AIBU- Sister is angry i wont sell my share of the house!

[CollegeDoctor]

DH and I are in great need of the hive mind. So last year due to issues with our father, we , my mother and brother and I. Purchased a home for my mother to live in. We asked dear sister to contribute, however she had'nt got the money at the time so could'nt. SO fast forward a year and a pandemic and the property value has increased by £40,000. Dsister came back and asked if she could purchase the house from us, i stupidly said yes and that she could do it at the price we bought at. (i really didnt think she would get all her ducks in a row)

Fast forward 2 months and she has and now wants to proceed to conveyancing. I know i was wrong to lead her on and promise, but i don't want to sell as the property is certain to continuing appreciating. What should i do ? What would you do?
Dsister is very angry that i have wasted her time.

Why are you not all joint owners of this property, based on what was put in? It gives you all the control, when you don’t even live there but another contributing party does.

What do you mean, a contract was drawn up? Is there a formal declaration of trust which sets out how increases in equity should be shared and what happens if one party wishes to sell their interest?

@SleepingStandingUp

Well you shouldn't have said yes. Tell her you're sorry, you rushed into a decision without thinking but you now don't want to sell. Weather the bad mood.

Why does she want to buy a share in a house which she isn't going to be living in? I how your brother and mother have some legal protection as they've basically helped but you a house which you're letting your Mom live in.

I agree with SleepingStandingUp

I agree with Bluntness. That was a terrible thing to do to your sister OP. You can't play with people's feelings and lives like this. I'm not sure I could forgive it if my sister did that to me.

You now understand that you made a mistake. Apologise to your sister and offer to reimburse any expenses she incurred.

Yes, she has every reason to be angry. As I'm sure you realise, your relationship with her may never recover.

Name change fail OP?
At this point your sister is the least of your worries.
How can you sell her an entire house meant for your mother to live in?
You can’t have a contract that gives people a say in who lives where - only that they get back any money they put into the sale.
The only assurance that you have is your sister ‘won’t’ kick your mother out but there’s nothing legally from stopping her doing so.

What do your mother and brother think about this?

You not only made a mistake in offering to sell her the house but you have no right to do so. You must call a family meeting and decide what to do. It’s not just ‘your’ house.

@CollegeDoctor86

Oh ok more comments.!

To answer but a few of the questions.

1. the property is in DH and my name
2. prior to this error of judgement on my part, my word was my bond and a contract was drawn up stipulating the amount each individual put in and their share.

1. i genuinely couldn't bring myself to let my sister down and that is what led us on this path. I should have just said no, instead of letting her chase after a moving goal post.

1. I aim to put everything right. Family is important to me and i want to make everything right.

1. i can absorb the financial hit and hopefully move on and not do business or property with family again.

This appears to be an OP post under a changed name. People will probably miss it if they’re using the ‘see all’ function.

Also to add if this is your sisters first house - how can you genuinely believe that she would continue to let your mother live there as she has now?

If she is very angry as you have taken away her ‘only’ chance of buying a house she’s not going to have the money to rent while owning a house. Nobody in their right mind would do so anyway.

So yes - whatever you do you will upset someone. But as prior agreement was with mother and brother you should prioritise them.

Well op when it came to it you felt totally fine in letting her down.

Offer to sell at todays price , but discounted slightly so you both benefit from the rise in price?

If others have contributed to the property and yet its in you and your husband's name that is pretty bad form for a start.

OP, did you go into this to provide a home for your Mum, or to increase your property portfolio?

@EdgeOfTheSky

OP, did you go into this to provide a home for your Mum, or to increase your property portfolio?

Or to get one over on her father. It looks as though the property might be in her name to avoid him having a claim?

Ah. Yes.

Was this all done to hide assets? I ask because you say issues with fil - is there a divorce involved here?

If so, couldn't fil challenge this? You say there's a contract setting out who owns what so he could go after mils share?

“my word is my bond” 🤣 until it doesn’t suit you - easy to use lofty phrases until your actually challenged to keep your word when it will cost you money.

You could hide behind betting screwed over on CGT, I suppose, as it’s not your residence and I think there are rules around selling below market value to avoid CGT.

Sounds like a clusterfuck anyway.