Inheriting property from step mum

Pixie5740

It's not really ridiculous when you think about it. The lender is lending you a large sum of money secured against the property. If you default they want to know that they can repossess the property if necessary. That becomes difficult for them to do if someone else also owns a share of the property but isn't party to the mortgage. It's a huge risk and the majority of lenders won't do it. However there are lenders who will consider sole mortgage, joint owner so engage a mortgage broker to find one.

If you are to inherit the whole property you should own it as joint tenants. However, if you step mother wants to leave her share to others she will have to draw up a will giving you a life interest or your siblings could take you to court and force the sale if you are not able to buy them out.

Who has told you that her will cannot favour non-biological children? As someone else asked earlier, are you in Scotland?

Lizzibuff

No not in Scotland, it was a financial advisor that told me that could be an issue.

FBaby

She is also terminally ill and i have very selfish, money grabbing siblings.

All 5 of them whilst you're not at all actually wanting her money so you can have a nice house with a small mortgage?

Yep, if you go ahead with this, expect the 5 others to challenge the decision. You will then all have to pay court fees and probably end up with nothing individually. That's how solicitors earn their money and end up in very nice houses!!

AnotherJoe

Lizzibuff wrote: »

That's exactly what we originally wanted to do - but were told that her legal dependents would be able to challenge the will as she had favoured a non legal dependent over legal dependents. So now i'm worried that the legal siblings will force the sale to get their share as soon as she's gone

Anyone can challenge a will. It doesn't mean they will succeed.

The fact someone can challenge a will is a wholly different thing from saying its not possible to leave money to whoever you want !

So as said several times already she needs to write a will, using a solicitor, and ensure that caters for such challenges in advance.

Robin9

AnotherJoe wrote: »

So as said several times already she needs to write a will, using a solicitor, and ensure that caters for such challenges in advance.

She needs to be quite specific in her will and include her reasons why she is excluding her children.

Lizzibuff

Robin9 wrote: »

She needs to be quite specific in her will and include her reasons why she is excluding her children.

Yes, she fully intends to write a new will, there is already one in place but it needs updating and she's not excluding her other children but I know its not being split equally, in fact one of her biological children will get the majority of it but she only wants him to have when I am ready to move or sell.

xylophone

but she only wants him to have when I am ready to move or sell.

She is wanting to be a tenant-in-common with you and leave her half of the property to her own child but give you a right of occupation/interest in possession?



It seems that this lady still has capacity despite her illness - she needs expert, professional advice. on the drafting of her will.

https://www.step.org/

Lizzibuff

xylophone wrote: »

It seems that this lady still has capacity despite her illness - she needs expert, professional advice. on the drafting of her will.

https://www.step.org/

Oh yes very much so! lol

Not sure what a tenant - in - common is. She wants to keep her flat until she is technically at 'end of life stage' - at that point she will move in with me until she dies.

Once she's gone, her half of the house is to be split (i don't know exact details how) but i get the impression a significant chunk will go to one biological child, I think a chunk will come to me and then the rest split between her other 4 children BUT she wants me to have the security of not being forced out of the house so they can only have their share when either I sell or I die.

I was led to believe this wasn't possible but it seems it maybe if she is specific enough in her will.

AnotherJoe

It's very possible, indeed not at all uncommon to do that

Tenants in common is one of the two ways you can jointly own a house. It means you each own a proportion (usually half if two people but it doesn't have to be)
The other is joint which, again usually means that when one dies the other automatically becomes sole owner.

For her to leave her half to others with whatever conditions attached she wants, you really need TIC.

Do I take it the intention is this lady will own two properties, one solely, her flat and one jointly with you .. if so it will require additional expense (extra 3% SDLT) when she purchases a new property with you..

Lizzibuff

AnotherJoe wrote: »

Do I take it the intention is this lady will own two properties, one solely, her flat and one jointly with you .. if so it will require additional expense (extra 3% SDLT) when she purchases a new property with you..

No she doesn't own her flat, she currently rents it and it isn't a property that can be bought - hence why she wants to invest her money with me so it doesn't just get frittered away