Shared ownership and inheriting a second property - HELP!!!

[Deleted User]

I own a property share of 25% which I have lived in for over 18 months. I plan on stair casing upwards until I own the whole property.

My father owns 4 properties, he lives in one and rents the other 3 out to long term tenants. He has decided that he wants to give me and my brother a property each to manage and he will sell the third one in the next two years when he is ready as he wishes to go travelling once the current situation with Covid 19 is over.

This has come as a great surprise as my father told us we would not inherit any of the properties as the money was for his retirement. However his plan all along was to give us a property each but he wanted to teach us to stand on our own two feet! The property was valued at around £100,000 8 years ago, this was before my father had a new kitchen, bathroom and driveway installed over 3 years ago.

I plan to continue to rent out the property to the tenants who have been in the property for over 15 years as this will be a great additional income.

As I own a shared property, what would the implications be owning an additional property that I have inherited? Will it affect my eligibility to buy further shares in the property I live in? Will I need to move out and sell my shares?  I love this house and plan to live here for the rest of my life but I am worried about the implications of this.

thanks in advance for any help.

[Deleted User]

Jaynie87 said:

I own a property share of 25% which I have lived in for over 18 months. I plan on stair casing upwards until I own the whole property.

My father owns 4 properties, he lives in one and rents the other 3 out to long term tenants. He has decided that he wants to give me and my brother a property each to manage and he will sell the third one in the next two years when he is ready as he wishes to go travelling once the current situation with Covid 19 is over.

This has come as a great surprise as my father told us we would not inherit any of the properties as the money was for his retirement. However his plan all along was to give us a property each but he wanted to teach us to stand on our own two feet! The property was valued at around £100,000 8 years ago, this was before my father had a new kitchen, bathroom and driveway installed over 3 years ago.

I plan to continue to rent out the property to the tenants who have been in the property for over 15 years as this will be a great additional income.

As I own a shared property, what would the implications be owning an additional property that I have inherited? Will it affect my eligibility to buy further shares in the property I live in? Will I need to move out and sell my shares?  I love this house and plan to live here for the rest of my life but I am worried about the implications of this.

thanks in advance for any help.

What does the paperwork you received when you bought your 25% share say about staircasing whilst owning an additional residential property?

How was the SDLT dealt with when you bought your 25% share?  Did you make a one off payment based on the total market value of the leasehold property or did you opt to pay the SDLT in stages as you staircase?