Inheritance

newcavanman

When our late mother died she left the property to her four children. One who had stayed living at homes was left 40% while the rest of us got 20% each. None of us of the others want to sell the property or to buy me out. Is there any other options or suggestions for me to cash in my share?

Any suggestions welcome

Jim_Hodge

Talk to a solicitor for a start. Are you tenants in common or joint tenants? In some cases you can try to sell your share but who'd buy a 20% share? Although the others might buy you out rather than run the risk that somebody might buy a 20% share and move in to the house.

newcavanman

We aren't tenants, we are now joint owners

Jim_Hodge

https://www.boards.ie/discussion/comment/119693583#Comment_119693583

This is why you need to talk to a solicitor. It seems you are tenants in common in that each own a separate share of the property. It has nothing to do with living there.

Just get to a solicitor as even the terminology may confuse you.

This is why wills should specify that assets are sold and dispersed. Leaving property between people is nothing but a headache.

corner of hells

I'm going through something similar at the moment with a family , you do need to speak to solicitor, the other parties involved wilk need to as well.

From what I know , if one person wishes to sell , then the property must be sold or the person looking to sell must be bought out.

As a the other poster said , these situations can be a nightmare.

coylemj

OP, if nobody wants to buy you out and there is no appetite to sell the house then at the very least you should demand 20% of market rent from the sibling who is still living in the house. You own 20% of the house, you're entitled to be paid rent by a person who doesn't own the place outright but is living there. Same applies to the other two siblings who own 20% each.

If you can't get your hands on the cash value of your equity then that's the least you should be doing. I'll leave it to more knowledgable heads to advise you if you can force a sale.

ittakestwo

OP look into a deed of partition

Jim_Hodge

https://www.boards.ie/discussion/comment/119732903#Comment_119732903

That doesn't help him sell his share.

dennyk

Since the will divided the property into specific shares and those shares are not equal, it's almost certainly a tenancy in common, not a joint tenancy.

A tenancy in common can typically be ended via partitioning of the property or by the sale of the property. Partitioning would generally only apply if the property can be feasibly subdivided, e.g. if it consists only of undeveloped land. If the property in question is a house with little or no undeveloped land attached, partitioning might not be an option.

Ordinarily all of the co-owners would need to collectively agree to a partition or sale, but if agreement can't be reached, a co-owner can petition the court to force partition (if feasible) or the sale of the property. The court isn't required to grant the request, but they might do so depending on the circumstances. You should consult with a solicitor for advice on what your options are and the best way to proceed.