Joint owned inherited property is empty, can we move in?

[Mochi6]

Hello,
I inherited a property from our parents along with my siblings, we each own a 1/5. I would like to buy the others out and move in. The property is empty at the moment (for 4 years), can I (along with wife and child) move in before we have raised the capital to by it? No other sibling wants to move in. We have offered to pay rent, yet the others don't seem keen on us moving in before we have bought it.A sister lived there rent free for a few years. Please is there any advise on our legal situation. Thank you

[ostell]

Re: Joint owned inherited property is empty, can we move in?

Get a valuation BEFORE you move in, including an estimate of rental value. Could save a lot of arguments later.

Would have thought that the others would have preferred someone to be in residence, to remove the danger of vandalism.

My thoughts are that you own it (well part of it) so just move in. Put aside 4/5 of the estimated rental to give to the others just in case.

But wait what others have to say.

[Mochi6]

Re: Joint owned inherited property is empty, can we move in?

Thank you, that makes good sense. Obviously we'd like to keep things as amicable as possible, but if there is any real resistance against us moving in do you think there would be any legal reasons why we couldn't? Would the others have any legal grounds to stop us?

[dan_1207]

Re: Joint owned inherited property is empty, can we move in?

Hello,
I inherited a property from our parents along with my siblings, we each own a 1/5. I would like to buy the others out and move in. The property is empty at the moment (for 4 years), can I (along with wife and child) move in before we have raised the capital to by it? No other sibling wants to move in. We have offered to pay rent, yet the others don't seem keen on us moving in before we have bought it.A sister lived there rent free for a few years. Please is there any advise on our legal situation. Thank you

Given it's (presumably) a tenancy in common, the other 4 tenants do not have the right to alienate you from any part of the property. As regards your wife and child, I can't see there being a legal problem.

[MissFM]

Re: Joint owned inherited property is empty, can we move in?

Hi Mochi,

Is probate complete and, if not, who is executor?

[Mochi6]

Re: Joint owned inherited property is empty, can we move in?

Hi MissFM
My eldest brother is executor and no probate isn't complete.

[MissFM]

Re: Joint owned inherited property is empty, can we move in?

Hi MissFM
My eldest brother is executor and no probate isn't complete.

In that case, it's entirely up to your brother as to whether or not you may move into the house. As Executor, he has the right and the duty to administer the Estate to maximise its value in the interests of all the beneficiaries according to his judgment.

I would imagine that he has anxieties that, should you move in now, the value of the house might not be maximised when it's sold. On the other hand, as you say, the empty house will be deteriorating and not producing income so you have a good argument if they do agree in principle to your purchasing it in the longer term.

Perhaps you could talk to him and undertake to pay full market rent (your fifth would clearly return to you upon distribution) and also explain that you would expect to buy the house at market value, not a knock down. Obviously there might be ways you could, with goodwill on all sides, be able to avoid paying your fifth of the value into the Estate then recoupng it, but I'm not sure and a good accountant would be able to advise.

There is also the question of any tax which, if due, he will have to pay (or ringfence) before distributing the assets of the Estate. He will be obliged to deal with any fiscal liabilities to the letter.

I think that, as long as things stay open and friendly and you are clear that you undertake to honour an agreement to match the realistic value the house would achieve on the open market, they should be able to see the advantage to them of you renting in the meanwhile.

You may need to sign a legally binding agreement to this effect, including what would happen if you are unable to raise the capital within a realistic timescale, which might also be an anxiety for your brother.

My opinion only - see what others think!

HTH & good luck x