Inheriting part of a house.
Discussion
Hello everyone,
My Father was widowed many years ago and now has a long term girlfriend. His health is questionable these days. His will is for his estate to be split between myself and his girlfriend. The estate mostly consists of 2 houses, one his long term residence and the other is a 95% complete house he was building.
His ill health and lack of money have stopped the build in its tracks and he refuses any financial help to finish it. He has enough to live on from his pension and that's it.This has been the situation for over a year.
He needs some cash so I am thinking of offering to buy a small percent of the nearly complete house 1, to release some money to him. 2, as an investment for myself.
There is a one more issue; his girlfriend has dubious integrity as far as her dealings with me go, we get on superficially but she has tried to screw me over in the past.
When the estate is split I think we currently stand to get 50% of each the house each? If I already owned 5%, of the new house, would I then end up with 55% of the new house and 50% of the old house?
If that was the case, would my majority share give me control of the house, like owning 55% of the shares in a company does?
I'm not trying to screw her over, I'm just trying to protect myself and keep her from being silly/spiteful.
Thank you in advance chaps.
My Father was widowed many years ago and now has a long term girlfriend. His health is questionable these days. His will is for his estate to be split between myself and his girlfriend. The estate mostly consists of 2 houses, one his long term residence and the other is a 95% complete house he was building.
His ill health and lack of money have stopped the build in its tracks and he refuses any financial help to finish it. He has enough to live on from his pension and that's it.This has been the situation for over a year.
He needs some cash so I am thinking of offering to buy a small percent of the nearly complete house 1, to release some money to him. 2, as an investment for myself.
There is a one more issue; his girlfriend has dubious integrity as far as her dealings with me go, we get on superficially but she has tried to screw me over in the past.
When the estate is split I think we currently stand to get 50% of each the house each? If I already owned 5%, of the new house, would I then end up with 55% of the new house and 50% of the old house?
If that was the case, would my majority share give me control of the house, like owning 55% of the shares in a company does?
I'm not trying to screw her over, I'm just trying to protect myself and keep her from being silly/spiteful.
Thank you in advance chaps.
I bought a share in my MILs bungalow as she couldnt cover the cost of buying it on her own , had a solicitor draw up an agreement showing my share as a % of the value. When she died house was sold i got my % of the currebt value then the rest was split between her 3 children as per the will.
Not sur about the controlling interest as we all just wanted to sell and move on. I do recall that due to the agreement no one could do anything without me agreeing to it.
Not sur about the controlling interest as we all just wanted to sell and move on. I do recall that due to the agreement no one could do anything without me agreeing to it.
Having had reason (not as a benefactor) to research this point a little, my understanding is that you would inherit 50% of your Father's share should the will split 50/50, so being 52.5%/47.5%.
In terms of "Controlling share", no it's not the same and you would do well to be amicable with the girlfriend and come to some agreement. If she decided to keep the property and you wanted to sell, you would have to go through the courts to force it, with associated costs and no guarantees (especially if she decided to live in it).
Your father may feel his girlfriend should inherit in full, or hold in trust until she passes, and you wouldn't know until the will is executed. But equally she may want to manipulate his intentions, if there's history of trying to screw you over, so be aware of that. It would be wise to see if there's any Power of Attorney in place and discuss his intentions there before things deteriorate. PoA granted, house sold, funds splurged by family member on new assets in their name... it happens, cue court cases and family feuds.
It can be saddening to see how manipulative family can be to ensure they get their 'entitlement', forgoing the care requirement of the elderly to maximise it, and it's sadly not uncommon for family to try to manipulate a vulnerable elderly relative to their preferred outcome. These scenario's can bring the worst out in folk. Make the most of your remaining time with your father, ensure his needs and comfort are prioritised, but yes some due diligence would be wise if you're concerned someone may play tricks (and sounds like you have reason to believe that could happen).
In terms of "Controlling share", no it's not the same and you would do well to be amicable with the girlfriend and come to some agreement. If she decided to keep the property and you wanted to sell, you would have to go through the courts to force it, with associated costs and no guarantees (especially if she decided to live in it).
Your father may feel his girlfriend should inherit in full, or hold in trust until she passes, and you wouldn't know until the will is executed. But equally she may want to manipulate his intentions, if there's history of trying to screw you over, so be aware of that. It would be wise to see if there's any Power of Attorney in place and discuss his intentions there before things deteriorate. PoA granted, house sold, funds splurged by family member on new assets in their name... it happens, cue court cases and family feuds.
It can be saddening to see how manipulative family can be to ensure they get their 'entitlement', forgoing the care requirement of the elderly to maximise it, and it's sadly not uncommon for family to try to manipulate a vulnerable elderly relative to their preferred outcome. These scenario's can bring the worst out in folk. Make the most of your remaining time with your father, ensure his needs and comfort are prioritised, but yes some due diligence would be wise if you're concerned someone may play tricks (and sounds like you have reason to believe that could happen).
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