Siblings inheriting share of Mums house

3Snowy

I don’t know why I receive more. Perhaps because I lived with my Mum. I never knew what her will stated until after her death. There is a lot to think about and I need to try and understand the issue of beneficial ownership. Thank you for all your advice. 

Redwino222

this is why families should discuss wills.  You should have been aware you wouldn’t inherit the whole house.  If you expected to be the sole beneficiary I am sure this has been a shock.

I totally understand you want to keep living in the house and for nothing more to change.

however you have to see this from your siblings perspective.  Their mum left them as asset in her will.  If they have pay to maintain it while you live in the house, it’s a liability not an asset.  They get nothing and you get everything.

I can understand why they would want to sell - enjoy their inheritance now.

start thinking through plans.  Would 50% buy you a smaller home on the same area?  Would your siblings be happy to be paid rent for their share of the house - could you afford that?

you can’t expect to carry on as before - unfortunately the house is not just yours. 

GeordieGeorge

3Snowy said:

Yes, some cash will be inherited by all of us. 
My main concern is re repairs if needed, will they want to pay their share as it’s not their home? How would I stand legally if they couldn’t afford to contribute?

If they would be expected to share the costs of upkeep, will you be paying them rent for living in the house that you all own?

3Snowy

I think the issue for me is I think of it as my home, not an inheritance and that’s not the same for the others.  I am aware legal issues have to be dealt with regardless of my emotional state.  I guess once I get advice from a Solicitor it will seem more real and serious decisions will have to be made. Thank you

getmore4less

You say you think of it as your home but how much of the costs were you covering while living there with your mum(and maybe before that)?

Were you paying towards purchase costs or maintenance in any significant way?

You say you were covering the council tax and bills was that during that period?


Is the house suitable for you you seem to be concerned about the maintenance, if that is not affordable for you alone maybe a more suitable property should be considered.

If you expect your siblings to share the cost they will need to be compensated for you having sole occupation so you end up paying one way or another.



The land registry has a decent explanation of howe property ownership works.

https://hmlandregistry.blog.gov.uk/2016/08/16/legal-estates-beneficial-interests-whats-difference/

theoretica

3Snowy said:

I think the issue for me is I think of it as my home, not an inheritance and that’s not the same for the others.  I am aware legal issues have to be dealt with regardless of my emotional state.  I guess once I get advice from a Solicitor it will seem more real and serious decisions will have to be made. Thank you

Very realistic - and best wishes for a good outcome.  But as well as the emotional desire to maintain the same home do make sure that you take financial and other practicalities into account in a realistic rather than optimistic way.  Taking out equity release to pay your siblings their share has been mentioned as a possibility to explore.  This would leave you owning the house (with the bank) but fully responsible for maintenance and running costs which might become a stress in future. 

RAS

Who are the executors of the estate?

wannabe_a_saver

3Snowy said:

I think the issue for me is I think of it as my home, not an inheritance and that’s not the same for the others.  I am aware legal issues have to be dealt with regardless of my emotional state.  I guess once I get advice from a Solicitor it will seem more real and serious decisions will have to be made. Thank you

If you have health issues and money is tight, then the inheritance your mum has left you will allow you to buy a small house or flat that you can afford to maintain where the bills are cheap and that will be all yours.  Wouldn't that be a brilliant legacy?  And your siblings will also receive a sum of money to improve their lives or their children's lives and I'm sure that would have made your mum happy too. 

3Snowy

I am one of the executors along with a sister who has been undertaking most of the work re this. She is not against my staying in the house and does not want any payment herself. I spoke with her today.  I guess the answer is I don’t want to move but I am acknowledging my other siblings legal entitlement so I need and will sort this out once Solicitors are open to consult with new clients. Thank you

wannabe_a_saver

Have a look if there are any private over 55s/retirement developments near you, a flat is a lot less maintenance than a house and the chances of noisy neighbours would be low!