Inherited property not sure what to do next

getmore4less

Sharonk1403 wrote: »

The executor is my aunty and she doesnt understand things as well as i do
As she hasnt dealt with stuff like this before whereas ive dealt with all my mus affairs for the past 6 years

Who is named on the probate?

getmore4less

What did dad's will say who administered that estate.

Some numbers would help.
Value of house and the size of your estate.

Do not do anything with the house till you have a full plan.


Do you want to retain a beneficial interest or would you be happy with your sister having a debt to you on sale or just gift her your share.

There are tax issues to consider going forward.

Sharonk1403

Oh my god ive not got a clue about the answers to half of them questions but i will find out and get bsck to you all as soon as i have more information

So far i know the house is worth 94k
There is mortgage remaining outstandin at 34k
Dads will stated that everything went to my mum if she out lived him if she didnt then again i would go to me and my sister
My aunty is executor on both mum and dads will ( but ive sorted everything out for her)
Im happy to gift my share of the property to my sister
The property is a 3 bed house

I am going to get as much information as i can regarding the property just mum has paper work kept going back to 1989 so ive got to go through it all

Hopefully ill know more after ive done this so can give you some more details

Thankyou all so much for replying and helping me i really appreciate it

Sea_Shell

Going back to affordability, how much does your sister think she can pay per month towards a mortgage?

Will she also be able to afford to run the house on her own? Bills, repairs etc. now that it could all be her responsibility?

Was she already contributing monthly (in addition to the renovations) to the household (to mum), whilst living there?

It's a lot to get your head round.

getmore4less

Was that an interest only mortgage?

AnotherJoe

OP if you are on benefits (you said you werent working so I'm not assuming you are but obviously it increases the odds) I think there will be an issue if you give your sister 1/2 a house.

Sharonk1403

My sister can pay around about 400.00 per month as thats what she was contributing towards the house each month when mum was alive

Yes im in benefits due to psychotic mental health issues but i have said all along even when we knew mum was dying that i dont want anything to do with the house comes with a lot of bad memories for me but ive said to my sister i will try and help her get it sorted bit ive also said if we cant get it into her name with a mortgage then the only option would be to sell but thats a final final resort as she really wants to keep it as it was mum home for the past 33 years

Ive checked recent paperwork and the mortgage was changed from interest only about 12 years ago so its now a fixed rate they have been paying 380 per month since they changed the mortgage

Im sorry i dont have a lot of information its because there is that many letters statements and old policies that ive looked through im still figuring out whats still an open account and whats closed

I do appreciate everyone helping me thankyou all so much

getmore4less

With £60k equity £30k each you need to watch your benefits situation carefully.

She may have to buy you out due to deprivation rules on means tested benefits.

Age and what income/expenses your sister has will be critical to getting the mortgage

I think you may need to pull together as much info as possible about the house and mortgage and get that side moving as a year can pass by quickly.

what does the last statement say balance, payment,rate and both fixed and full terms.

if £400pm is affordable

£35k 8 years
£65k 16years

HampshireH

I think AnotherJoe was meaning you have inherited an asset (half) with a cash value.

As a now part homeowner with an asset which could be disposed of to pay your bills etc then your benefits may be affected.

You will need to declare your new asset to the DWP for them to assess any changes in your entitlement. If you arent living in it I believe it is deemed as capital but may be wrong

Sea_Shell

This appears to be another case where selling up and splitting the equity really is the best solution.

Trying to bend the situation to fit your circumstances sounds too difficult, with too much to consider for you both.

As others have said, be very careful with your benefits situation.