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Bunch of us retired to the pub and the talk turned to wlls. Lot of debate around the question as to how you'd pass on the family home, only asset worthwhile valued at about £180k in the good times. Three kids in their 20s living away from home but it is still their base and no signs of setting up own homes other than rented apartments. Best suggestion seem to be to will it to one and lumber them with a £120k mortgage to pay the others £60k each. But then the talk came to which one: the favourite or the eldest or the one who could raise the cash. Then came the point wuy mortgage? just pay the others off without interest as a sort of rent until the £60k is bought off. After lots of drink it got interesting than it sounds here because the 3 of us know the parties involved.
I'm just throwing it in to see if CCs have any ideas?
I'm just throwing it in to see if CCs have any ideas?
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kick the layabouts out. I left home to uni at 17 and have never returned to stay ffs
all 3.
sell and split.
if one wanted to buy it, could make other 2 an offer.
sell and split.
if one wanted to buy it, could make other 2 an offer.
Talk to them and have it organised, see what they want to do with it.
Re wills the one thing I'd say to anyone especially if they have children & remarry - MAKE A WILL. The old** who was married to my dad for 30 years left me fook all even though he made express wishes to her about me (only child). When she snuffed it everything went to her side of the family btw she had no children herself.
But at least I know she will rot in hell. (The money means nothing, it's the evil cow's disrespect of him that hurt)
But at least I know she will rot in hell. (The money means nothing, it's the evil cow's disrespect of him that hurt)
Sell the house and share the net prophets. Other options could get ever so complicated!
just get them to sell it and split the proceeds. Not as complicated as any other plan.
Sell it now and take yourself on a cruise.
this, they will respect you more and its a valuable life lesson for them too
this, they will respect you more and its a valuable life lesson for them too
Interesting range of responses from Chuck 'em out to cherish 'em.. It's not me by the way and the family are quite close to the parents but not each other with the oldest son being the youngest child, with 2 elder sisters! It was the male line thing that got the talk going.
what ovalman says .
just picked my father up from the airport this morning.
3 weeks cruising the indian ocean with my inheritance :)
hope he is booking the next one as soon as possible.
just picked my father up from the airport this morning.
3 weeks cruising the indian ocean with my inheritance :)
hope he is booking the next one as soon as possible.
Sell house to 3 kids for £30k (10k each)
Kids protecting inheritance without having to stump up a fortune now.
Parent gets cash injection to go on cruise etc.
Parents live there rent free for life.
If parents run out of cash in a couple of years, kids all chip in again with another £10k a piece
Simples :)
Kids protecting inheritance without having to stump up a fortune now.
Parent gets cash injection to go on cruise etc.
Parents live there rent free for life.
If parents run out of cash in a couple of years, kids all chip in again with another £10k a piece
Simples :)
Sell the house and split 3 ways, its dead simple. Everybody gets an equal share no debate.
By the way to the last post, if you sell your house to the kids whilst still living on the cheap, they kick you out you have fook all.
When money is involved things get evil
By the way to the last post, if you sell your house to the kids whilst still living on the cheap, they kick you out you have fook all.
When money is involved things get evil
I would sell and split myself, saves a lot of potential arguments. What if one of the kids got married and divorced, and the ex started asking for their share for example? Happens a lot. £60 k is a good enough deposit to get another place with a mortgage.
switch your mortgage to interest only anyway, while you decide. sounds like a trio of wasters who will waste the cash however it is left. why pay off more for them to squander.
i think the safest option would be to split everything after a sale but say in the will that if a 1,2 or 3 of the kids want to buy into the property to stop it being sold then it should be valued at 20% less than the average valuation. This given by a set number of independent estate agents or valuers, 3 or 5 etc. this would allow for haggles in price, costs and delays in selling plus allow for easier finance for the said wasters.
any cash raised split equally into the three kids, including the buyers...
i think the safest option would be to split everything after a sale but say in the will that if a 1,2 or 3 of the kids want to buy into the property to stop it being sold then it should be valued at 20% less than the average valuation. This given by a set number of independent estate agents or valuers, 3 or 5 etc. this would allow for haggles in price, costs and delays in selling plus allow for easier finance for the said wasters.
any cash raised split equally into the three kids, including the buyers...
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