Siblings inheriting share of Mums house

rachel230

wannabe_a_saver said:

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!

Except service charges can be very high!
Equity release looks a good option..

xylophone

If you are not in good health and your income is on the modest side, do you really want to stay in a property that may need a lot of maintenance and perhaps not be  specially well adapted to your condition if your health worsens?

Would your share of the sale proceeds of the property plus the cash inheritance permit you to buy  something more appropriate?

Or would you be able to obtain a secure rental from a housing association/almshouse scheme /sheltered housing scheme for older adults?

This would give you security and the comfort of capital which could be invested to supplement your income /state pension when it comes into payment?

pinkshoes

As far as I can see, your options:

1. Sell the property and buy something else with your 50%

2. Remain in in the property and pay your siblings 50% of what the rental value would be (e.g. if it would rent at £800 a month on the open market, then you pay your siblings £400 between them). You would also be responsible for 50% of the upkeep of the property, and would be responsible for all household bills (council tax, gas, electricity, water etc...)

3. You use an equity release firm who will then "own" the other half and pay out your siblings for their shares. 

Personally I would opt for 1 as this option is much more straightforward.

wannabe_a_saver

rachel230 said:

wannabe_a_saver said:

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!

Except service charges can be very high!
Equity release looks a good option..

That's true, but it means maintenance is a fixed cost.  Not the case with a house at all! 

Its not sensible for the OP to stay in something she can't afford to maintain, it will only cause further financial and emotional distress down the line.  Houses can be seriously expensive. 

getmore4less

How big is this place?

It's been big enough for at least 2 people.

How many will be living in it going forward?

Grumpy_chap

Commiserations on your loss, OP, and I sympathise with the postition here, but the information presented is very much that from the view of the OP and little about the other siblings.

The OP is 63 years old and living in, presumably, the family home with Mum who recently passed.  The OP is of poor health and limited assets / income.  Mum seems to have tried to do the best to support the OP by writing the will so that the OP receives a higher proportion of the house.

The OP also stated that there is some cash that will be split between all siblings. 
How much is that cash, or is it inconsequential? 
How is that cash split?

There is a big difference here between the OP being left 50% of the house and the remaining 4 siblings splitting the other half, OR is the OP left 50% of the estate?  OR, is the cash split in an opposite manner so that the other siblings are compensated that way for the proportion of the house they have given up to favour the OP?

If the other siblings are not compensated through the will in other ways, then asking them to waive (for practical purposes) the beneficial interest in the house and contribute to the maintenance is a real big ask.  The other siblings may already be feeling short-changed, but if there are good relationships within the family, they may be glad to show benevolence.

What is the position of the other 4 siblings? 
Are they all in good health?
Are they all financially secure?

The OP mentions what might happen to any residual assets when the OP themselves passes.  At this point in time, that is only future promises that the OP cannot guarantee will be maintained as whatever assets there are may be spent on life, care home, or a Ferrari.

Does the further cash that is to be split between all siblings give the OP the route and means to buy-out the other half of the house?  Either absolutely, or as a deposit and mortgage?  I know the OP says they do not want a mortgage, but that may be the only way if the OP wishes to remain in the house.  Or borrowing through equity release, but it will mean finance one way or another.

Somehow, I can only imagine the solution will involve finding a way to allow the other siblings to inherit their share now and benefit from it rather than having the estate unreconciled for many years.

The OP is 63, so Mum must have been over 80.  It is also quite possible that the other siblings will take the view that the OP should have had some kind of plan for the eventuality of the mother passing.  It is also possible that the 50% of the house would be sufficient for the OP to purchase a suitable flat outright so, in that sense, Mum has done very well by the OP to ensure the OP is cared for.

[Deleted User]

3Snowy said:

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?

Are you having a laugh? You expect your siblings to allow you to continue to live in the home, essentially giving up their share of the inheritance for you, yet at the same time expect them to pay for half the maintenance on a home they don't live in and gain nothing from financially, and even going as far to question your legal standpoint? 

Good luck!! Hope for your sake none of them come across this thread.