Beanie said:Short story version, father passed away without leaving a will. The only asset he left was the family house. Under current law my mother is entitled to 2/3 of the house and the other 1/3 is divided among the 5 siblings giving them 1/15 share of the house. My sister wants to cash in her share in order to buy her own house. My mother doesnt want to sell the house, so the family members will have to buy my sisters share. Is there a law to say she is entitled to the cash equivalent or is it basically up to us to decide if we want to buy her out? Her 1/15 share is valued at 75K, we could remortgage the family house but as my mother is a pensioner she has little or no income and the rest of us have mortages to pay so not sure if a remortgage is a viable option. Are there any other options we could look at?
On a different note if the siblings decided to give their 1/15 share of the house back to their mother, will his being seen as a gift and will she be liabale for tax on this?
Beanie said:Thanks Guys some interseting comments. Clip around the ear! We've tried that! I suppose for my sister she sees that we are all on the property ladder and her only way getting there is to sell her share of the family house and have a nice deposit.
Brendan, my mother is 69 she sees the house as her home until the day comes when she can no longer manage it. We thought about selling the house to the bank but you do get screwed that way, dont you?
Make a WILL this week if you dont have one. Theres so many problems when there isnt and every family member will have a different reaction to assets that are left. My father is from that generation that would have left everything to his wife. We tried to get him to make one but he thought it was too morbid and it wasnt open for discussion.
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