Family home

noviceSon

Myci85 said:

I can't imagine many people being happy to inherit a third of a house and see no gain for themselves, either by selling and getting their share of the money, or by living in the house themselves.  

I suppose the one point we can all agree on is it's quite a nice house to live in. 

But while I find the propsect of living in house myself rather appealing, I greatly appreciate your point.

I wonder if so far, I've been cajoled into doing what at least 1 other wants me to.

Which is basically wait until I die and hand over my third of the house to their offspring.

Suffice to say I haven't been told the intricate details !

But it's clear the intention is to "keep it in the family" (or hers !)

noviceSon

WillowLeaf said:

everyone says their piece, everyone else listens, put themselves in the others shoes and not just their own, and agree a way forward for ALL scenarios.

I agree although doesn't work like that in my family !

I've openly been told by one they're out for all they can get - and I believe it !

noviceSon

WillowLeaf said:
On a lighter hearted note, regarding others moving in and everyone not getting on, you could end up with a situation like in the film The War of the Roses where you're marking out territory of who owns which bits of the house 😁 🌺 🌸

Unfortunately it's no joking matter - wouldn't suprise me at all !

Most likely person x + family take over completely - which happens even when they visit as guests,. 

Hence my concerns about moving the family in..

Anyone know if they're really able to do that ?

noviceSon

Anyway thanks a lot to everyone, I understand a lot more now.  
The remaining questions I have are:

1) I am somewhat confused as to the role of executor of the will.
Being here, I know it will be myself filling out the IHT forms.
But if as it P00hsticks suggests:
"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"

Then if we are joint executors, is that another group decision ?
Or being named as one of them, do I have the authority to do it without question or discussion ? 

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

You mean if another sibling wants to sell ?
If so, fair enough !
I assume you're not saying if everyone agrees, no-one is able to stay there !?
To be clear however, I do hope a sale is not taken out of our hands or forced (via the will) if we all wanted to be joint owners ? 

3) "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."

Just on this point, it would be nice to gain some clarity.
The idea my sibling can move her whole family in, is indeed a concern.
Is that really allowable ?  
I am somewhat surprised if it would be - as the others are not named in the will ?

Or are we in the realms of harmonious agreement ?
What if there aren't any but I'm in no position to incur solicitor fees to sell my share ? 

However if that were to happen, could I expect a simple enough victory without opposition ?
Grumpdit, forgive the stupid question but why is court action "isn't something you want to do." ? 
Are you simply suggesting it's better to reach mutual agreement ?
Or is there something terrible I'm not aware of ?

I am even confused by all this too however - 
if indeed, it's up to the executor(s) to decide the fate of the house ?
Or is it effectively the same thing - decided by one or all parties (just before any agreement) ? 

4) I appreciate the advice regards First Time Buyer status. 

I am the only one who would be a First Time Buyer.
So JGB1966, assuming a sale was to be made, are you saying I would avoid that status if the house was sold or effectively dissolved in the execution of the will ?
 
5) "It partly depends on the wording of the will but generally where a house is left to three siblings the one in residence will need to buy out the others shares if they wish to continue living there"

That makes sense for exclusive ownership. 
But regards wanting to live there, surely as joint owner, that is not necessary unless another sibling wants to sell ?
And I assume it would be equally viable for any sibling to buy out the other two ?
---------------------------------------------------
In conclusion, I am not sure what is likely to happen.
Hopefully things will be ok for joint ownership.
However I do have concerns - so didn't want to be in a position where, if I made an initial choice, I was effectively stuck with it.
Not that I don't appreciate the pojnt keep_peddaling makes - perhaps he is right. 
In any case, the answers do re-assure me somewhat - so thankyou all again.
Obviously all this is independent of the very different issue of potential family strife !

Sea_Shell

noviceSon said:

WillowLeaf said:
On a lighter hearted note, regarding others moving in and everyone not getting on, you could end up with a situation like in the film The War of the Roses where you're marking out territory of who owns which bits of the house 😁 🌺 🌸

Unfortunately it's no joking matter - wouldn't suprise me at all !

Most likely person x + family take over completely - which happens even when they visit as guests,. 

Hence my concerns about moving the family in..

Anyone know if they're really able to do that ?

On this point.  Any joint owner has the right to move themselves in.

So say you lived there alone , and a joint owning sibling, their spouse and 2 kids decide to move in.   There's not much you can do.

I'm assuming the house is big enough?

In their shoes, what would you do, if you were paying £££ in rent every month, when you also owed a "free" house with room for you?

Is this sibling currently renting?  Or living in a too small a home.

WillowLeaf

noviceSon said:

I wonder if so far, I've been cajoled into doing what at least 1 other wants me to.

Which is basically wait until I die and hand over my third of the house to their offspring.

Suffice to say I haven't been told the intricate details !

But it's clear the intention is to "keep it in the family" (or hers !)

The next step might be they will say to you 'why not gift your 1/3 of the house to the offspring now, could help with tax, you can still live there as long as you want'. That's a red flag. I've seen it up close, parents gifted house they all lived in to child, ungrateful sprog evicted parents once they owned it.

Never under-estimate how much normal, polite, rational people can lose their morals when large sums of money are in front of them.

noviceSon

Sea_Shell said:

On this point.  Any joint owner has the right to move themselves in.

So say you lived there alone , and a joint owning sibling, their spouse and 2 kids decide to move in.   There's not much you can do.

I'm assuming the house is big enough?

In their shoes, what would you do, if you were paying £££ in rent every month, when you also owed a "free" house with room for you?

Is this sibling currently renting?  Or living in a too small a home.

The house is likely just about big enough for me and her family.

But unlikely if my other sibling moves in too with his partner.

She has her own house paid for - she just prefers it here.  

To be honest, I don't know for sure what her intentions are - I am the last to know..

I suppose if it's free reign then I could (at least in theory) move in 10 of my friends too. 

It's looking increasingly likely discussions are needed at some point..

noviceSon

WillowLeaf said:

noviceSon said:

I wonder if so far, I've been cajoled into doing what at least 1 other wants me to.

Which is basically wait until I die and hand over my third of the house to their offspring.

Suffice to say I haven't been told the intricate details !

But it's clear the intention is to "keep it in the family" (or hers !)

The next step might be they will say to you 'why not gift your 1/3 of the house to the offspring now, could help with tax, you can still live there as long as you want'. That's a red flag. I've seen it up close, parents gifted house they all lived in to child, ungrateful sprog evicted parents once they owned it.

Never under-estimate how much normal, polite, rational people can lose their morals when large sums of money are in front of them.

You mean if I do gitt my share and reach an unwritten agreement I can stay, it may be renaiged upon ?

Certainly possible - I suppose I would be stupid to agree without written guarantees.

I can't see it happening anyway to be honest.

I'm incresingly of the opinion, I am likely to need my share of the money.

The only question is, if I cash in on my share, where accomodation is coming from.

Other scenarios have been floated about such as staying but using equity release. . 

I wonder if that's a possibility and what impact joint ownership has on the ability to do it. 

May I ask what you mean by "help with tax" ?

maman

From what you've said @noviceSon, your sibling that has paid off their mortgage might be in a position to buy the rest of you out especially as they particularly like the house.

As you've mentioned IHT, I'm assuming that it's a substantial house so would your share be sufficient for you to invest in a small property for yourself. 🤔

WillowLeaf

noviceSon said:

You mean if I do gitt my share and reach an unwritten agreement I can stay, it may be renaiged upon ?

Certainly possible - I suppose I would be stupid to agree without written guarantees.

I can't see it happening anyway to be honest.

I'm incresingly of the opinion, I am likely to need my share of the money.

The only question is, if I cash in on my share, where accomodation is coming from.

Other scenarios have been floated about such as staying but using equity release. . 

I wonder if that's a possibility and what impact joint ownership has on the ability to do it. 

May I ask what you mean by "help with tax" ?

Yes exactly, they may renege on an unwritten agreement you can stay, as soon they have your share. A competent solicitor should write up any agreements.

Re: my 'help with tax' comment, if you were to leave your estate to your sister's children, depending on the amounts involved and the tax rules at the time, there may be Inheritance Tax due. They could, in theory, say to you 'gift us your 1/3 of the house today so less tax needs to be paid in the future'

This is all speculation of course. If it were me I would make a will to leave your estate to whoever you want at  the appropriate time (ie your passing).