Inherited property

p00hsticks

Sundaymorning6 said:
They did make a mortgage application previously, but obviously realised that buying a house is expensive so didn't continue with it when track record of never paying rent. Apparently this was a remortgage application to buy out my share. 

I have looked at remortgaging my half as an option for me to buy my own house, but there is a lot of contradicting information on the internet. I have read that I would need their permission and as they may also be responsible for the payments? (tenants in common). I am wondering now, had their remortgage application gone through, would I have had some responsibly to that debt...

If they were looking at a mortgage to buy you out, then once that happened and the mortgage money was used to buy your share (I'm sure the lender would want to see a completed sale as part of the conditions of the mortgage)  you'd have no further interest in the property, so there'd be no comeback on you if they later got into mortgage arrears on the property. 
I'm afraid you're not going to be able to get able to get a mortgage on a property you only part own, aren't living in and with occupants who are connected to you but aren't cresignatories to the mortgage and aren't likely to be easy to shift if you get into arrears in the mortgage and the lender wants to repossess. 

thegreenone

If they have a history of not paying rent and are thoroughly enjoying not doing so now, once the house is sold, which it has to be, they will have enough money to pay a year's rent in advance (may be more) on a 3 bed and possibly a year's deposit too.  Hopefully they can find an LL who would accommodate that.  If they blow the remainder of their inheritance, that is not your problem.

[Deleted User]

Annisele said:

[Deleted User] said:

Also my mums half was in a lifetime interest possession trust for my son & sister as beneficiaries 

Ah - that sounds as though your son had a beneficial interest in the property even before your second parent died. I think the solicitor is right, your son isn't an FTB for the purposes of the stamp duty rules. But the reason is the trust, not the cash inheritance from the sale of the property.

No he didn’t  he had no interest in the property until my mum passed away 

when my mum died her will created a lifetime interest possession for her half so my dad  could continue living in the house 

her half was in Trust for my sister and son but they couldn’t get any beneficial interest in the half until my dad passed away 

I was the trustee / executor
my son had never been on the deeds of the property 

Hippycamper

Whatever happens it’s probable you will not have the same relationship with your sibling.

if you buy the house and let her live there, and they don’t pay rent, do repairs etc you may find yourself in court as a negligent landlord.

you will have to get a buy to let mortgage which isn’t cheap, and pay tax when it’s eventually sold as it won’t be your home.

Would the council help if she were given a court order to leave. I’m assuming (rightly or wrongly) that by selling this property will not buy two properties.

I think you are going to have to bite the bullet, get the place buzzing with estate agents.

if the house is sold with vacant possession and is worth 100,000 split two ways that’s £50,000 each

if she wants to stay as a tenant and the house is worth £75,000 that’s £50,000 to you and £25,000. 

Get a few valuations and take the average as a valuation if she wants to stay, put everything - everything in writing and hopefully you will get thru this

sadly it appears the time has come that you need to very exceptionally brave and strong, and if the sibling wants to be nasty, don’t get nasty back, just stick to your guns, get out of the situation you are in and move on

i truly wish you all the best