House buying advice

hazza80

Hi,

I’m after some advice if possible.

My grandfather recently passed away and left his house to my father and his 4 siblings who are all in their late 60s now.

The 3 bed semi house is worth around £250k in its current condition. It’s old, tatty and needs a full refurbishment.

Would there be any legal complications in them “giving” me the property and I give each of them a reduced sum of money? This way, the house stays in the family, gives me a chance to get on the property ladder, and saves the hassle of selling.

What would my best options doing something like this?

Any advice would be greatly appreciated.

Thanks,

H

Cakeguts

Yes. Your grandfather left each of them a share of his estate that includes equal shares of thie property. If you want it you have to pay each of them their share. They are entitled to this money. Your best options would be to buy it at the market value.

If you can't afford it buy something cheaper.

G_M

Putting aside cakeguts' comment about the siblings entitlement, if they all wish to pass the property to you, they could disinherit themselves.

* Who is/are the Executors?
* has Probate been granted?
* does the Estate have other assets besides the £250K house?
* is Inheritance Tax due and has it been paid?
* has the property been transferred out of grandfathers name (ie into the names of dad and siblings)?

A simple Deed of Variaion could be Executed by which some or all of the Beneficiaries disclaim some/all of their inheritance and pass it to you.

This is commonly done to reduce Inheritance Tax though there are other reasons too.

A will might pass assets from, say, a 90 year old (A) to a 65 year old offspring (B). A's Estate might have to pay Inheritance Tax.

But B does not need it, and plans to simply invest it and then pass it to their offspring (C) in due course. When that happens, B's Estate might also have to pay Inheritance Tax - so A's cash is effectively taxed 2ce before C gets it.

The Deed of Variation would pass the cash directly from A to C, thus removing it from B's Estate and tax liability.

hammy1988

In my opinion, your opening up a real can of worms! What does the will actually say? Who is the executor?

staffie1

Ask a solicitor.

hazza80

Thanks for the helpful response G_M.

There are no other assets and no inheritance tax due.

My father is the Executor.

Its just an idea Ive been mulling over, and would of course all depend on my father and beneficiarys all agreeing. If they said no, then thats fine.

SG27

Cakeguts wrote: »

Yes. Your grandfather left each of them a share of his estate that includes equal shares of thie property. If you want it you have to pay each of them their share. They are entitled to this money. Your best options would be to buy it at the market value.

If you can't afford it buy something cheaper.

If you dont know what you're talking about leave it to someone who does.

Mojisola

hazza80 wrote: »

My grandfather recently passed away and left his house to my father and his 4 siblings who are all in their late 60s now.

The 3 bed semi house is worth around £250k in its current condition. It’s old, tatty and needs a full refurbishment.

Would there be any legal complications in them “giving” me the property and I give each of them a reduced sum of money?

If any of them are claiming means tested benefits, it would unwise for them to accept a reduced sum - they would be assessed as if they had received the full value of their share and that would affect their benefits.