Equity I can't access

Mahjerine

Nope I don't think insurer has been advised.... Will add it to my to-do list...thanks

kazwookie

You have a meeting with your brother and sister.


You and your brother want to sell


You both out vote your sister


You get it on the market and get it sold


If your sister objects take her to court to force the issue, it will cost you all money, but you need to take a stand on this, otherwise you will also become a landlord, if you back down, do you want that?

Mahjerine

I want what is best for my sister and our family.... I liked the idea of being a landlord and holding on to the equity for my kidd.....that is until I realised I'd be a £1000 a month down on income and it's just not do-able

xylophone

Despite being unwell she wants to be landlord

I liked the idea of being a landlord

Are you sure about that?


https://landlords.org.uk/support-advice/landlord-responsibilities-duties?url=https://landlords.org.uk/support-advice/landlord-responsibilities-duties&ppc_keyword=landlord%20duties&gclid=EAIaIQobChMI9cez0rGc5QIVEM53Ch0euQdzEAAYASAAEgJ6wvD_BwE

Dox

Mahjerine wrote: »

My question is can my means tested benefits be stopped if I have equity that I can't access or use??
I need to sell the property which is valued at 190,000 as I will loose my means tested benefits after probate but my sister refuses to sell!.. what can I do?

You seem to have answered your own question about benefits.

It's a grim situation for your sister particularly, and given how recent your mother's death is emotions are going to be running high - but at some point reality needs to prevail. You and your brother are entitled to your share of the estate and if you need the cash, she will need to either buy you out (which clearly isn't an option from what you've said about her lack of ability to work) or agree to sell.

Tom99

Keep_pedalling wrote: »

If she can raise £75k she can give you that plus the £20k cash then she can do what she wants with the house.

The sister will need to raise about £133k as there are two siblings plus the OP so 1/3rds.

Malthusian

Mahjerine wrote: »

If my sister sells all her equity will be eaten up on bills...

Not your problem, but how is she going to pay her bills if she doesn't sell? If the equity isn't going to help her situation then a third of the net rental income wouldn't either.

plus she has recently been diagnosed with breast cancer so is under pressure herself as she can't work now

All the more reason she should agree to a sale, step back, let you and your brother get on with it, and look after her own health.

Davy_Jones_II wrote: »

Why not have a vote?

Joint ownership isn't a democracy. If only one of the three wanted to sell, they could still go to court and force a sale - though this should naturally be avoided at all costs, and in that scenario the other two should either buy them out or sell the property. (And buy a cheaper one between them if they really want to go into business together as landlords.) You can't control someone else's money by majority vote.

In this case of course, two of the three want to sell, which just means it would be even more hopeless for the dissenter to obstruct the sale.

getmore4less

Get probate without her on the grant.

If she is not fit is she up to doing the job.