Loan for business and life?

aniviel

Hello!
Hope you're all well.

So this is a hypothetical question mainly because right now I'm clueless but hope I won't get to this position.

My dad passed away in another country (I moved here alone), and in the inheritance, my siblings and I are meant to get up to £1million each. However, my stepmom may be taking us to court to get more than she's meant to according to the will (which is already more than us.. which kinda makes her a cliche Disney stepmom it seems).

Now the will is very straightforward, and yet if she decides to do it (still hoping she won't), it could take years until any of us get that money.
Right now I'm not working and only have money for a couple more months (by all accounts, we were meant to get this money by now, it's been a year already. She's the only one delaying it).

Now I also own a £400k flat here in Central London, mortgage-free. So my only expenses are bills/taxes and life.

To top it off, I planned to use £100k from the inheritance money to open a company.

Now I wonder, in case this does go to court and will take who knows how long, what do I do? Since I have no income at the moment, I suppose borrowing may be out of the question? Do I mortgage the house?...
This is all very fun..

Thank you

aniviel

Honestly, right now I just worry that she may... Because I have no estimate how long this could take

(important to add, I'm 32, so not eligible for equity release)

DCFC79

aniviel wrote: »

Hello!
Hope you're all well.

So this is a hypothetical question mainly because right now I'm clueless but hope I won't get to this position.

My dad passed away in another country (I moved here alone), and in the inheritance, my siblings and I are meant to get up to £1million each. However, my stepmom may be taking us to court to get more than she's meant to according to the will (which is already more than us.. which kinda makes her a cliche Disney stepmom it seems).

Now the will is very straightforward, and yet if she decides to do it (still hoping she won't), it could take years until any of us get that money.
Right now I'm not working and only have money for a couple more months (by all accounts, we were meant to get this money by now, it's been a year already. She's the only one delaying it).

Now I also own a £400k flat here in Central London, mortgage-free. So my only expenses are bills/taxes and life.

To top it off, I planned to use £100k from the inheritance money to open a company.

Now I wonder, in case this does go to court and will take who knows how long, what do I do? Since I have no income at the moment, I suppose borrowing may be out of the question? Do I mortgage the house?...
This is all very fun..

Thank you

So she hasnt started the court process yet, why not just wait for the money ?

Your thread from last month had some great advice, have you followed up any of that advice ?

DCFC79

aniviel wrote: »

Honestly, right now I just worry that she may... Because I have no estimate how long this could take

(important to add, I'm 32, so not eligible for equity release)

So is the money in the process of being trandferred to you and your siblings ?
Other than she wants more, whats the basis for her claim ? So is her share pretty much the same as you and your siblings are due ?

aniviel

--- Honestly, right now I just worry that she may... Because I have no estimate how long this could take

Re thread last month - If I didn't get the money yet, as just stated, how is it related? Once I get the money I will follow the advice there. Right now I worry I will have no money if court proceedings start and the inheritance will continue being delayed by her. That's all the advice I asked for. What to do in that case. The last thread was how best to use the money ONCE I GET IT.

aniviel

Her share is bigger than ours.
The dispute is over £1.5million which is in a shared account belonging to her and my dad. My dad wrote that she's to get £3.5 million from that account, and several others. But her claim is that this £1.5million shouldn't be counted as part of it (although it states in the Will, literally, that it should..) and that it should be taken from our inheritance in order to cover for it --- my dad wrote she's to get £3.5million no matter what, from shared account and others and if that doesn't reach the number, then from our shares too - but she's already getting it, she just claims the shared account shouldn't be counted despite his (very) specific orders (my dad was a lawyer so he wrote it all literally)

She, so far, had sent a lawyer to talk to my siblings back in our home country where she asked this isn't to be counted. My siblings and I disagreed. Now we don't know what she plans to do next. Important to say she currently lives in a house that now belongs to us too (she owns a much smaller flat). We said (but yet to sign a contract), that we're happy for her to stay there for years (since there are little kids involved - who are also getting a lot), but if she starts giving us grief out of sheer greediness then we will not sign that contract. We're hoping that, and the attempt to keep a good relationship going (as we had before), will be enough to make her let go of something that she has no chance of winning (though we've no doubt she'd hire the best lawyer for this)

I'm rather certain she has no ground. In any case, if she was to win that money, that's about £200k from my share
The pettiness and greediness is what gets us

aniviel

(important to add too that she hasn't been working for years. Most - at least - of this money only came from my dad)

foxy-stoat

And if your Dad was still alive, would you still have no income?

You COULD get a job to pay for life and wait for the money to roll in....I doubt you would get a loan with no income.

aniviel

It's very very difficult for me to get a job unless it's going back to customer service, which made me very very unhappy. My experience in this country is minimal (I live in Central London and experienced in arts - in another country mainly) and companies in what I want to do are very competitive. (my company's plan is charity, it would get subsidy when I also have my own funding, And I was planning to hire people with experience much greater than mine).

I left my job in February due to simply not being able to continue, the grief has been hard to deal with and knowing this will come in no problem and I can start working on setting up my company which gives me fulfilment - that is what I've been doing so far since.
None of us had expected this, trust me. The Will doesn't leave much wiggle room. We're all very upset about this.

Brock_and_Roll

OP,


I was involved in an inheritance related dispute very similar to yours.


The dispute took approximately 4 years to resolve and the legal costs worked out approx. 20% of the total pot. Might be worth be bearing in mind in discussions with your siblings.


Whilst your lawyers will tell you that you have a good chance of winning etc etc etc, even if you do win like we did there will be years of hassle, acrimony, stress and legal fees that cannot be recovered.


We won at every level right up to the High Court, but the continued threat of appeals to a higher court by someone on "no win no fee" massively increases the risk IF you lose. Might be better to make a "reasonable" offer now and be done with all the hassle.

dealer_wins

You wont get a loan with no income, and that includes releasing equity from your property.

If you are sure you are going to receive this inheritance within the next few years you could sell your property and rent.