Joint siblings house

[A500leroy]

Couple of questions.

Could equity release be used to buy one sibling out and the other remain in the house?

If this wasn't done,

If one sibling died without a will, would the share be left to the remaining living sibling, or the spouse of the deceased sibling?

[randlemarcus]

Yes, possibly, but would need the permission of both owners to do so, so if there is bad blood, might not be easy. And to be honest, seems bloody stupid, if a hypothetical spouse exists.

Depends on whether they are joint tenants (the surviving sibling will inherit) or tenants in common (will follow the will, or the rules of intestacy).

[mattvanders]

A500leroy said:

If one sibling died without a will, would the share be left to the remaining living sibling, or the spouse of the deceased sibling?

Would depend on if they were married or not. If not married then my understanding is that it goes to blood relatives instead of long term partners

[OutInTheShed]

If the siblings bought the house, they will have done so as 'joint tenants' or 'tenants in common', which will determine what happens if one dies.
If they inherited it, what did the will say?

I think the amount of equity release you can get varies with your age, but 50% might be possible.
If you are younger, a normal mortgage might be the answer?

People do get mortgages to buy out siblings etc when inheriting a house jointly, I know people who've done this and let the house.

[alscar]

A500leroy said:

Couple of questions.

Could equity release be used to buy one sibling out and the other remain in the house?

If this wasn't done,

If one sibling died without a will, would the share be left to the remaining living sibling, or the spouse of the deceased sibling?

Who inherits what will also depend on the value of the whole estate and also whether there are children involved - I think the break point is around £320k prior to which the spouse takes precedent iirc.