Siblings inherited house

mikec67

Hi
My mother died 2016 and left the family home to me and 2 sisters. The Will stated my younger sister could live in the house permanently, which she is doing. My other sister has her own property, while I live in rented accommodation. I would like to know if there is some way I can sell my share of the property to give me a decent deposit to buy my own property? Also having my name on a deed precludes me from taking advantage of any Help to Buy schemes.
Neither sibling is in a position to buy me out so wanted to know if there are any alternatives?
Thanks
Mike.

Keep_pedalling

Only if your younger sister is willing to buy you out, or agree to sell up.

Unless your younger sister was incapable of obtaining of sorting out a home of her own for some reason that clause was very unfair and ill thought out.

jackyann

Depending on the wording of the will, could the resident sibling pay 2/3 rent to the other two? If you were to be able to collect 1/3 rent, then you could save for a deposit.
However, I think you need advice before even mentioning it, as that makes you a 'landlord' with certain responsibilities. And there are odd things that arise if your sister is claiming certain benefits.

I did have one friend in a similar situation who raised a mortgage against his future possession of the property, but I'm not sure how worthwhile it was in the long run.

Tom99

[FONT=Verdana, sans-serif]As well as losing you 1st time buyer benefits, not only Help to Buy but also stamp duty, I think you might also be liable for the 3% extra Stamp Duty when you come to buy.[/FONT]
[FONT=Verdana, sans-serif]The only way round that might be to transfer your interest in the property into a loan with a charge over the house to be repaid when it is sold.[/FONT]

Red-Squirrel_2

Can you move in to the house with your sister in order to save for your deposit?

onomatopoeia99

Red-Squirrel wrote: »

Can you move in to the house with your sister in order to save for your deposit?

I was wondering about this - as part owner, what would stop the OP from living in their own home?

Yorkshireman99

mikec67 wrote: »

Hi
My mother died 2016 and left the family home to me and 2 sisters. The Will stated my younger sister could live in the house permanently, which she is doing. My other sister has her own property, while I live in rented accommodation. I would like to know if there is some way I can sell my share of the property to give me a decent deposit to buy my own property? Also having my name on a deed precludes me from taking advantage of any Help to Buy schemes.
Neither sibling is in a position to buy me out so wanted to know if there are any alternatives?
Thanks
Mike.

You can force the sale of the property to realise your share.

Tom99

Yorkshireman99 wrote: »

You can force the sale of the proerty to realise your share.

[FONT=Verdana, sans-serif]Is that possible even though the will has granted the sister the right to live in the house?[/FONT]

Keep_pedalling

Yorkshireman99 wrote: »

You can force the sale of the proerty to realise your share.

I don’t think that is possible with the OPs share being held in a life time interest trust.

I would certainly look at moving in though. If the OPs sister does not like the idea of sharing it might encourage her to agree a sale.

Tom99

Keep_pedalling wrote: »

I don’t think that is possible with the OPs share being held in a life time interest trust.

I would certainly look at moving in though. If the OPs sister does not like the idea of sharing it might encourage her to agree a sale.

Is moving in possible if the sister has a lifetime interest?

Margot123

It is dependent on the EXACT wording of the will.
Why would an equitable interest in a property be bequeathed without provision for the beneficiaries who haven't be given a lifetime interest?

OP was the will drawn up by a solicitor? If so, go back to them and ask for a one-off session for them to explain it. It'll cost a few £s but will be worth it.