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Buying property with my father?

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  • 26-10-2010 3:19am
    #1
    lisalee2288
    Closed Accounts Posts: 4 ✭


    Hi,I am thinking of buying property with my dad for both of us to live in,we are both happy to do this but my only problem is what happens when he dies?I have three other siblings so they would be entiteld to his half of the house and id be worried id have to sell up.any advice would be greatly appreciated


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    #2
    spockety
    Moderators, Education Moderators Posts: 5,468 Mod ✭✭✭✭spockety


    Talk to a solicitor.


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    #3
    JoeyJJ
    Registered Users Posts: 3,663 ✭✭✭JoeyJJ


    Talk to your Dad about his will intentions maybe, or you could take a greater share in the house so he could leave money somewhere else for your siblings? Maybe your Dad has thought about it already.


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    #4
    Atlantic Dawn
    Registered Users Posts: 82,520 ✭✭✭✭Atlantic Dawn
    M


    Get him to leave his share of the house to you in his will, the rest of his estate can then be split according to his wishes.


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    #5
    TwoShedsJackson
    Closed Accounts Posts: 9,438 ✭✭✭TwoShedsJackson


    lisalee2288 wrote: »
    Hi,I am thinking of buying property with my dad for both of us to live in,we are both happy to do this but my only problem is what happens when he dies?I have three other siblings so they would be entiteld to his half of the house and id be worried id have to sell up.any advice would be greatly appreciated

    They'd only be entitled to a share of the house if he leaves it to them in his will, or dies without making a will at all. If he leaves it to you, no problem.


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    #6
    farmerval
    Registered Users Posts: 678 ✭✭✭farmerval


    This should be sorted before you buy any property. Your dad is entitled to do what he wants with his share, but you could be badly messed around bty the consequences. There should be an agreement, preferably written and legally binding before ye start. There are many possibilities too resolve the situation. You could pay a larger share of the purchase price, you could both agree that after your Dad's time that you pay your siblings an agreed sum for his share of the property. Definitely speak to a soliciter, this is an easily sorted issue but needs to be sorted from the outset.
    Both of you need to speak to solicitor's seperately, there's issue's on both sides of the fence, what if your dad needs nursing home care sometime in the future and equity release is the only option? etc etc.


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    #7
    Kosseegan
    Banned (with Prison Access) Posts: 987 ✭✭✭Kosseegan


    You can buy in joint ownership so the survivor of you both takes all. If you buy as tenants in common and wills you his share your brothers could attack the will on the basis that adequate provision was not made for them.


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