Inheritance dilemma

ValleyField1973

Both my parents passed away in the same year and I am trying to deal with the inheritance. There were no wills but letters of administration have been granted with me & my sister having been named on them. 

There is a house which they owned and is mortgage free. My sister never moved out and she is adamant that she wants to keep the house as it is very much her home & the only place she has known. 

There is also some money, but it is less than the value of the house by about £80,000. 

My sister & I have agreed that I will have the money and whilst she will keep the house, she will buy me out so that there is an equal division. The issue though, is that whilst she has some money saved up that is close to the sum needed, but she wants to keep some back as otherwise she will no money for any unexpected bills. 

Now I'm happy for her to give me what she can and to then gradually pay off the remaining sums. My OH however, is not happy with this and is absolutely insistent that she should either pay the full amount of £80,000 straight away or the house is sold because I otherwise it isn't fair & I'm losing out.  I trust my sister and she has never done anything to make me not trust her and she has a stable job and we have devised a payment plan. 

OH keeps pushing the issue and keeps asking me to ask her for the money that she does have as they don't want this lingering on any longer than necessary as we all need to move on & I'm losing out. 

As it is causing arguments, I have bent the truth with my OH telling them that my sister has transferred the majority of the money because every-time I'm on the phone to her, OH is pushing me to ask her about it. 

I feel really bad about bending the truth and I know it may cause a big explosive argument further down the line but I just don't want to keep having the same conversation and in all honesty I'd rather have my parents back than the money. 

Guess I'm just venting and I know that I'm bad person for what I've done. 

Sea_Shell

Sad to read yet another thread about an inheritance and a resident sibling ☹️


How much could she raise via a mortgage?   Does she work?

Edit - Sorry I see she does.  So surely a mortgage for what she owes you to "make things square" would be possible?


It's hard being caught between family and your OH.   It's like playing top trumps, but nobody wins ☹️

Which relationship do you cherish more?  

pickledonionspaceraider

Not being funny, but why is your husband jumping in the middle?  Is this not your inheritance, but he is treating it like it is his

If you trust your sister - I do not see the big issue to be pushing for it now?

comeandgo

You are not a bad person, your husband sounds as though he is.  This is between you and your sister, he needs to support you not add to your problems.  Would there be anyone who could talk some sense into him?

Keep_pedalling

Why can’t she get a mortgage to pay your share rather than use all her savings?

Keep_pedalling

pickledonionspaceraider said:

Not being funny, but why is your husband jumping in the middle?  Is this not your inheritance, but he is treating it like it is his

If you trust your sister - I do not see the big issue to be pushing for it now?

Because he probably thinks this will go on forever, and he could be quite right..

ValleyField1973

Thanks for the replies. 

My sister doesn't want to get a mortgage and is dead against it. Plus with the mortgage offers & interest rates being what they are I don't blame her. 

I value both relationships equally. 

I think my OH doesn't want me to be tied to / be liable for a house that I don't use; think there is concern if bills are defaulted on or if something goes wrong with the house then I'd have to contribute.  Think there is also a feeling that closure is needed and that they didn't get to enjoy their hard earned money and they wanted want me to sit on it and do nothing with it. 

I've no plans to go on a spending spree or anything. There are a few things I'd like to get done around mine and OH's house but it won't wipe out what is currently available. 

Tigsteroonie

I'm not sure the sums are correct if the house is worth £80k more than the money, she should only be paying you £40k of that difference plus the cash inheritance.

For example, if the house is worth £200k and the cash is £120k, total estate value is £320k. Split between two of you is £160k each. She gets the house and hands you £40k (so 200-40) to make your monetary value up to £160k (120+40).

Or is the house worth £160k more than the cash and you've already done that sum?

ValleyField1973

Keep_pedalling said:

pickledonionspaceraider said:

Not being funny, but why is your husband jumping in the middle?  Is this not your inheritance, but he is treating it like it is his

If you trust your sister - I do not see the big issue to be pushing for it now?

Because he probably thinks this will go on forever, and he could be quite right..

This is part of it; they don't think it should be this way or for it to be fair, if it say takes 10-15 years to all be squared off. 

She is dead against getting a mortgage and she is in her mid 40's so she'd probably only be able to get a 10 year mortgage which would likely take most of her income each month. 

ValleyField1973

Tigsteroonie said:

I'm not sure the sums are correct if the house is worth £80k more than the money, she should only be paying you £40k of that difference plus the cash inheritance.

For example, if the house is worth £200k and the cash is £120k, total estate value is £320k. Split between two of you is £160k each. She gets the house and hands you £40k (so 200-40) to make your monetary value up to £160k (120+40).

Or is the house worth £160k more than the cash and you've already done that sum?

Sorry I wasn't clear,  we have already done the sums. The total value of the estate was significantly more than £320K but based on your figures, the house is worth a lot more than the cash and for there to be an equal split she "owes" me £80K if she's keeping the house. 

My head is a bit rubbish today

TonyMMM

Get it sorted out now, don't let it drag on, otherwise it will always be an issue for you, your sister and your OH, which will only get worse over time.

Your not being a bad person - sadly your sister needs to face the situation she is in.

She may not want a mortgage , but that is probably the solution she needs to look at. If she is only mid 40s, she will not be limited to a 10year term.