Tenants in common

[namechangejustforthispost]

Hi

Apologies if glossing over detail, trying not to be outing.

I inherited a property with another party a few years ago. As they live in the property, the intention was that they would buy out my share.

I have received a fraction of what they should have paid and the last payment was a long time ago and when I bring it up I just get excuses. It’s clear to me that they have either decided they don’t actually need to buy me out as they live there anyway.

It isn’t really feasible to force a sale, I’ve tried this before and it caused problems between me and other family members. Also, as this has been some time, my circumstances are now that I would like to keep my share in the property.

To have my name recognised on the deeds it would mean putting in both our names as tenants in common as legally we are both beneficiaries.

My worry with this is that I don’t live in the area and as they live there, there is a risk that I won’t be able to get access or be involved in any repairs that may be needed. If tenants in common I am assuming we would be equally responsible for maintenance? If I am not being made aware how can I help to maintain the property? And would this affect my share?

Does anyone have any experience relating to ownership where one party lives in the property?

Thanks

Repay them what they have paid you (as the intention was they were buying your share - presumably for an agreed price) and instead put it in joint names.

The situation is confused by the prior agreement to sell to them and the fact that they've paid you at least some of the agreed price. Whilst all cotracts for the sale of land must be in writing this is an agreement for the acquistion of a beneficial interest, and it has been part performed.

There is no way around you asserting your rights without upsetting someone, it seems.

Hi

Thank you for replying.

Exactly, starting to do something but then abandoning it has just created a mess.

I understand what you are saying that payment was with the intention to buy. But if I repaid them the money, they would then have this amount (15k) their 50% share and have lived in the property rent-free for years (aprx £700 per month). This doesn't seem fair.... I reconciled the fact they were living rent-free with the idea they were buying me out. The property has also increased in value due to rise in house prices, so if it ever came to selling it, as it is their main residence, they would also be exempt from a capital gains bill and I wouldn't.

I should add that the agreement to buy me out was not done formally, unfortunately. It was a casual agreement as we were on really terms back then. I just want to make the point that I am not trying to get around any legal agreements!

Is there anything in writing about their agreement to buy you out?

Who actually owns the house now? Who's name is it registered in? Who has insurance on the house? Who would stand to get the money if it burned down?
So many questions....

In what way did you inherit the house? Was this stipulated in the will? And if so, what did the executor do to hand the house over to both parties? Is there some dereliction of duty by the executor?

Reading with interest. I am about to walk into the same issue with a family member living rent-free in a house 'we' will inherit. In my head, I'm charging 50% market rent from the earliest opportunity and forcing a house sale but I will be met with resistance. In your situation the person living in the house has no interest in changing the current situation, you will need to ruffle a few feathers to get your 50%. Good luck

Embarrassing to admit, but a very rough note on a pad to say they agreed to pay a specific (outing) amount each week, resulting in half the value of the house. Often it was not paid for weeks and what they did pay was through my constant chasing. And once I moved out of the area, the payments stopped altogether because I wasn't there. It was the bain of my life and now it seems like I'm going to end up worse off for agreeing to it (which I was forced into).

Inherited intestate as no will. It is still in late mother's name. This was to be put directly into the other parties name once they had bought out. Obviously at that point I didn't expect it would go on this long.

I think you need to see a solicitor. i owned a house as tenants in common with my dad but he left a will which left it to me so i simply had to get solicitor to arrange for deeds to be re-registered in my name alone which was simple and cheap. The only thing I know for sure is to go with tenants in common and not just joint names as then you have more control over who you would want to inherit if you died. If just joint your brother would automatically inherit it. I don't think you need to muddy the waters at this stage over a piece of paper saying he'd buy you out, he's already renaged on this anyway. You can argue over that once the property is legally registered.

Thanks, you are right.

I have gone to solicitors previously but as it's a contentious issue, they simply just suggest forcing the sale of the property. Which family (even remaining parent) see as basically kicking them out. So if it means ruining other relationships, I can't really go forward with selling outright.

It's highly unlikeable that I would be involved in the property once it's registered, the thought process is that they are living there and is more theirs than mine, so they won't be asking me for help with repairs or maintenance. I might not even have access. So I just worry if I am not doing this, is it possible to lose my share. of it.

highly *unlikely that I would be allowed to be involved

@namechangejustforthispost sorry just re read your post, don't know where I got brother from think I presumed as I have one. I actually did have a relative living in it after I inherited but I still had the property re-registered at the land registry for my peace of mind and to ensure it was legally mine. (Dysfunctional family long story). I didn't pay any maintenance or have anything much to do with the property for a few years until they left from their own volition.
If you need the relative to sign anything for the process I'm sure the solicitor would be able to make them do this with the threat of having to force the sale if they wouldn't. You would at least feel more secure that it's growing you some 'pension' by increasing in equity.

You need to register the property as tenants in common and draw up a deed of trust. This should set out who is responsible for repairs and how much rent you should be paid for your 50%. I would also be including the right for you to inspect the property once a year, having first given notice as you are effectively a landlord.

I would get this done via a lawyer asap and treat the £15k as rent.