Can i buy children out of half the house?

Karendeakz

My husband died last year, we were separated at the time and he left his half of the house to our 3 children.

Is it possible to buy them out of their half? My partner wants to move in eventually and he wants to buy the kids half off of them as there's things we want to do to the house that I can't afford to do on my own, but he obviously doesn't want to invest his money in to a house he doesn't own.

My ex MIL and FIL were in charge of husbands will, so I'm not sure if it comes down to them to decide, or if its even possible at all. Any advice would be greatly appreciated.

lincroft1710

Are the children over 18. If not his half of the house should have been left in trust for them.

If they are over 18, it would be possible for each to sell their share of the house to your new partner.

Were there any stipulations in the will relating to letting you live there during your lifetime, i.e. the children couldn't demand the house be sold so they could get their share.

Karendeakz

Hi, no the children are 6, 5 & 3. His will did state that I could remain in the property even once the kids turn 18 and they would have to wait for me to sell for their share.

But I want to know if I can buy them out now and their half go in a trust fund for when they turn 18?

McKneff

No, not as things are at presnt.
Who has control of their half. As above, it should be in a trust

Tom99

Who are the trustees of your husbands will? They presumably can make a decision on behalf of your children.

Karendeakz

His mum and dad as far as I'm aware.

McKneff

Trustees or as you say 'in charge of'

lincroft1710

Bearing in mind, your ex's passing is still rather recent, it may be better to approach this in a year or two's time. His parents may think your new partner's intentions are rather hasty.

Karendeakz

I've been with my partner for nearly 2 years and we have a baby together, I was with him when I was separated from my husband and my ex mil has met my partner so I don't think she would be worried about his intentions.

kazwookie

I would suggest you need to approach the trustees and ask them, but you need to tread carefully.

An alternative might be to sell the house, you and your partner buy another, the children's money is put into the trust for them at 18, and you all live in the new house, that way you are not 'beholden' to your ex in laws.

Karendeakz

I have considered that but ideally I want to stay here as it is their home. Their school is a 5 minute walk away and we have a huge back garden for them to play in so I don't want to uproot them if I don't have to.

I will broach it with ex MIL and see what she thinks. I'm not wanting to do anything for at least another year, I just wanted to know if it was actually an option.