can a landlord or tenant tax expert help please

[john belotti]

see below my original post -

ohn belotti
Sitting Tenant and Inheritance tax
PostSun May 28, 2017 8:26 pm

I am living in my dad's house in Newcastle, he has recently passed away I have been renting the place for the last 12 years. I guess I am sitting tenant, my sisters want to sell the house and split the money between the four of us. would we value the house as a sitting tenant for inheritance tax purposes? or current market value without a sitting tenant? I may want to try and buy the house if affordable. I paid towards all the maintenance, decorating etc. adding to the value of the house over years. what are my rights as a sitting tenant? what can I do or is all the power in the two executors hands?
how long can I stay in the property? anything I can do about my interest/share in the property? advice would be welcome, if any other info needed please ask.

thank you in advance!
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Lee Young
Re: Sitting Tenant and Inheritance tax
PostMon May 29, 2017 5:25 pm

You need to take advice from a landlord and tenant expert to determine your rights "against your siblings". If you have sort of protection it will have an effect on the value of the property.

As regards your contributions you might have a claim to an equitable share in the property, but your siblings might argue that you paid less rent than you should have done so in return for those contributions. Either way you could end up arguing with your siblings and that is probably not too desirable!
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner

Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701
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john belotti
Re: Sitting Tenant and Inheritance tax
PostMon May 29, 2017 7:11 pm

thank you Lee, I don't even have a tenancy agreement is this going to cause problems and been giving cash? who do I pay the rent to now my Dad's decreased? and if I want to buy the property does it have to be valued now with a sitting tenant in it or market value or value of when I first moved in?
what rights do I have for paying for upkeep etc for the house all these years? what is equitable share?
how long can I stay there incase they try to force me out?

any other opinions...... or course of action I should take?
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Lee Young
Re: Sitting Tenant and Inheritance tax
PostTue May 30, 2017 10:22 am

As mentioned above - you need to take advice form a landlord and tenant expert. The answers to your questions may well flow from that advice.
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner

Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701

[john belotti]

any suggestions, I'm very confused?

[someone]

You need to read the earlier reply more carefully.

You need a landlord and tenant *legal* expert to clarify your situation. The answers to your tax questions might then follow from that advice.

As Lee says, your situation is potentially very contentious.