Home ownership query

[VSYates]

Hi there, I would like to know where I stand legally in the matter of being part owner (one of four) of a house which has recently become part of the estate of a late family member. I own ten percent of this property already via investament, and would like to understand my legal footing in purchasing the property before it goes on the market. How should this process be handled please? Many thanks and kind regards, VYates

[Peridot]

Hi VSYates,

So we can understand a little more to try and point you in the right direction could you explain a little more? So far it appears that you co-owned a property (10%) with someone who has not passed away? Is that correct? Were you on the legal title or was this for example some money you loaned them which you believe entitled you to a share of the property? If this is the case how was your 'share' documented?

As part of the Will the property has been left to 4 people. It perfectly acceptable for a beneficiary to effectively buy out the other beneficiaries of their share if they are all in agreement. The property would have to be valued at the market value. You would then in effect pay off the other 3 beneficiaries what would be the money equivalent of their share. For example if we are looking at £100k (just a plucked number for ease of explanation), then you each have £25k if monetised so you would have to raise £75k to pay each of the beneficiaries their £25k, if they were in agreement.

If you legally owned 10% of the property (which depends on your response to the initial question above) then each of the beneficiaries owns a quarter of the 90% value of the property once a market value is obtained.

Further information is needed to establish whether you have a 1/4 share in the whole value of the property or whether you can demonstrate that you in fact owned a 10% share of the property before looking at the division of the remainder.

Hopefully once we hear from you with your response we can point you in the right direction.