Advice needed please

Mrs_Z

I would ask yourself this - and let's take out the family property out of the equation for a second - would you, at this point in your life, want to become business partners with your sister? Because if you were thinking of letting out the house, that's what you'd be doing - running a letting business.

It's ok to change your mind and it's understandable having emotional attachment to a family home.

I don't think you mum would want you to fall out with your sister.

If it were me in your situation, i'd get the house sold asap and split the proceeds and then both move on with your lives. Maybe do/buy something nice in your mum's memory.

Jemma01

https://forums.moneysavingexpert.com/discussion/comment/82049662#Comment_82049662

dont let her manipulate you into believing that you are letting her down. She's trying to steal your inheritance and guilt tripping you into believing you are the problem. You need to move fast. What legal steps have you taken so far?

Technosaurus

With people who aren't great with money there's usually a bit of 'framing' to be done to help them see sense… they tend to only see the headline figures of rent per month.

They don't usually factor in the boring stuff: income tax, maintenance, insurance, ongoing certs to comply with regulations, agent fees, costs incurred when it's empty etc etc. This is before you get to the renovation costs to get it into a "rentable" position which are already sounding north of £40k, and that would need to be cash up front.

I had similar with my brother when we accidentally became landlords for a while following a death of an elderly relative - he genuinely thought it was £x00pcm of easy money forever, whereas the reality was quite different. And we had good tenants!

Also worth showing them how much interest per annum is generated on half the house's value just sat in a bank account… if you show her that £150k in even a bog standard 4% cash savings account = £6k per annum (minus a bit of tax) for absolutely zero risk. Someone who isn't good with money usually hasn't thought of that.

Silvertabby

I don't think OP's sister intends to be a landlord - I think she intends to live in the house rent free. Then demand money from OP for essential repairs etc 'because it's also OP's house',

Hopefully, I'm wrong and it's not too late to stop the house being put into joint names - but if that boat has sailed then OP is, sadly, stuffed.

Spoken as one who nearly went through a similar experience, but dodged the bullet when my sister managed to coerce our dad into leaving the house to her alone. Except, in my case, the house was in a very poor state (my dad didn't believe in paying someone to do repairs that he could bodge himself), and so was worth less than £30K (30 years ago). Had the house been left to both of us, my sister would still have remained in residence, wouldn't have paid me rent for my half (that's not what mum and dad would have wanted !) but she would have demanded an endless stream of money from me to pay for not only essential repairs, but also utility bills (because she had no money, and it was mum and dad's dying wishes that she remained in the house for the rest of her life).

Less than 2 years later she went bankrupt and lost the lot. Yes, she tried to guilt me into buying the house from the Receiver, so she could continue to live in it. No, I didn't buy it.

Silvertabby

OP hasn't been back since 2 July. Sadly, I fear this has ended badly for her.

sammyjammy

It sounds as if both you and your mum have fixed her financial issues for her over the years, we have a benefits support mechanism in this country for these circumstances, you've enabled her and she wants this to continue. Time for her to stand on her own two feet and suffer the consequences.

Try and treat it as a business transaction and keep emotion out of it. If she won't agree tell her you'll take legal action and it might cost her whole inheritance fighting it!

Bobbysoxx29

Thanks for all your advice, and after my sister's visit on Sunday we have agreed to sell.

There was no fuss, as I think she realised the situation was getting out of hand and the best thing for both our sanities is to have the money and to live our lives that we haven't been able to live for the last 14 years.

I have contacted the Estate agent that provided us with the Probate valuation and he is going over his report and will be back in touch.

I have to say that even that decision feels like a little weight off my shoulders.

I always know that I will get the best advice from this forum and I thank you for your wisdom and also encouragement to put myself first for a change.

thegreenone

I am so pleased to hear that you and your sister have been able to sort this out amicably.

RAS

So glad it's all working out.

MarzipanCrumble

A big thank you too for the update - sometimes there is no update.