What should I do?

Former Member

Hi.

My grandad has decided to buy his house and leave it to me so that I can do it up/live in it/sell it and make a bit of profit to get a head start in life. I know I'm only young and things but by the time it's left to me I'll be a bit older.

What's the problem you say.

I have to sell it no matter what because it's between me and my two half sisters. They are 7 and 11 and I don't want to be a spoilt, greedy person but tbh the house would need some work to it. I would have to redocorate every room, remove the old heating system even though he got central heating installed (they never removed the old system), put in new bathroom/kitchen units and install a security system, do up the garden and maybe even put in a conservatory.

I find it a little unfair that I'd be expected to do all this because I'm older, have a job (well, will) and my sisters are too young and I'm expected to split things equally.

I might sound jealous here but I'm not; my half sister's half of the family are loaded and they'll get quite an inheritance on top of the house share. I just feel as if this is like a present with too many complications

Former Member

Is it in the will that it's split between the three of you? and have you thought about inherritance tax as well?

Former Member

It's being signed over to me that I'm the owner while my grandad's still alive. When i was spoken to about it he said that it should be split but nothing would be in writing. I wouldn't do my sister's out of anything anyway.

Former Member

Well fair-do's on that, I just thought I'd check. And you don't have to worry about inherritance tax either which is good.

Personally, I'd sell it, and put a deposit down for yourself on your own place, and put a fair amount in two trust funds for your sisters, lock access until they're of an age where you think they should have it. 18/21/25 so they've got something that's theirs to get them started.

Former Member

You could get it valued before you do anything to it, then that would be the amount to be split with your sisters.

Then once it's done up, anything over the original valuation would be yours since it was your money that paid for the improvements.

Former Member

There's nothing to say you have to do it up. Just sell it as it is, there seems to be loads of people looking for somewhere not entirely finished at the moment.

Former Member

Fiend_85 wrote:

And you don't have to worry about inherritance tax either which is good.

Only if grandad lives for more than seven years. Otherwise you will have to pay it.

What I would do is get some legal advice, and find a way of putting a trust charge on the house so that you split the proceeds three ways, after you get your investment back.

Former Member

Glittery Vodka wrote:

You could get it valued before you do anything to it, then that would be the amount to be split with your sisters.

Then once it's done up, anything over the original valuation would be yours since it was your money that paid for the improvements.

Hmm now there's an idea... Thanks Shaz