Rent and sell further down the line

A

Advice

Guest
Our mother has passed away and left the house to my self and two sisters. In this current climate it has been suggested that we rent the house out and hopefully sell at a later date. Can you see any problems ahead and is it as straight forward as just dividing the income from rent between the three of us? If one of us decides that after a period of renting we want to sell how do we stand with the other two, do they have to buy the party out or is it a matter of the majority rule? Any advice on future pitfalls etc would be appreciated.
 
I am in the same situation. My advice, dealing now with this for ten years.
No end in sight. No rent, no sale, unless we take it to court to force sibling out. If I had it to do over again, things would be very different.

sell it now. If you do rent it, make sure it is rented to non family members.
Keeping track of rent/repairs, which one of you would do that?
Have you discussed this.
 
Sadly if there's one thing that is almost guaranteed to cause family splits and feuds etc. it is this kind of arrangement. It's inevitable that one of the parties will want to sell at a different time to the others. You may not be able to raise the finance to buy out that party, and even then a fair valuation will be problematic.

Even if you do all sign a contract regarding notice period for sale etc. this can always be challenged in court. The costs of this will often mean you'll waste the legacy.

I'd say sell it now.

SSE
 
Just to say thank you. My sister suggested we rent the house quickly suggesting that we can do this without putting our names on the deeds(still in mums name), Bit concerned about this! I just want to sell it now and don't want to go through the trauma of additional costs if it has to go through the courts.
 
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