What should i do

[littlebunty2]

Thirty years ago my parents signed their house into my name, my sister was married to a professional gambler who made them bankrupt I think they were worried that the debt collectors would come after their house. My parents died Mum first then Dad. Me and wife spent a bit on the house over the years keeping it in good condition. My dad said that on his death when I sold the house to give my sister a share he wrote her a letter stating this which the solicitor held and I have a copy. Of course after his death when she found this out was angry because she thought she should get half. I didn't know what to do with the house so rented it for a few years then sold it last year. Now she has suddenly contacted me to say she knows I have sold the house and wants some. My solicitor told her she has no legal rights as its in my name I don't know what to do now, I had earmarked the money for certain things, I haven't seen her in seven years and she has no legal entitlement to any of the proceeds of the sale She is divorced from the gambler

We will see our solicitor the letter is not a legal document, their grandparents would have wanted my children to get on the property ladder and that's what I intended to do with the proceeds. thanks everyone for your views. Bunty is our rabbit

Wtaf. Of course she deserves half.

Your parents would have wanted your children on the housing market but not at the expense of their own child not receiving her fair share- which is half- and not what you decide she deserves.

I suspect you knew all along he should have specified. The fact he sent the letter to his solicitor tells me he knew you might pull a fast one.

He's protected her from her untrustworthy ex husband and put her at the mercy of her unscrupulous brother instead. What a pity.

Disgraceful behaviour from you. I hope your sister takes you to court

You're going against your dying dad's wish.

Your sister managed to leave a probably abusive relationship only for her brother to kick her when she was starting to get on her feet. Why are you more worthy?

Obvious reverse, people can't help add little details to sentences to support their case - 'she came up when she could (real version) but could have done more (reverse version)'

I don't understand why they signed over the house 30 years ago, it doesn't make any sense. If this is true, which I doubt, from reading your post you are the kind of person who would have kicked them out as soon as the house was signed to you.

You've owned the house for 30 years then? Presumably that was to avoid inheritance tax, and this was achieved as they lived longer than the required 7 years?

Unfortunately for your sister she isn't owed half as it became solely your asset 30 years ago. It isn't an inheritance and you are not legally required to share. You're right, the letter isn't legally binding.

However: your parents were obviously relying on you to do the right thing and fulfil their wishes in lieu of a will, having done what they thought was the right thing to protect what they considered to be your sister's inheritance from her ex. Morally, you're not doing the right thing in keeping it. Clearly your parents never anticipated this lack of probity on your part.

What a twat

Compromise?

Half of what the value was when it was signed over to you?

You've already made your mind up so why ask.

Cunty thing to do though.

Your children will see this behavior and see it as ok to do to one another as adults one day.

I think you should pay her half of the house value when your Dad died.

If you kids did this to one another is this what you'd want? Do you not think being married to the gambler would have been shit enough without you doing this?

I have children she has none

Irrelevant. If this were intestacy, only the immediate child level would inherit, on the basis of even shares. The existence and number of grandchildren would not figure.

She came up when she could but I did more

Unfortunately also irrelevant. You might think you have more rights but most parents divide their estate evenly regardless of who cares for them in later life.

Sorry, I can see where you are coming from but I believe you are morally bankrupt if you do not split the funds evenly down the middle to give her half.

OP: I'd really like you give us some actual numbers and where you live. Like...

You live in Kent. You didn't pay any tax on the inheritance from your mother. You invested £10k on the property and took £12k in income from it over 3 yrs then it sold for £150k but the estate agent and conveyancing added up to £16k so the net profit on the sale was £134k.

Do you have numbers like that?

I was in similar position, although I didn't spend anything of my own on the asset (or get income) and my mother explicitly told me to keep my brothers' shares if they didn't sort their lives out within 12 months.

If you spent money on the property but took full rent as your own income then it sounds like you got that investment back.

So I'm minded to say Ur sister gets half from the sale after fees & you have a clean conscience. Tell us real numbers?

Morally you should give her half, or half minus what you spent on upkeep. Your father trusted you to give her a (presumably) fair share. Why don't you want to now the gambler is out of the picture?

You have a very strong case especially as your father wrote you a letter stating this.

The father didn't own the house! He gave it away years before. He can write what he likes but you cant state who gets something that you don't own.

I could write a letter gifting you Buckingham Palace- not a strong legal case.

Presumably that was to avoid inheritance tax, and this was achieved as they lived longer than the required 7 years?

CGT is probably more due to the rise in property thresholds for inheritance tax. So possibly lost money rather than made any.

If the property was gifted outright then I think the OP is technically right. Morally right is another story, however.

Presumably your parents would have intended each of their children to inherit an equal share of the proceeds from the sale of the house? That would be a normal scenario anyway, but they tried to ringfence her share from her gambler partner, who is no longer on the scene.

So sort that out and give your sister what she is due. Stop being an arse about it.

Op has no morals.

Karma is a bitch though 😉

House prices have risen massively in the past 30 years and so the OP will have had to pay a lot of capital gains tax.

You don’t pay CGT on primary residence. No it sure what OP came on here to be advised, certainly didn’t get the answer they were looking for. And has now done a disappearing act.

Disappeared because they were hoping to be told they didn’t have to share with their sister as clearly instructed by their dad . Family eh?!!