Can i buy children out of half the house?

DUTR

Keep_pedalling wrote: »

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?

Yes I do, it's rather ignorant to believe that house prices will not increase at a level further than the everyday person's investments.
The last testament statement requests that the children have a share in the house , selling it off is not their choice as they are not of age and goes against the request.
Uni fees? Who knows if they will make university and even if they do.... there are ways to achieve what is required.
Just because one doesn't agree with your idea doesn't make it a dumb idea, however I do not believe your idea is the best as it involves further legal implications.

Keep_pedalling

DUTR wrote: »

Yes I do, it's rather ignorant to believe that house prices will not increase at a level further than the everyday person's investments.
The last testament statement requests that the children have a share in the house , selling it off is not their choice as they are not of age and goes against the request.
Uni fees? Who knows if they will make university and even if they do.... there are ways to achieve what is required.
Just because one doesn't agree with your idea doesn't make it a dumb idea, however I do not believe your idea is the best as it involves further legal implications.

Try telling that to someone in negative equity. There is every possibility that global equities will outstrip UK house prices for some time to come, and to have have blind faith in ever spiralling house prices trumps any other investment is foolish.

DUTR

Keep_pedalling wrote: »

Try telling that to someone in negative equity. There is every possibility that global equities will outstrip UK house prices for some time to come, and to have have blind faith in ever spiralling house prices trumps any other investment is foolish.

I don't need to , those in negative equity over the duration of purchase are in a minority. It's nothing to do with blind faith, I guess the deceased had blind faith formulating a Last testament request, if for the trustees to sell out to a new lover.

Karendeakz

Frankly I don't need your judging on my situation. I'm trying to do what's best for my children. I can not afford to keep this house going on my own, it needs things doing to it and my partner is happy to help, to keep it a nice home for my children to grow up in. It's all good and well them inheriting half a run down house when they turn 18 because I didn't have the means to look after it. My husbands company have already took his pension away and put that in a trust until the kids turn 18, I am raising these children with not a lot of money and my partner wants to step in and make things easier for everyone. I don't see what's wrong with that.

kingfisherblue

Karendeakz wrote: »

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.

Was this written in the Will? Telling you something verbally, and including it in the Will are two different things. You need to be clear whether it states in the Will whether you can live there indefinitely, or whether you can live there until a certain time, or whether you can live there at all.


Earlier you stated that the children live there - are you also there, with the children?

kingfisherblue

Keep_pedalling wrote: »

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?

It seems unclear to me whether the mother can live there for an unlimited time, or whether there is a trigger for selling, such as when the youngest reaches 18.

Karendeakz

The will doesn't state anything specific about me living here indefinitely, I checked last night. I tried to upload a picture of it but it won't let me as I'm a new member.

I do live in the house, even when we separated we continued to live here together, and we were on good terms when he died. We discussed his will in detail the week before he passed but the will was made in a rush by ex FIL and it doesn't seem very specific. I can inbox it if anyone wants to take a look as I don't understand it.

paddy's_mum

Such a lot of uncertainty going on here.

Are you sure that the other half of the house doesnt already belong to you? Did you own the house as joint tenants or as tenants in common?

Karendeakz

He changed it to tenants in common the week before he died so he could leave his half to the children. I'm the only one on the land registry but it does mention about half being in trust.

paddy's_mum

Given all the things done in haste, the home-made will, and the continuing uncertainties, I suggest you get that will checked out by a solicitor. I realise that will cost money but if you are struggling to raise the children and keep a sound roof over their heads, can you afford not to?