I know this can't work but hear me out

[CrazyBatIknow]

My sister and I will inherit a 4 bed detached house on the edge of a village. Will go on the market for approx £400k.
The close that the house is in is occupied by 8 other houses. All lived there for 30 plus years.
This is a hypothetical situation currently but I want to sell it for £200k (approx) with caveats about not reselling in a certain amount of time, allowing a young family to move in to a house they couldn't thus afford. I may sound a complete twat- my sister and I would love the money but £100k each would change our lives immensely plus another family's life. What haven't I thought of? Am I a complete knobhead?

OP, backseat psychology is telling me that you want that to be a happy, affordable home because your memories of a happy childhood there were taken away when your mother killed herself.

I completely understand the desire to want to do good for others, and to want to make that home a happy home for a family again. It's lovely, and you are a lovely person.

But, please take a reality check. You're a single mum of 4 who is renting, who looks to inherit 200k. If you have no desire to buy your own place (and a home for 5 @ 200k isn't exactly easy to find), you'll be far better off bunging that 200k into whatever high interest, rock solid safe savings account you have, and dishing out 50k plus interest to each of your children when they come to buy their own homes at some point in the future.

Then you get to help four potential families, who also happen to be your own family too. So you get to see the fruits of your prudence for yourself.

how Would you feel about a family buying it cheap and selling it quickly for a massive profit to buy a bigger home though? If I were having such thoughts I’d sell it for as much as I could get and donate the money you consider excess to a housing charity (only big ones come to mind but maybe there is something more local to your house) that way you’d spread more love

Actually what kievlovertwo said makes a lot more sense

I'd speak to a local housing association.

Wanting to do a good thing is not batshit!

Well you can stipulate what people do with land/property after they have bought it. See uplift clauses on land.

I think you are batshit though. You never know when you are going to need money in life, so to give it away sounds crazy to me. What if one of your family was very ill in the near future and needed expensive treatment and you had given away the money ?

Also if you turned it over to a housing association, yes they may use it to house a "nice" (in your opinion) family. They may also use it to house a family of absolute horrors who disrupt the entire street.

Btw, you'd have to look into savings and tax implications, I can't advise you on that. But the compound interest gains on a 200k investment on the current rate of my pretty crappy, instant access savings account over a 10 year period is 107k. You put in 200k, you get 307k back 10 years down the line.

There are far higher interest earning accounts out there (but like I said, you'd need to talk to a tax specialist re: interest, tax on interest, they'd have to look at your income, etc). My rate is 4.32%.

https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php#google_vignette

It would be a very strange thought process that would essentially give £100k to a complete stranger rather than your own children.

You cannot recreate your childhood for someone else. A house that you no longer live in is just bricks and mortar. The neighbours could sell up tomorrow and the dynamics would completely change.

Sell up for the best price possible, and if you want to do something good donate to charity.

Did you mean with the £100K you could afford to buy a house for you and children, then paying a smallish mortgage?

Why is 'donating to charity' in that vague phrasing seen as the catch-all sensible option? There's a lot to consider around which charity we think is doing better stewardship and making better decisions that we could on an individual basis. A specific charity, such as a local housing associating, could be a sensible choice in this particular case.

I am so sorry for your loss.

it is a beautiful idea and no, I do not think you´re being silly. But it is not easy and you and your sister need to agree...

Selling it and potentially accepting a slightly lower offer if you like the family might be easier.

You could donate some of the proceeds.

A good lawyer could probably find loopholes and the family could sell it. Or their circumstances could change and they genuinely couldn't stay there for the years they signed up for.

It's not a good idea and think about what you're really trying to do.

Didn´t OP write shat she would never want to live there because her mother killed herself in that house?

Or I misread... also a possibility.

Yes I have children. I rent, can't afford to buy and whether I inherit 100k (amazing) or 200k I still can't afford to buy. I want my parent's house to go to a family. I don't have the money from it now so what difference does it make if I get 100k or 200k? Yes it's hypothetical but likely to be real in the next few months. I don't want this responsibility. I like my house with its crap second furniture that I work hard to pay for. I don't want the responsibility of lots of money.(lots of money to me anyway) I hate visiting my dp and remembering all us kids playing in the small cul de sac and now there is no one there. The neighbours hate it too and love when people's grandkids come over!
Maybe I am.odd and weird. I don't have much money but I like where I am at in my life and I like I am doing it myself. I don'tike my parent and neighbours in their big houses that they don't need moaning about people like me not being able to afford anything.
Like I said - I was just musing and wanted a chat about it.

Please don't. Impossible in reality but you will also impact the house prices of all the other people in the close. Don't do that to them.

You didn't misread. I meant hypothetical in the sense this isn't a current situation but likely in a few months

You're a single Mum of 4 and don't own your own house? This is a crazy idea in your situation - I'm sure you and your children need that money

But then if it impacted the other houses other young families could move in.

It won't do this.

So did your sister agree?

Also, if you 'sell' at below market value, it is likely they will still have to pay full stamp duty, and you may need to pay capital gains tax on the full market value

got Hassle written all over it

think council house sell off everyone bought them dirty cheap and profited from them asap