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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33955
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I AM 73 YEARS OLD. I OWN THE HOME I LIVE. MY SON AND HIS WIFE

Resolved Question:

I AM 73 YEARS OLD. I OWN THE HOME I LIVE. MY SON AND HIS WIFE LIVE WITH ME. THEY PAY NO RENT, BUT CONTRIBUTE TO THE HOUSE HOLD BILLS. I HAVE A DAUGHTER WHO LIVES IN HER OWN HOME WITH HER TWO CHILDREN. IN MY WILL I HAVE LEFT MY HOME TO BOYH MY CHILDREN. THEY KNOW ABOUT THE WILL AS BOTH ARE EXECUTORS WHAT WILL THEY HAVE TO DO TO GET EQUAL SHARES OF THE PROPERTY WHEN I DIE?? [MY SON HAS LIVED WITH ME FOR 3 YEARS ] GORDON BEARD.
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house worth and why do you think that the property might not be shared equally between them?
Clare
Customer: replied 2 years ago.

THE HOUSE IS WORTH £170K. MAY BE I SHOULD HAVE SAID .HOW CAN THEY SHARE THE HOUSE BETWEEN THEM AS MY SON AND WIFE LIVE IN IT, [WILL MY SON HAVE TO BUY HIS SISTER OUT ?] OR SHOULD HE DO THAT SOONER , SO THAT THE PROPERTY CAN BE HIS , @ MY DEATH?

Expert:  Clare replied 2 years ago.
Hi
As things stand after your death your son will have to raise the money to purchase his sister's share of the property
This is something that you will have to factor in to your considerations.
There is no benefit in his doing this any earlier - indeed it could make it more difficult if he does buy half of the property from you if you should have to go into Supported living.
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

HI THANK-YOU FOR YOUR REPLY. WHAT HAPPENS IF MY SON CANNOT RAISE THE MONEY, ? WILL MY DAUGHTER LOOSE OUT?

Expert:  Clare replied 2 years ago.
Hi
In those circumstances your daughter will be able to force the sale of the property
Clare
Customer: replied 2 years ago.

HI. IN THAT CASE , WOULD IT BE BETER IF MY SON BOUGHT THE HOUSE FROM ME NOW. [AT 50% VALUE] AND THE PROCEEDS GO TO MY DAUGHTER. I WILL STAY IN THE HOUSE ,THAT IS NOT A PROBLEM. I JUST DO NOT WANT TO LEAVE THE CHILDREN IN A DIFFICULT SITUATION.

I

Expert:  Clare replied 2 years ago.
HI
Can he raise the money now?
Clare
Customer: replied 2 years ago.

YES.

Expert:  Clare replied 2 years ago.
HI
Is there any possibility that you might have to go into a care home in the future - and if so would you need the financial support of Social Services?
Clare
Customer: replied 2 years ago.

NO. NOT AT ALL.

Expert:  Clare replied 2 years ago.
Hi
Do you have any other assets that could make Inheritance Tax a problem?
Clare
Customer: replied 2 years ago.

No none

Expert:  Clare replied 2 years ago.
Hi
In that case yes allowing your son to purchase a half share of the house from you and immediately giving that money to your daughter could work.
However if you do go into a care home then Social Services are unlikely to agree to finance you on the basis that you still have that cash available to you
however a good solicitor should be able to create an agreement that would mean that this issue could be allowed for
Clare
Customer: replied 2 years ago.

What if I make the house a complete sale to my . but Still for only 50%

Expert:  Clare replied 2 years ago.
Hi
This would not alter anything
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33955
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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