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Money saving dilemma

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Messi123eurbfib
Messi123eurbfib Posts: 3 Newbie
First Post
I have lived with my parents, in my great grandfathers house, with my great grandfather all his life.

a few years back my great grandfather gifted the house to me and my mother and farther in equal 3rds before he died

Its fully payed off geothermal no mortgage 

Unfortunately earlier last year he passed away.

I would now like to take my share out of the property, but my parents will not take a mortgage out to provide this.

There argument is it’s the family home, and i should stay there until they pass, then have the property for myself (my parents are both 50, I’m 25)

My argument is my grandfather left me my 3rd so i could take it out, or my parents could pay me off, so i could get a foot on the housing ladder, so i feel they are going against his wish’s.

The property is valued at £140,000

Comments

  • Magnitio
    Magnitio Posts: 974 Forumite
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    edited 26 January 2023 at 5:03PM
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    Don't think you've posted this on the correct forum.
    Could you rent your 1/3 to your parents if you moved out?
    6.4kWp (16 * 400Wp REC Alpha) facing ESE + 5kW Huawei inverter + 10kWh Huawei battery. Buckinghamshire.
  • Petriix
    Petriix Posts: 2,086 Forumite
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    I think the green and ethical thing to do is remain living in the same house. You'll likely increase your carbon footprint by moving out as they'll still be using the same amount of heating even though you're no longer there; that's potentially complicated by where you choose to live as you might move into a more energy efficient property with other people already living there.

    Typically in cases like this there is a stipulation that the existing residents can remain living in the property indefinitely. Even if there isn't, forcing the sale can be expensive and is basically the nuclear option. The best thing to do is remain civil and negotiate. If your parents don't want to move and can't/won't raise the money to buy you out then you will probably have to accept their choice.
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