3 siblings and one deceased mums house

[Kitiara]

Advice please ....

3 siblings are jointly left a property, siblings A wants to live there, siblings B & C don't want the property. What is the "correct' way to ensure the split is equal? If say the property is worth £150k .. should sibling A give siblings B & C the value of the property i.e. £150k each or is the value divided between all 3 i.e all 3 siblings get £50k, which is what's being proposed. It's a minefield and one sibling is creating saying that sibling A is getting a £150k house for £50k!

Thanks

[Stu]

Re: 3 siblings and one deceased mums house

If A shells out 50K to B & C = 100k then he is just buying the house and now has a house he owns and B & C have their inheritance as does A but with 100k in the hole theoretically

But He/She certainly isn't going to give 300k out for when they're only inheriting 50k themselves

[enaid]

Re: 3 siblings and one deceased mums house

Hi, can I ask is the house the only asset in the estate ?
If the will states the assets have to be divided equally then that means the value of everything (unless certain items have been left specifically) so if the house is worth 150k and there are other assets then they must be counted too.
A could buy out B&C according to a true valuation, when you say A is getting a 150k house for 50k they still have to raise the other 100k to pay off the siblings so actually that is not the case.

[Kitiara]

Re: 3 siblings and one deceased mums house

I dont think they are seeing it that way, I have tried to explain that sibling A will still be paying out to live in the house, but all siblings B & C are seeing is that sibling A is getting a house and they are only getting £50k. Families ehhhh!! I'll have another go at trying to explain in words of one syllable. Thank you for your help in confirming what I thought. I'm just glad its not my family its only inlaws lol

[enaid]

Re: 3 siblings and one deceased mums house

Well it's simples if they sell the house and get full market value they will only get 1/3 each so if went for 150k ask them to work it out lol

[des8]

Re: 3 siblings and one deceased mums house

Well it's simples if they sell the house and get full market value they will only get 1/3 each so if went for 150k ask them to work it out lol

less estate agent commission and solicitors costs!!