Inheritance

[Hastler]

My mother passed away nearly 6 years ago leaving her half of the house Dad now occupies to me.
In addition I lent my father £35,000 4 years ago and took a charge over his half of the property making my total interest about £200,000 and the £35,000 plus interest is repayable on his death or him going into a nursing home.
My father has now announced he is getting married to a lady 13 years younger than him.
I know Dad could will his half of the house to her hopefully less the £35,000 plus interest.
As the lady is likely to outlive my father will I have to wait until she passes away.
I am not happy with this as I am now nearly 55.

Hastler

[bednobs]

yay, i really missed you, and was wondering what on earth had happened t you. So glad you are ok, and not dead or anything

[Old_Geezer]

Have you discussed this with him, how you think it isn't fair you've been unexpectedly put in this position ? Maybe you could brainstorm a more acceptable solution somehow.

[EDDIE51]

Do you have an 'intrest' in the house for the £35,000 , I mean in the legal sense where the loan is registered as in 'intrest' to be realised on sale or transfer of the property ? if so your loan is protected by that 'intrest'
Do you have the 'right' to live in the house under the terms of the will? ( even if you do not actually live there? )

[Hastler]

Hi Eddie

I am registered on the land certificate as a half owner and also have a charge over Dad's half of the property.
Where I am getting the £200,000 figure from is I was left half of the property by Mum and it is woth about £330,000 so my share is £165

[Hastler]

Sorry I hit the button in error.
My share is £165,000 and I lent Dad £35,000 against his share of the property.
The will does not state I have the right to live there but I presume I do as I am an owner of the property.
The problem is as well as the inheritance I have put £35,000 of my own money into the property which I may never see if this woman outlives me.

[craft1948]

Excellent..................hopefully your father and his young wife will have a long and happy marriage.

[Brinjal]

Discuss it with your father. Also get an acknowledgement of debt so that if he doesnt leave his share of the house to you you can claim the 35000 from his estate. But talk to him first.

[factor-fiction]

Welcome back, hassler

[factor-fiction]

Are you writing this on behalf of someone else, Hassler?

[factor-fiction]

Have you read this thread? It may be of interest.
http://www.theanswerb.../Question1104444.html

[factor-fiction]

I could paste a few more links to threads about very similar situations on AB which may be of use to you but maybe you've already seen them or can easily find them via the search box.

[EDDIE51]

We need the precise terms of the ownership of the house , there have been many questions on this subject on AB. It may well be that you have the right to live in the house and so your fathers share would be virtually worthless as all it would consist of is 1/2 a house minus the £35,000 , but with a tenant who has the right to live there for life (you) . If that is the case your fathers share is worth very little as it could not be sold with out your permission. It is also possible that your fathers share is already automatically left to you on his death under the terms of the original will. If this is the case ,( and it may very well be,) your father effectively has nothing to leave to anyone. You have to get a solicitor to look at the terms of the will and the ownership of the house, only when you know that can we advise you futher.

[Hastler]

Thanks for your answers.
In view of the amount involved I will be making an appointment to see a solicitor.
I was hoping to avoid this as it is likely to cause conflict but at present in practical terms I am £35,000 down money wise even though I have inherited half of the house.
The woman is 68 and in theory could outlive me.

Hastler

[factor-fiction]

In theory your dad could outlive you.
I know it's frustrating (you could have bought a new Honda Jazz and an executive box at the Wanderers with that money), but think of the £35000 as a wedding present for your Dad.

[Hastler]

Hi factor30

You might like to send my father a £35,000 wedding present as it sounds as if you are a very rich man.

[dotty.]

i didn't realise married couples did anything in their will but left their half of the marital home to each other, it striked me that a solicitor advising on a will should point out the ensuing issues should half a house be left to anyone else.

is this one of the hoax type questions?

[cassa333]

No dotty leaving a property to a spouce isn't always the best option.

If the couple are older then to leave their half to one or more of their children goes some way to mitigate any tax that may be due.

[Hastler]

Hi Cassa

What you are saying was correct at the time my mother's / father's will was written.
From the inheritance tax point of view it now does not make any difference as somebody who has been married gets double nil rate inheritance tax relief regardless of how long ago they were widowed.
I know somebody who has inherited £600,000 from his parents and the house was in the father's sole name.
He did not have to pay any inheritance tax as he was able to use his mother's tax free allowance to offset the tax.
In my case my mother wanted to ensure I got at least the half of the house which she owned. She did not want it to go to a possible future wife or for any possible care fees for Dad.

[EDDIE51]

From your last answer it seems your Mum has already made arrangements in her will that you get the house on your Dads death. You need to check this with a solicitor though.

[Hastler]

HI Eddie

I have made an appointment to see a solicitor tomorrow.
I have the full title to half of the house and at present my fathers half of the house is willed to me.
I have looked at the land certificate and it does say no sale, transfer, or charge to be given over the property without the consent of both tennants in common.
I will be asking the solicitor if Dad can will his half of the house to this woman without my consent in view of this which obviously I will not give.