Inheriting a house whilst jointly owning another?

Donury236

Savvy_Sue wrote: »

What does the will actually say about the house? What you're describing makes no sense ...

That I have the option to buy the dwellinghouse.

I direct my Executors to give my said daughter xxx, aforesaid, the option to buy the said dwellinghouse at XXX, aforesaid at the market value to be determined by a suitably qualified chartered surveyor appointed by my Executors, but only if the said xxx intimates her intention to buy the said dwellinghouse to my Executors within two months of the date of my death. Declaring that the net proceeds of Sale of the said property shall form part of the residue of my estate which is dealt with in Clause (FOUR) hereof.

(FOUR) I direct m executors to pay and make over the whole residue and remainder of my Estate equally between my two daughters, namely the said xxx, aforesaid and xxxxxx, aforesaid;"

I think that it could have been worded better, though its probably some legal way it had to be written. I am hoping a mortgage adviser or FA will be more help a they may have seen this situation before.
Ideally I would take my 50% of my dads shares, pay off all debts, then when debt free remortgage current property (would be 74% LTV ) and pay the Scottish Executive their 20% stake so we no longer have another party involved and then get a mortgage on my dads house @ 50% LTV.

Someone on another thread said that as my sister and I are beneficiaries AND executors that the timing is down to us, so we could do shares first then house. If my sister is up to not being awkward.

Yorkshireman99

Donury236 wrote: »

That I have the option to buy the dwellinghouse.

I direct my Executors to give my said daughter xxx, aforesaid, the option to buy the said dwellinghouse at XXX, aforesaid at the market value to be determined by a suitably qualified chartered surveyor appointed by my Executors, but only if the said xxx intimates her intention to buy the said dwellinghouse to my Executors within two months of the date of my death. Declaring that the net proceeds of Sale of the said property shall form part of the residue of my estate which is dealt with in Clause (FOUR) hereof.

(FOUR) I direct m executors to pay and make over the whole residue and remainder of my Estate equally between my two daughters, namely the said xxx, aforesaid and xxxxxx, aforesaid;"

I think that it could have been worded better, though its probably some legal way it had to be written. I am hoping a mortgage adviser or FA will be more help a they may have seen this situation before.
Ideally I would take my 50% of my dads shares, pay off all debts, then when debt free remortgage current property (would be 74% LTV ) and pay the Scottish Executive their 20% stake so we no longer have another party involved and then get a mortgage on my dads house @ 50% LTV.

Someone on another thread said that as my sister and I are beneficiaries AND executors that the timing is down to us, so we could do shares first then house. If my sister is up to not being awkward.

The same answer as on your other thread. You need to listen to, and act upon, what your solicitor said, or says. It seems you don!!!8217;t like the advice they have given and want a different answer which does not sound possible. Even so without all the details it it very hard to be sure.

getmore4less

Donury236 wrote: »

That I have the option to buy the dwellinghouse.

I direct my Executors to give my said daughter xxx, aforesaid, the option to buy the said dwellinghouse at XXX, aforesaid at the market value to be determined by a suitably qualified chartered surveyor appointed by my Executors, but only if the said xxx intimates her intention to buy the said dwellinghouse to my Executors within two months of the date of my death. Declaring that the net proceeds of Sale of the said property shall form part of the residue of my estate which is dealt with in Clause (FOUR) hereof.

(FOUR) I direct m executors to pay and make over the whole residue and remainder of my Estate equally between my two daughters, namely the said xxx, aforesaid and xxxxxx, aforesaid;"

I think that it could have been worded better, though its probably some legal way it had to be written. I am hoping a mortgage adviser or FA will be more help a they may have seen this situation before.
Ideally I would take my 50% of my dads shares, pay off all debts, then when debt free remortgage current property (would be 74% LTV ) and pay the Scottish Executive their 20% stake so we no longer have another party involved and then get a mortgage on my dads house @ 50% LTV.

Someone on another thread said that as my sister and I are beneficiaries AND executors that the timing is down to us, so we could do shares first then house. If my sister is up to not being awkward.

That is fairly clear,

The executors can't sell the house to anyone if you take up the option to buy, you have 2 months from DOD to make that choice.

After the 2 months if you have not taken up the option the executors can get on with the job.

if you take up the option there was no time limit imposed so nothing to stop you sorting out your situation.

if the other beneficiary is happy to wait then I can't see any problem other than you sorting out your other complications and raising the cash.

Even the solicitor was a bit stumped and said that if I personally cannot get a mortgage, and OH cannot go on the deeds (it is not written anywhere in the will that my partner cannot be on the deeds, just it is left to me) then it has to be sold.

the solicitor is right if those two factors apply.

There is nothing to stop the second(partner a joint owner), that probably helps resolves raising the cash.


What about you just sell your current property then buy this one, should be noting stopping you moving into it is sis agrees.

I don't know enough about LIFT but remortgaging, then selling seems a lot more work and time than just selling.

AnotherJoe

but only if the said xxx intimates her intention to buy the said dwellinghouse to my Executors within two months of the date of my death

That clearly means beneficiary needs to intimate intention to buy within two months.

"intimates her intention to buy to executors" eg she tells them.

However, this has the downside / flaw that beneficiary might state intention to buy within two months and then does nothing about it leaving everyone in limbo.

Linton

Do you actually want the house? If the house hadnt been your father's but just one you happened to see on Rightmove would you want to go out and buy it? Why when you apparently cant afford it and already seem to have a house?

Wouldnt it be best just to sell it, inherit the 50% and use that money for improving your and your childrens future?

Apologies if I have missed something vital that makes your objectives more understandable.

Donury236

Linton wrote: »

Do you actually want the house? If the house hadnt been your father's but just one you happened to see on Rightmove would you want to go out and buy it? Why when you apparently cant afford it and already seem to have a house?

Wouldnt it be best just to sell it, inherit the 50% and use that money for improving your and your childrens future?

Apologies if I have missed something vital that makes your objectives more understandable.

Yes we do as we would never be able to afford anything else similr on the market right now, as it needs work so is a lower valuation.
The house we are in right now is a 3 bed (1 rooms a small single) mid terrace right on the street, no garden in a small rural village.
My dads house is a 3/4 bed in 2.4 acres of land (field and garden)with stables down a private road in a large village closer to the largest local town. It would make it easier for me to get another job as wont have as many issues re childcare and commuting - it would more than half a commute by time and distance.

We were only there 23 years, so it isnt exactly my childhood home - that one I plan to by back if I win the lottery!