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Reassigning family portion of a shared ownership home
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Newly_retired
Posts: 3,182 Forumite


Slightly unusual situation: a relative A owned a small share ( less than 14%) of a property, the majority being owned by a charity B whose remit is to assist its retired employees to have accommodation. When the employee or their spouse eventually dies, the charity would normally sell the property, and the relevant proportion of proceeds, after costs, would be returned to the family.
This didn’t happen after A died, as a younger relative C had moved in as a carer for the elderly relative A, and after A died C was granted a tenancy of the family share by the charity B. The ownership of the family share current remains in A’s estate. The beneficiaries have now all agreed that the young relative can inherit the family portion in lieu of most of her cash legacy ( and have rejigged other assets accordingly).
Does the charity B have to give their consent to allow this to happen? Or could they potentially exercise a right to buy us out, or force a sale of the whole property on the open market?
Thanks in advance for any expertise.
Thanks in advance for any expertise.
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Comments
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Sorry, I meant to write that C was granted a tenancy of the charity’s share, not the family share. C has paid no rent to the family.0
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Have you asked the Charity if they are ok with this - one part of your question seems to imply they have?0
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It is an ongoing process. Awaiting developments but considering possible outcomes.0
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