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 .

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

If they go to court and win, the judgement is proof that the person who lost was the one being controlling, by trying to force a result they had no legal entitlement to.

OP:

Are there 4 siblings altogether or 5?

What is the value of the share of the house owned by the 'I want to sell' sister?

Is it £40k or £200k? Is there any chance that rental income would cover the interest in a loan / joint mortgage?

I do think people have made good points: how many children do you all have between you? How are all your respective shares left to your own children? It could get very very messy and complicated in the next generation.

And when any of you siblings buy a new house you will, as others have said, be subject to heavy heavy stamp duty. Though that is worth checking out if you are exchanging your main residence for another main residence.

My parents' house is in a prime holiday area (they live there, not a holiday home). They will leave the house to me and my siblings collectively as part of their estate. They fondly believe we will keep the house and use it as a holiday home as we holidayed there throughout our childhood and teens. We won't.

How many weeks a year do you go there, OP?

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

They are simply pushing for what is their right. If they have to go to court to do that they will.

It might seem that between sisters you would hope there would be some consensus and a shared understanding that this property is more than monetary value to most of the siblings. So morally you might talk about control...but the fact is that they each have a share and can sell that share at will.

This will happen to us when we inherit from DPIL (hopefully in a v long time, not wishing them any harm!). They have a big house, and the romantic idea that it will become the family holiday home where their DC and DGC spend their summers together...
DSIL would love that, DH and I already know we won’t want to keep it. We don’t like to holiday there (SIL does), it is quite long and expensive to get there for us (other country - SIL lives a 3h drive from there) etc.

It sounds liek the parents here set it up very wisely - that anyone can require a sale because they knew full well sometimes people just need the money and you cannot keep these thigsn in families forever. That is one reason England had primogeniture of oldest boy. My second daughter was joking the other day that she is last of 5 if we went by that order, despite being second oldest as 3 brothers and an older sister ahead of her. However one thing that principle does preserve well is large estates. (Although it is not very fair)

Whereas in France and Italy I think you have to leave to all children so if you have 5 and they have 3 each for example parcels of land get owned by more and more people.

the stamp duty point is important nowadays too as owing a property may mean when you buy a second you pay 3% more stamp duty (as you own 2 properties although the rules are not as simple as that and you need a good solicitor to help sometimes to work it all out). So if someone where buying for £600k in London they would have to find an extra £18,000 if this was a second property and find it again and again each time they move house.

The parents appear to have done nothing other than state in their wills that their house is to be transferred to their children. They've then verbally conveyed they wanted it to stay in the family. Nothing wise about it - it's the minimum done legally.