Rights and obligations of part-owner of a house

So, what are the rights and obligations of a minority part-owner of a house received by an inheritance?

In terms of liabilities. being in the loop for any decisions on repairs/improvements, key access, etc. There is no CAT due to the threshold and value involved.

4 owners of an inherited house, 3 own roughly 95%, minority part-owner owns 5%.

One owner resides in the house.

That's a very strange percentage 5%, how did that come about. Logically they owe 5% of costs, but really the person living in the house is having free rent. I presume this is some siblings, they should agree as to the next steps, which is not always possible, especially if the owner resident doesn't allow access etc.

Bronte said:

That's a very strange percentage 5%. Logically they owe 5% of costs, but really the person living in the house is having free rent. I presume this is some siblings, they should agree as to the next steps, which is not always possible, especially if the owner resident doesn't allow access etc.

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There was no will from the parent and the siblings agreed the % ownership shares and had all the legalities done. For simplicity I use %, the deeds use fractions. All siblings had equal entitlement and they decided on those particular %'s for whatever practical/sentimental/personal/illness reasons existed for them. The minority owner is quite elderly now.

You raise interesting points.

1. owe 5% of costs - but what if never consulted on costs or decisions?
2. one owner living rent free and has been for decades

What value or use is 5% ownership? It has no control/power./access If minority owner asks the 3 others to buy out their 5% there presumably would be all manner of expenses produced.

When the minority owner passes away, what good is a 5% ownership in reality to his/her beneficiaries?

Well it seems like a crazy situation that people deliberately put themselves without thinking it thru. Did the solicitor think it was a good idea?

How much is 5% worth?

I wasn't involved in any of it and I am not one of the owners.

No idea re value, but although needing modernisation the house is detached with a field for garden/expansion. Maybe 5% is just 20k if 400k valuation as it is a fine site in a prime location.

STEINER said:

If minority owner asks the 3 others to buy out their 5% there presumably would be all manner of expenses produced.

When the minority owner passes away, what good is a 5% ownership in reality to his/her beneficiaries?

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Is it four siblings? Does the 5% owner live in the property, why not ask the other three to pay them off, where are you seeing all manner of expenses being produced in this. As with most cases like this we see in AAM one feels there is more to this than meets the eye Steiner. What does the 5% owner want. What is your relationship to this - to solve it, to sort out the mess created by others, I'd say in most cases like this one is best to stay away !

Bronte said:

Is it four siblings? YES Does the 5% owner live in the property NO, why not ask the other three to pay them off,AN OPTION, YES where are you seeing all manner of expenses being produced in this CAN'T BE RULED OUT. As with most cases like this we see in AAM one feels there is more to this than meets the eye Steiner. What does the 5% owner want CLARITY. What is your relationship to this - I WILL INHERIT THE 5% to solve it, to sort out the mess created by others, I'd say in most cases like this one is best to stay away !

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As I said. what good really is owning 5% of a house? I will inherit this from parent who owns just 5%, but what is the point, what use is it? It seems the best thing would be to be bought out by the others. But in practice, how do I/parent liquidate this 5% if others won't pony up? I don't want to be stuck with this oddity and don't want to give it away for free.

That's quite a price for property needing modernising. 400K. Are you sure about that. There's an old saying. Slowly slowly catchee monkey. How about you just ignore this problem for the next decade or two, and when the time comes, and come it will, the property will be sold or transferred and the 5% share will be make it's way to you or yours.

In the interest of family relations just ignore the property, I can tell you if I owned 5% of it I'd be letting the 95% owners worry about fixing and renovating, it's in their interest to do so, not yours.

Of course to find out the real situation legally, you need a solicitor. I'd suggest for 20K this is not prudent. Nor wise.