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Heir unfare in Help-To-Buy/FTB Rules
CapePineView
Posts: 23 Forumite
Hi Everyone.
I wanted to check if anyone is in the same or a similar situation and what are the options?
My wife and I were looking to use the UK Government's Help to Buy Scheme option of Shared Ownership. Although we are British Citizens, we are both, originally from and born/raised in a country abroad with family who still live there. Unfortunately, in 2017 my mother passed on, requesting her property, in her will, be left to/shared with my two siblings and I.
At the time when she had passed on abroad, with everything going on I.e. arranging the funeral, her things and the emotions, we weren't aware of the rule in the Shared Ownership scheme of owning property or a share of one in the UK or abroad. It is only when we found a property we were really interested in here in the UK, that we had read up, found out and enquired about it.
It is a really difficult situation we're in...
I didn't choose for any of this to happen and neither did anyone plan or hope for it.
But the reality is this - I own a share in a property abroad left to me by my mom.
My brother who was 17 at the time of her passing has chosen to live his life abroad in our my home country and does not agree to sell the property collectively and the law is such that if one heir disagrees to sell the property, then it cannot be sold. Neither can I just give away my share to either sibling as again, the law there states it cannot be permitted.
I cannot sell my share privately to an outsider or third party as who would want to purchase a property owned by two other private individuals and the risks associated with that. Which I was further advised by our attorney that it would be almost impossible to do. My brother who is now 19 and doesn't have a clue what he wants to do with the rest of his life and didn't finish school with his future not looking to good at the moment.
This is our situation.
To sell the property or at least my share in it, the whole property needs to be transferred, meaning it is going to cost a lot to do so. Neither of which siblings and I could afford. We could not rent out the property as it was a really bad state and uninhabitable as described by the leasing agency. However because we could not leave it empty in fear that it would be broken into by squatters, we had to arrange for someone to move in and fix up the property in return for no rent being charged until such time it is rentable.
I've contacted our council here in the UK and explained our situation but they are not willing to budge on the matter even when given the mitigating and exceptional circumstances. We have a toddler and cannot afford to buy a property on the open market now or in the future unless we move to a different part of the country far away from our work and friends. I've even tried contacting our MP to try and see if he/she could do something. Our MP replied that there isn't much and could try writing to the Housing Minister about it.
Is anyone in a similar situation to this?
Surely there should be a solution or mitigating exception to the rule?
We are not 'financially benefiting' from the share in the property abroad and neither does that put us in an unfair advantage over others who are also trying to purchase the first home. But why is this assumed to be so?
Living in a one bedroom, rented flat seems to be our reality for a long time come.
I wanted to check if anyone is in the same or a similar situation and what are the options?
My wife and I were looking to use the UK Government's Help to Buy Scheme option of Shared Ownership. Although we are British Citizens, we are both, originally from and born/raised in a country abroad with family who still live there. Unfortunately, in 2017 my mother passed on, requesting her property, in her will, be left to/shared with my two siblings and I.
At the time when she had passed on abroad, with everything going on I.e. arranging the funeral, her things and the emotions, we weren't aware of the rule in the Shared Ownership scheme of owning property or a share of one in the UK or abroad. It is only when we found a property we were really interested in here in the UK, that we had read up, found out and enquired about it.
It is a really difficult situation we're in...
I didn't choose for any of this to happen and neither did anyone plan or hope for it.
But the reality is this - I own a share in a property abroad left to me by my mom.
My brother who was 17 at the time of her passing has chosen to live his life abroad in our my home country and does not agree to sell the property collectively and the law is such that if one heir disagrees to sell the property, then it cannot be sold. Neither can I just give away my share to either sibling as again, the law there states it cannot be permitted.
I cannot sell my share privately to an outsider or third party as who would want to purchase a property owned by two other private individuals and the risks associated with that. Which I was further advised by our attorney that it would be almost impossible to do. My brother who is now 19 and doesn't have a clue what he wants to do with the rest of his life and didn't finish school with his future not looking to good at the moment.
This is our situation.
To sell the property or at least my share in it, the whole property needs to be transferred, meaning it is going to cost a lot to do so. Neither of which siblings and I could afford. We could not rent out the property as it was a really bad state and uninhabitable as described by the leasing agency. However because we could not leave it empty in fear that it would be broken into by squatters, we had to arrange for someone to move in and fix up the property in return for no rent being charged until such time it is rentable.
I've contacted our council here in the UK and explained our situation but they are not willing to budge on the matter even when given the mitigating and exceptional circumstances. We have a toddler and cannot afford to buy a property on the open market now or in the future unless we move to a different part of the country far away from our work and friends. I've even tried contacting our MP to try and see if he/she could do something. Our MP replied that there isn't much and could try writing to the Housing Minister about it.
Is anyone in a similar situation to this?
Surely there should be a solution or mitigating exception to the rule?
We are not 'financially benefiting' from the share in the property abroad and neither does that put us in an unfair advantage over others who are also trying to purchase the first home. But why is this assumed to be so?
Living in a one bedroom, rented flat seems to be our reality for a long time come.
0
Comments
-
CapePineView wrote: »Neither can I just give away my share to either sibling as again, the law there states it cannot be permitted.
Can you sell it to them?0 -
I could but the whole property would need to transferred and a new, updated deed, created. Neither of which my siblings could afford to do again.0
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