Renting deceased home to cover bills

[Sabatini]

My father passed away and has left the family home to 7 children. One member of the family lives there rent free but cannot afford to cover the bills. We are going to rent the house out to two other people to share with him until the house goes up for sale (in about 6 months or a year). This money will be put into a bank account to help redecorate the house before it is sold. My question is do all 7 children have to pay tax on the property as no one will actually receive any money? Or would the rent a room cover it, the rent would be under 14K. Thanks for your help. Any info is appreciated.

 

[john luc]

You rent it you earn money. Not spending it and leaving it in a bank does not change that.

 

[kenneth12]

Are you all the official owners now? Has the solicitor transferred the Deeds into all your 7 names yet?
If so, then you are all now home owners. If not, then the house remains an asset of your late Father's Estate. It technically does not belong to any of you 7.
The Executor(s) named in the Will are personally liable to pay the bills and maintain the asset.
If there is substantial cash in your Father's estate, your solicitor might be able to arrange for the Executor(s) to have access to a Bank overdraft account on the Estate to cover the bills in the house. Otherwise someone has to pay the bills themselves and get reimbursed by the solicitor when the cash/assets are distributed.
The Solicitor has to submit a Revenue return on the financial status of the Estate each year. Income from Rent a Room would have to be declared. They'd do this each year while the property is in in the Estate. This type of thing might cost more in legal expenses.
This is what I figure from own limited personal experience, not being a legal expert.