Buying a relatives property.

Strath16

Hi,
I have read a few threads about buying the property of a deceased relative, but as far as I can see, there are no threads about my question.
Myself and my sibling have been named in a relatives will to inherit their property.
The relative has now gone into a residential home and is very happy there.
I am interested in buying the house but don't know how it would work with regards to the will instructions.
I would have no problems paying whatever the market value is for the property, and the relative is self funding in the home so would have no issues with deliberate deprivation of assets.
My questions relate really to things like mortgages and will instructions.
My sibling also had has no issue with my interest in the property.
Any help appreciated.

Millsandovis

If you buy the property at market value then I can’t see there being any issues in regards to the will or inheritance. The money from the sale would just form part of her estate rather than the house 

Torry_Quine

A will is somewhat irrelevant at this stage. Your relative can sell the house to whoever they want. What they then decide to do about the money in her will is up to them. This is of course dependent on having capacity 

Robin9

The will is irrelevant at this point in time as the relative is still alive.  If the relative  is fully capable of running her own affairs she can sell it to you today .   The only issue then is can you afford 100 % of the value as you can't buy half a property.    Having sold you the property there is no property to include in the will but there will be a lot of cash. In which case its imperative that the relative changes her will -  she can do that now -  so that your sister doesn't loose out.

theartfullodger

Relative is perfectly entitled to change mind, get new will, leaving everything to their new partner  (or toy-boy or mistress..). 

Don't count chickens .  Look after relo & help them.

gwynlas

If it is to be inherited via a will you cannot do anything until  your aunt dies as she might not have sufficient capital/income to see out her days. However your aunt could sell you the house now at market value, removing it from her will and leave her residual estate to be shared by you and your sister The other question that arises is what is happening regarding safeguarding and maintaining the house at present as unless occupied it is likely to incur costs and potentially detiororate

Brie

At what point do you intend to try to purchase this?  If it's after the relative's death then it's straight forward (somewhat) as the property half yours and you just need to pay off your brother.  

If you want to buy now while the relative is still alive then you can simply purchase it for the full price from the relative.  You might wish to foot the cost of them having a change in their will where the proceeds of the house are noted and your sibling receives half the value of the property.  If, as you claim, they have plenty of money then you would also get half the value of the property back.  

The problem is will you and your sibling get half the value of what you purchase the house for or will the house need to be revalued and you give them a portion at some future date.  The other issue would be if the relative lives a very long time and runs through all their funds you and your sibling will get nothing.  

Frankly I don't think that any solicitor or someone with POA would agree to you buying the house for half the current value as the future is to uncertain.  

Strath16

Thanks for all the replies.
At the moment it is an option for me.
I will discuss with my the points raised and take it from there.

propertyrental

Leaving a specific named property in a will is bad practice anyway. Who know how long the owner will live, and what might happen  between writing the will and dying? Property might   get sold. Or equity release. Or new mortgage? or new marriage and spouse claims property?

Far better to just include the property as part of the person's assets. The Beneficiaries can then decide what to do with the property (assuming it's not already been sold).

Yorkie1

It might be worth double checking the wording of the will.

If it says it leaves "my house at 1 Acacia Avenue to siblings 1 & 2"  then there is no problem with the will in due course if you buy the house now - the house is no longer owned and therefore can't be left.

However if it says it leaves "a house to siblings 1 & 2", there is a risk that the estate has to buy a house and then leave it equally to you both.

GrumpyDil

However if it says it leaves "a house to siblings 1 & 2", there is a risk that the estate has to buy a house and then leave it equally to you both.

Interesting suggestion, although I don't think I've ever seen that wording in a will or even when I studied wills many years ago. More likely to say I leave my house in which case it would fail if aunt has no house at time of passing.