Family home

noviceSon

Hi there,

I am told by my lone parent (who I live with) that the will, including the house will be divided equally between us 3 children.

What are the consequences of this regards the family home ?

For example, can any one person decide to act independently ?
Or are they in effect, able to be outvoted by the other two ? 

Examples - 
Does any one person have the option of say, selling the house to claim their share ?
Or if say we did decide to share or co-habit, what if one party say, wanted to move the rest of their family in ?  
Just wondering where I may stand in future. 
 
Any advice much appreciated.

Keep_pedalling

There are really only two practical options.

1. Sell the house and split the proceeds (the will could actually be specific about this) 

2. You buy out your siblings share and stay put.

p00hsticks

Keep_pedalling said:

There are really only two practical options.

1. Sell the house and split the proceeds (the will could actually be specific about this) 

2. You buy out your siblings share and stay put.

and it will be up to whoever is named executor of the will to decide which is the best way to meet the criteria specified in there....   

noviceSon

Many thanks for the replies.. 

Keep_pedalling may I ask why you say that ?

I appreciate you are trying to help so thankyou, but was wondering where I stood in terms of law instead of any personal or family advice. (if that''s what it was I mean)

There is also a third option to co-habit ?

Which is why I wondered about extended family.

I don't believe the will is specifc and virtually no chance I could buy my siblings share.

p00hsticks I believe we will all be named / joint executors ? 

However in reality and being here, it will more than likely be me doing it. 

Thanks again !.

itsthelittlethings

If you decided to cohabit then yes at any point one person could decide they wanted to sell, in my understanding.

Keep_pedalling

I think the three of you agreeing to cohabit is unlikely, but even if you do it is a problem kicked down the road because you are going to need to sell or buy out when the first one wants out and to buy there own place. 

GrumpyDil

If you were hoping you could stay in the house then unless the will.specifies that you would not have a right to stay.

And any one of the three beneficiaries could decide to force a sale but that would.involve court action (or threat of) and isn't something you want to do.

silvercar

Keep_pedalling said:

I think the three of you agreeing to cohabit is unlikely, but even if you do it is a problem kicked down the road because you are going to need to sell or buy out when the first one wants out and to buy there own place. 

Surely this depends on the age? I can imagine if the beneficiaries are siblings age 18, 20 and 22 they may well be happy co-habiting for a few years.

maman

silvercar said:

Keep_pedalling said:

I think the three of you agreeing to cohabit is unlikely, but even if you do it is a problem kicked down the road because you are going to need to sell or buy out when the first one wants out and to buy there own place. 

Surely this depends on the age? I can imagine if the beneficiaries are siblings age 18, 20 and 22 they may well be happy co-habiting for a few years.

It would seem not to be the case if OP has concerns that siblings might want to move the rest of their family with them. 

JGB1955

All 3 of you might want to consider the disadvantages of becoming a part-owner of a house whilst (perhaps, later) wanting to maintain First Time Buyer status.

Marcon

itsthelittlethings said:

If you decided to cohabit then yes at any point one person could decide they wanted to sell, in my understanding.

What one person decides, and what they can actually do (short of going to court), is another matter entirely.