Can i buy children out of half the house?

Keep_pedalling

If I was a trustee I would prefer to have the children’s inheritance tied up in liquid assets rather than in part of a house that cannot be sold while you live there, so would be open to the idea. As it seems you are still on good terms with the trustees, then there seems little harm in approaching them about this.

getmore4less

Was it left absolutely or did you have the right to live there (life interest).

OK read subsequent post.

The kids have not inherited anything, the share of the property is in a life interest trust, you as life tenant have the benefitial interest.

The terms of the trust determine what can happen to that share.

Karendeakz

I'll have to pull out his will and check but I do recall him telling me that he'd put in the will that I could continue living in the property.

getmore4less

Is there a mortgage?

Karendeakz

No, the house is owned outright. I have half, and the other half was left to the kids.

DUTR

Karendeakz wrote: »

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.

Sell him your half, easy.

Keep_pedalling

DUTR wrote: »

Sell him your half, easy.

What a dumb post.

DUTR

Keep_pedalling wrote: »

What a dumb post.

Not as dumb as post #12, in effect post #12 is robbing the poor children of the value of their inheritance, whatever the house is worth now, it is certainly going to be worth more in 18 years time.
The new chap on the scene has a stake in the house so can spend on it and the children still have there share when time comes.

theoretica

What would happen if you and new partner split? It needs to be considered.

Keep_pedalling

DUTR wrote: »

Not as dumb as post #12, in effect post #12 is robbing the poor children of the value of their inheritance, whatever the house is worth now, it is certainly going to be worth more in 18 years time.
The new chap on the scene has a stake in the house so can spend on it and the children still have there share when time comes.

Just because house prices have risen to silly prices in the past does not mean they are going to continue to do so in the future. There are plenty of long term investment options that have many years to grow and will be far more flexible once the children reach adulthood. The house won’t help them with uni fees or getting on the property ladder if their mother still needs it.

They will also inherit their mother’s share at some point in the future so this would also add some diversity rather than having everything tied up in property. Under the current rules having a a beneficial interest in a house will also make it more expensive for them to get on the property ladder as they will not be able to claim first time buyer incentives and would have to pay second property stamp duty as well.

Do you still think this a dumb idea or some form of robbery?