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    • Notnow
    • By Notnow 16th Oct 16, 5:47 PM
    • 28Posts
    • 1Thanks
    Notnow
    Inheriting half a house - how do you buy the other half?
    • #1
    • 16th Oct 16, 5:47 PM
    Inheriting half a house - how do you buy the other half? 16th Oct 16 at 5:47 PM
    In the future I will inherit half of my parents home and my brother has the other half. He has already paid off his mortgage, never lived at my parents address and has no interest in living there.


    I'm trying to find out how I would go about buying his half so that I can live in the house? It won't be happening anytime soon (hopefully) but I'm planning for the future.


    I have a mortgage for 50% the value of the property I'd inherit so would it be as simple as me selling up my place and using the 50% inherited equity plus what I get from selling mine to get a mortgage on my parents place? Is there any other way it could be done?


    Sorry for a grim question but it's something I've been wondering about as when the time comes I won't want to be looking into this kind of stuff!
Page 1
    • G_M
    • By G_M 16th Oct 16, 5:56 PM
    • 37,092 Posts
    • 41,049 Thanks
    G_M
    • #2
    • 16th Oct 16, 5:56 PM
    • #2
    • 16th Oct 16, 5:56 PM
    Assuming as is likely your brother
    * wants to sell his share
    * and wants the market price for his half

    you could either
    * pay him in cash
    * take out a mortgage and use that to pay him
    * borrow the money elsewhere
    • MARTYM8`
    • By MARTYM8` 16th Oct 16, 5:58 PM
    • 1,197 Posts
    • 853 Thanks
    MARTYM8`
    • #3
    • 16th Oct 16, 5:58 PM
    • #3
    • 16th Oct 16, 5:58 PM
    You just buy it off him - or alternatively he can just disclaim his share and give it to you (but I doubt he will be that generous).

    Of course its a bit premature - what if your parents need funds for social care or a home. That will cost £1,000 plus a week?
    • davidmcn
    • By davidmcn 16th Oct 16, 5:58 PM
    • 3,885 Posts
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    davidmcn
    • #4
    • 16th Oct 16, 5:58 PM
    • #4
    • 16th Oct 16, 5:58 PM
    Pretty much the same process as buying 100% of a house from your brother - you agree a price with him for his interest and take it from there, you can buy with a mortgage and link it with the sale of your existing house.
    • getmore4less
    • By getmore4less 16th Oct 16, 5:59 PM
    • 26,311 Posts
    • 15,812 Thanks
    getmore4less
    • #5
    • 16th Oct 16, 5:59 PM
    • #5
    • 16th Oct 16, 5:59 PM
    Easiest way to think of it is you just buy it off the estate using the same process as you would buying any other house.

    You just have a big deposit as you will already have 1/2 the value so just need enough to pay the state for the bit you don't own, that will be your own cash and/or a mortgage.
    • Mortgage Moog
    • By Mortgage Moog 16th Oct 16, 6:09 PM
    • 144 Posts
    • 31 Thanks
    Mortgage Moog
    • #6
    • 16th Oct 16, 6:09 PM
    • #6
    • 16th Oct 16, 6:09 PM
    You just buy it off him - or alternatively he can just disclaim his share and give it to you (but I doubt he will be that generous).

    Of course its a bit premature - what if your parents need funds for social care or a home. That will cost £1,000 plus a week?
    Originally posted by MARTYM8`
    Yes, you never know what might happen but assuming things run their natural course I was just wondering.
    • AdrianC
    • By AdrianC 16th Oct 16, 6:28 PM
    • 12,143 Posts
    • 10,516 Thanks
    AdrianC
    • #7
    • 16th Oct 16, 6:28 PM
    • #7
    • 16th Oct 16, 6:28 PM
    I'd start by phoning him and asking him how much he wants, then figuring out the best way to raise that much.
    • bris
    • By bris 16th Oct 16, 6:59 PM
    • 6,159 Posts
    • 5,120 Thanks
    bris
    • #8
    • 16th Oct 16, 6:59 PM
    • #8
    • 16th Oct 16, 6:59 PM
    Jumping the gun a bit are we? It is a bit grim but hey don't let your parents being alive spoil your future plans.
    • nubbins
    • By nubbins 16th Oct 16, 9:42 PM
    • 634 Posts
    • 857 Thanks
    nubbins
    • #9
    • 16th Oct 16, 9:42 PM
    • #9
    • 16th Oct 16, 9:42 PM
    Lets hope they sell up and go on a 5 year spending spree
    • Thrugelmir
    • By Thrugelmir 16th Oct 16, 9:53 PM
    • 51,336 Posts
    • 43,185 Thanks
    Thrugelmir
    In the future I will inherit half of my parents home and my brother has the other half.
    Originally posted by Notnow
    And if you parents enter a care home?
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • mumps
    • By mumps 16th Oct 16, 9:57 PM
    • 5,431 Posts
    • 11,307 Thanks
    mumps
    And if you parents enter a care home?
    Originally posted by Thrugelmir
    Their income might cover the fees and make no difference. Not everyone has to sell their home to pay care home fees.
    Sell £1500

    2831.00/£1500
    • cloo
    • By cloo 17th Oct 16, 11:48 AM
    • 746 Posts
    • 502 Thanks
    cloo
    I think you'd contact a solicitor and have them arrange it for you when price is agreed. My brother and his wife bought my sister and I out on a flat we all inherited from our aunt; I don't remember much about it, but pretty sure our usual family solicitor made all the arrangements.
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