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jointly inherited home - buy out of only one heir

jointly inherited home - buy out of only one heir

Postby pepper » Sat Mar 05, 2016 7:43 pm

I'm looking for some advice if at all possible. A relative left a home to her three siblings one of which was my mum who has passed away so myself and siblings inherit in her place. The inheritance was split equally and the will states for the house to be sold. My uncle is currently living in the house and intends to stay. My other aunt is insisting on having her share now and wants him to buy her out but for us to keep our share in the house. I was wondering if anyone knows what the consequences of being left in the house (I.e would we be responsible for bills, fees when the house is eventually sold etc?). I don't want to see my uncle having to leave the house but also feel a bit put out also that this has been suggested as a solution without discussion.

Any help would be really gratefully received - I don't know these relatives to be honest or their motives other than they want the money quick and therefore what the implications of this would be for us if we weren't also bought out.
Many thanks.
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Re: jointly inherited home - buy out of only one heir

Postby theycantdothat » Sat Mar 05, 2016 10:28 pm

Assuming your uncle has no tenancy and the will is as straightforward as you say it is, your uncle cannot simply decide to stay. He can only stay with the agreement of the other beneficiaries who would presumably want to be paid the equivalent of rent in proportion to their shares. Your aunt can sell her share to your uncle if she wants, but cannot dictate what you and your siblings do with your shares. If you and your siblings decide to go along with what your uncle and aunt want, then terms need to be agreed and properly documented.
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Re: jointly inherited home - buy out of only one heir

Postby atticus » Sun Mar 06, 2016 2:06 am

The property is held on a trust for sale. Application may be made to the Court under the Trusts of Land and Appointment of Trustees Act [I'm not sure which year - 1997?] for an order that the house be sold.
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Re: jointly inherited home - buy out of only one heir

Postby pepper » Sun Mar 06, 2016 2:37 pm

Many thanks for your help with this. Would I be liable for costs associated with the upkeep of the house for example roofing etc if there was faults/damage as a co-owner as this would really be impossible for me. Also my sister is on Benefits and I presume her keeping her share in the house would invalidate benefits and with money trapped in house then no income?
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Re: jointly inherited home - buy out of only one heir

Postby atticus » Sun Mar 06, 2016 3:04 pm

All reasons to sell.
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Re: jointly inherited home - buy out of only one heir

Postby theycantdothat » Sun Mar 06, 2016 4:26 pm

Would I be liable for costs associated with the upkeep of the house for example roofing etc if there was faults/damage as a co-owner as this would really be impossible for me?

That is something you would have to negotiate with your uncle. If he is going to be two thirds owner he ought to pay at least two thirds of the upkeep. How much more he pays should depend what rent you would get.

Also my sister is on Benefits and I presume her keeping her share in the house would invalidate benefits and with money trapped in house then no income?

Getting some cash might also affect her benefits.

...money trapped in house then no income?

You are not obliged to charge your uncle rent, but he ought not to expect to able to live rent free in a house he does not wholly own.
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Re: jointly inherited home - buy out of only one heir

Postby dls » Mon Mar 07, 2016 7:51 pm

the will states for the house to be sold.

Then sell it.
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Re: jointly inherited home - buy out of only one heir

Postby theycantdothat » Mon Mar 07, 2016 11:07 pm

dls wrote:
the will states for the house to be sold.

Then sell it.


There is of course no need to sell if all the beneficaries agree not to sell.
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Re: jointly inherited home - buy out of only one heir

Postby atticus » Tue Mar 08, 2016 6:29 am

A condition which does not apply here.
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Re: jointly inherited home - buy out of only one heir

Postby dls » Tue Mar 08, 2016 11:01 pm

The will creates a duty on the executors as trustees. As a duty, it must be fulfilled if any one trustee wants to do so, acknowledging that they also have a duty to abide by the wishes of the majority by value of the trust property.

It is right to say also that we do not have the exact terms of the will.

It is not an issue of buying out by one heir, but rather two issues - whether the trustees have an obligation to sell, and by what mechanisms can a buyer safely include a beneficiary.
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