Q My mother recently died, leaving my sister and me 50% shares in the former family home. The house is currently privately let and we each get 50% of the rent each month. My sister and I get on well. I am recently retired and have paid off my shared-ownership mortgage, and if the family house were sold, half the profit would raise enough capital for my husband and me to staircase to 100% and own our own flat outright but that would not leave much of a nest egg. What’s the best thing to do?
AN
A I’m assuming that staircasing to 100% would mean an end to paying rent on the share of your flat that you and your husband don’t currently own. If that’s correct and if what you pay out in rent is more than the rent you receive (after taking income tax into account), selling your mother’s house would seem to be a reasonable option. It would certainly reduce your monthly outgoings, which may be an attractive proposition on a reduced post-retirement income.
