Shared ownership and inheriting part of another property

timcar

I am about to buy a shared ownership property (within the year all being well).
My mum is trying to leave me 50% of my parent's house in her will.
What will be my situation if the worst happens and she dies:

1. Before I have an agreed mortgage on a shared ownership property?    (e.g. I can't get the SO mortgage, or can once I've sold the share (or done something else with it like rent my share to my dad for £1pcm or something), 
2. After I have the mortgage agreed but it hasn't started (if this is even a "thing") ?
3. After I have been living in the SO property and paying the mortgage for some time (does the length of time have any effect)

4. Anything else you can think of.  

thanks

user1977

Why does your mum want you to have 50% of their house if your dad is (I presume) still owning the other 50% and the sole occupant?

Keep_pedalling

Hopefully your mother is not trying to DIY her will and is using a solicitor. The normal thing for a testator to do in this situation is to write a will containing an immediate post death interest trust. On their death becomes the beneficial owner of the whole house and legal ownership is split between the surviving spouse and the trust. The ultimate beneficiary (remainderman) does not get their inheritance until the death of the second spouse, so the unfortunate death of you mother would not effect your first time buyer status or cause you an issue with additional stamp duty.

timcar

user1977 said:

Why does your mum want you to have 50% of their house if your dad is (I presume) still owning the other 50% and the sole occupant?

The current wills have some kind of trust thing, but it talks about properties, but not specific properties. I believe she is trying to stop my dad selling the house and us ending up with nothing. 
But her reasons aside, assuming the scenarios are possible, I want to know where I stand legally.

timcar

Keep_pedalling said:

Hopefully your mother is not trying to DIY her will and is using a solicitor. The normal thing for a testator to do in this situation is to write a will containing an immediate post death interest trust. On their death becomes the beneficial owner of the whole house and legal ownership is split between the surviving spouse and the trust. The ultimate beneficiary (remainderman) does not get their inheritance until the death of the second spouse, so the unfortunate death of you mother would not effect your first time buyer status or cause you an issue with additional stamp duty.

she is using a solicitor. The current wills do something with a trust between me and my sister, but i'm not sure if this stops my dad selling the property, and then on his death the Trust has no property to split between myself and my sister. I think my mum thinks this will happen and is trying to stop that happening.

OK, I understand that I wouldn't be the "owner of a property" if it is in Trust. So what about later? When I am the owner of 50% of a property, does the SO mortgage become an issue (i.e. part 3 of my question)? 
Am i the "owner of a property" if I say have a 50% share in a house that me and my sister are letting out? Does any of this matter once the SO mortgage is being paid? 

thanks

user1977

timcar said:

user1977 said:

Why does your mum want you to have 50% of their house if your dad is (I presume) still owning the other 50% and the sole occupant?

The current wills have some kind of trust thing, but it talks about properties, but not specific properties. I believe she is trying to stop my dad selling the house and us ending up with nothing. 
But her reasons aside, assuming the scenarios are possible, I want to know where I stand legally.

Well I expect the "trust thing" probably means you wouldn't actually become the owner of 50% of the house on your mum's death. But it's difficult for anyone to give useful advice without seeing what the Will says. And it's entirely up to your mum what it says (bear in mind you don't need to accept anything bequeathed to you anyway!).

If your intended purchase is this year, is there a reason this is a particular concern i.e. does your mum have a short expected lifespan?

Keep_pedalling

The trust thing would absolutely stop your father selling without the approval of the trustees.

timcar

user1977 said:

timcar said:

user1977 said:

Why does your mum want you to have 50% of their house if your dad is (I presume) still owning the other 50% and the sole occupant?

The current wills have some kind of trust thing, but it talks about properties, but not specific properties. I believe she is trying to stop my dad selling the house and us ending up with nothing. 
But her reasons aside, assuming the scenarios are possible, I want to know where I stand legally.

Well I expect the "trust thing" probably means you wouldn't actually become the owner of 50% of the house on your mum's death. But it's difficult for anyone to give useful advice without seeing what the Will says. And it's entirely up to your mum what it says (bear in mind you don't need to accept anything bequeathed to you anyway!).

If your intended purchase is this year, is there a reason this is a particular concern i.e. does your mum have a short expected lifespan?

well, i will be getting an 18 year mortgage, I expect her lifespan will be less than that. So I'm wondering if you are implicitly answering my question 3? Are you? Are you saying once I'm paying the mortgage and living in the SO property, none of this matters?

thanks

user1977

timcar said:

user1977 said:

timcar said:

user1977 said:

Why does your mum want you to have 50% of their house if your dad is (I presume) still owning the other 50% and the sole occupant?

The current wills have some kind of trust thing, but it talks about properties, but not specific properties. I believe she is trying to stop my dad selling the house and us ending up with nothing. 
But her reasons aside, assuming the scenarios are possible, I want to know where I stand legally.

Well I expect the "trust thing" probably means you wouldn't actually become the owner of 50% of the house on your mum's death. But it's difficult for anyone to give useful advice without seeing what the Will says. And it's entirely up to your mum what it says (bear in mind you don't need to accept anything bequeathed to you anyway!).

If your intended purchase is this year, is there a reason this is a particular concern i.e. does your mum have a short expected lifespan?

well, i will be getting an 18 year mortgage, I expect her lifespan will be less than that. So I'm wondering if you are implicitly answering my question 3? Are you? Are you saying once I'm paying the mortgage and living in the SO property, none of this matters?

thanks

Yes, your shared ownership property isn't going to vanish in a puff of smoke just because you later acquire another property. Owning another property now might affect your entitlement to become a shared owner.