To not get loan for share of property that I do t want

[emotionalmess2019]

I'll keep it brief but essentially i own a sharedproperty with my siblings. Summer home in the south. We share equally, contribute equally etc . My parents are deceased and left this house and land to us in their will. It is in an expensive and much sought after location so property prices are inflated . One of my siblings wants out so besides the option of selling the whole property which sibling can force if it comes down to it, the other siblings would have to buy her out. This would cost me e40k which I do not have in cash . I would have to get a loan and pay hefty interest as you can imagine. I don't want any of this , neither do my other siblings. Our parents understood that the law is the law but wanted the house and land kept in our names and for their grandchildren in the future. They said this over and over throughout their lives . The land has been in the family for generations . I am
Gutted but trying to keep emotion away from it. Any advice or thoughts welcome .

Petty So the sibling who wants to sell isn't trying to control what someone else does by threatening court? Double standard much?

Sell it. You're just delaying the inevitable. Nightmare for everyone going forward.

Divorce, redundancy, illness, death or simply moving abroad - any number of life events might well mean one of you would like to realise the asset to release funds. Spending a fortnight a year in a £40K part owned asset - that's an extremely expensive annual holiday - let alone the oncoming maintenance costs of an empty property for much of the year.

@scaryteacher, if the sister is pushed into taking legal action, it wouldn't be open to OP or the other siblings to start putting terms onto agreeing to the sale like having their costs paid: it would be in the control of the court, and if OP started playing games like that she may well find herself being ordered to pay the sister's costs.

I doubt that losing a two week holiday in the property each year is going to weigh much with the sister when compared with the benefits of having £40K plus interest on it. OP does say she's not really that interested in using it. She's presumably well aware that one of the consequences of her wish to be paid out is that the property may be sold to a third party, so she's presumably not relying on being able to use it anyway.

I wouldn’t give the option of her renting at market rate. Market rate staying there for two weeks a year would likely be less than her share of the maintenance she is paying now so she is still getting all of the benefit and none of the consequence of selling. If the house was hers only and she sold it she wouldn’t be able to stay there for a few weeks a year. As she wants to sell that’s her done with the house completely. Otherwise the other siblings are just being taken advantage of completely.

Are there five or six siblings in total?

So this £160k / £200k she wants for her share - what’s this based on? Who’s valued it? Please don’t tell me it’s based on an estate agent valuation as with a property of this size / value you can probably knock a good amount of that. You need to get a fair and proper assessment of the value, and I would offer a little less than that due to speed, convenience, lack of EA fees too.

Oh and if she wants to sell it and you all agree, make sure you’re not the one lumped with dealing with the EA and conveyancing liaison!

Sell. This is going to get more and more complicated as time goes on.
I appreciate the sentimental attachment to the place, but we all have to leave the childhood family (holiday) home at some point when the older generation are no longer around and there is more than one person to inherit.

Sell the bloody thing - endless hassle otherwise.

I don't blame her. That's a huge amount of money for two week holiday in the uk.

Kings From the previous posts of the OP, this sibling has created problems anyway. At what point do you finally decide you have had enough of always kowtowing to a particular family members wishes? Everyone has their lines in the sand.

I also agree it will become more complicated as time goes on - if it does get left to grandkids, how many of them will there be and do you think they’ll all want to keep it?

'I'd let her go through with it , but have my legal costs deducted from her share of the profit as a condition of sale, plus any CGT incurred, and all selling costs from EA fees down to any problems thrown up by them'

OP doesn't have a leg to stand on and is not in a position to be making such ridiculous demands.

The will states the terms. If the sibling wants their share, the house must be sold or the others buy her out. It's that simple.

If they refuse it will go to court and they will lose.

How hard is it to understand that?

You buy them out and wave goodbye. You don't stay tied to them forcing them to pay into a property they don't want and resent to appease your own sense of family duty.

scaryteacher My family isn't idyllic, but what this sibling is doing is not coercion. The sibling equally shouldn't be forced to keep an asset they don't want. They are entirely within their rights, and within the terms of the will, to sell. They're not doing anything wrong, even if it isn't what the OP wants.

Sorry that was to scary teacher.

At what point do you finally decide you have had enough of always kowtowing to a particular family members wishes? Everyone has their lines in the sand.

Well, you certainly don't choose the point where, if you draw your line in the sand, you know full well the sibling will get a court order against you including an order that you or the estate pay her legal costs.

I seriously question how desperate the parents were to keep this house in the family. If they wanted that they could have put it in trust. The fact that their will allowed one child to enforce a sale surely demonstrates that they were being realistic about this.

This whole thing is ridiculous. Keeping a property in a desirable area that you don't need out of sentimentality and leaving it empty 2/3 of the time. It seems so selfish.

You need to get together and actually agree where this is going. It's hard enough with? 5 of you. What happens with the next generation. How many grandkids? Some of them will rather have the cash to buy themselves somewhere to live.

Acis If she wants to be bought out, then my offer would be contingent on her paying all the legal costs, CGT etc.

People threaten court, as did my mil. As we didn't have the money at the time to fight her, we tied things up legally, but not as she wanted as we had a good solicitor and knew what we would be happy with as an end result. It cost her in terms of losing her sons, dils and gc. We only communicate if necessary via solicitors and haven't spoken in person for 6 years now. Her loss. None of her adult gc want to see her, so her action had consequences, which she has to live and die with.

Not 40K - £160/200K for 2 weeks per year!

Part ownership of property with friends or siblings tend to be short lived because people have different priorities in life. If I was in the same scenario, I would want my £160/200K share out too - so that I could help my DC out.

She doesn't need a reason. What if you were in her shoes? How do you think joint ownership of the property will last going forwards if siblings have different levels of income/financial priorities?

My grandparents left their house to my Dad & his 3 siblings. Only 1 wanted to sell, 2 of them fancied developing the plot to increase its value. The other sibling remained fairly neutral. The 1 who wanted to sell, made it clear that the others could buy him out because he had no desire to invest in the further development of the land.

They sold up. Why? It didn't sit comfortably with the 2 siblings who wanted to develop the land to potentially make a huge profit on it even if they bought out the other 2 legitimately. The potential future rift/resentment within the family wasn't worth it in their opinion.

I’m actually with the OP on this. What about the parents wishes? What about respecting what they worked their lives for. They made their feelings clear but all the sibling in question is concerned about is money.
I speak from experience, having been left 1\5th of a house in a will with other family members. 3 parties wanted to keep their share, one wanted to buy all 4 out and one wanted to force a sale. The one who wanted to force the sale eventually got their wish. We conceded before court action, but no one really walked away happy.
In hindsight I wished I’d fought harder to keep the property but thought it was would ‘save’ the relationship with the other family member. It didn’t, the relationship eventually broke down for other reasons.

wowfudge neatly summed it up: "it's not fair for the wishes of the now dead to overrule those of the living"

If your parents wanted it kept in perpetuity then they should have taken steps to arrange that via trusts or whatever. Not just dumped the keys on your and washed their hands of anything else.

Besides which, they are now dead. They don't give a monkeys either way anymore.

I would go for sale, and then use some of the money (or even a portion of the land?) to buy or somehow set up a memorial to your parents if wanted. Maybe even make charitable donations in their name if they suffered a specific illness or something?

Hillrunner Threatening legal action is coercion though is it not? The OP is being forced either to take a loan, or sell the property, neither of which she wants to do. How is that not coercion?

If she wants to be bought out, then my offer would be contingent on her paying all the legal costs, CGT etc

Fair enough, but it's not what you said originally, scaryteacher. And if she doesn't want to agree to that she still has the option of forcing a sale through the court. I really don't think this is the hill OP should choose to die on, as the sibling has all the law on her side.

OP, this house isn't in the UK, is it..?

Presumably the options open to you re joint mortgages, short term rentals etc will be dictated in part by which country this house is in...

As will the court options open to your sibling to force you to sell