inherited the house, but doesn't want it, so is going to give it to the four kids. Three live in this country and one in the country where the house is.
The one that lives abroad says she wants to live in it, but she doesn't want to buy the other three out (probably because she can't afford to). What are other options? Paying the other three rent on their share? Or is there something else?
Bf is a bit loathe to just let her live there for free when we've worked so hard to get a deposit on a place over here and can't afford kids at the moment as a result.
Of course, this is all in the future, but as the mum suggested a discussion, just thought I'd bring it up.
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
0
Comments
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Which country? Because if you haven't planned properly then the national laws may kick in and overrule whatever you think you are going to do with the place. France being the obvious example where the old inheritance laws have a fixed way of dividing things up IIRC.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Really? Gosh, didn't think about any of that. Country is Austria. Suppose I should have mentioned the house has been in the family hundreds of years, so no possibility of selling.
How do the rules affect it then? I just assumed that if the house was given to all four, then they all owned it?
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
Haven't a clue about Austrian inheritance laws but suggest you investigate them along with the tax laws applicable to the situation. You presumably also don't want some big tax bill being triggered by the passing on of this inheritance?A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
No, I guess I do not! Don't think the house would be worth all that much, but certainly some things to look into!
Cheers everyone!Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
have they considered other circumstances i.e. she may be healthy at the moment but in england if you are unwell and need to be cared for and taken into a home you may not be able to give your home away so easily as the property can be sold to pay for her care.The average woman would rather have beauty than brains,
because the average man can see better than he can think.
Many people's view of the world is down to their experience, perception and what they have been conditioned to,this isnt any old MSE reply this is a important and experienced MSE reply :rotfl:0 -
I think someone has mentioned that there may be taxes to pay? I know in Spain, if someone inherits a property, or if you give it part or all of it away to someone else, the beneficiaries have to pay quite a hefty tax on it.
An example in our own case, we bought our Spanish house in joint names, so no problem. A year later, for various reasons, we bought a little derelict place in my husband's name only, thinking we could always have my name put on later. We have since found out that if we do that, both he and I will have to pay tax based on current value (CGT for him, purchase tax for me).
The law is different in every country so you need to speak to a lawyer who knows about Austrian property law, before making any decision.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
santashelper wrote: »have they considered other circumstances i.e. she may be healthy at the moment but in england if you are unwell and need to be cared for and taken into a home you may not be able to give your home away so easily as the property can be sold to pay for her care.
Thanks for everyone's replies. The house has been in the family over 300 years and is Grade 1 listed, so think every possibility would be looked into before selling it. The gran has already "gifted" (not sure if that is the right word) the house to her daughter (ie bf's mum) when the grandad died.Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810
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