Dec
17
Conveyancing Law Question – ?
By
My mum and dad live with my auntie as she is ill. They each own a 1/3 of the house. When my auntie dies, her 1/3 of the house will go to her two sons. Do they have the right to make my parents sell the house to get their inheritence/ or pay the sons 1/3 of what the house is worth?
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2 Comments
July 13th, 2009 at 2:27 am
You have the option of both, if your parents wish to sell and share the money equally after lwgal costs then that is fine. Also you can get the house valued to find out the exact price and come to an agreement with the two sons as to what money they will receive – dont let them get more than that. The you will need to go to a solicitors and do a Transfer of Equity against the property to get the house into your parent’s name. The solicitors’ fees should be split between the auntie’s sons and your parents.
July 14th, 2009 at 4:01 pm
If the sons are being left 1/3 of the house, that is what they are entitled to. They may CHOOSE to accept a cash payment instead but they don’t have to.
In simple terms your parents will own 2/3 of the house, so can prevent it being sold, although the sons would be entitled to the income from their share – ie a fair rent. And when it was eventually sold they would be entitled to 1/3 of the proceeds.
If it got nasty the sons could apply to the court for the house to be sold. Whether this would be ordered would depend on the circumstances. If the house was the auntie’s first it might be sold, but if the house has been your parent’s family home for some time it is unlikely they would be forced to leave.