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  • FIRST POST
    • thebigpotato
    • By thebigpotato 29th Jun 17, 2:33 PM
    • 14Posts
    • 1Thanks
    thebigpotato
    How to get collateral out of home you half own?
    • #1
    • 29th Jun 17, 2:33 PM
    How to get collateral out of home you half own? 29th Jun 17 at 2:33 PM
    Hi,

    I recently inherited a house with fully paid mortgage which is split 50/50 ownership between my brother and I, my brother is presently living there and has for some time and doesn't wish to sell or move.

    So my question is what options are available for me to get the collateral out of my half of the house?

    Any help and advice would be greatly appreciated,

    Thanks.
Page 3
    • thebigpotato
    • By thebigpotato 30th Jun 17, 5:06 PM
    • 14 Posts
    • 1 Thanks
    thebigpotato
    Does your brother have a job? Can he remortgage to buy you out?
    Originally posted by leespot
    Yeah he does full time earning adequate money, he was indecisive and just completely off to the whole subject so rather than me lose my s**t i thought i'd ask advice to avoid the conflict and see if there was a easier direction, I'm not sure he even wants to live there indefinitely and overall he's looking at the situation with young eyes as he's had it so easy, imagine not paying a bill until your nearly 30 then someone says you need to buy a house, it's a big jump.
    • AdrianC
    • By AdrianC 30th Jun 17, 5:12 PM
    • 15,445 Posts
    • 13,771 Thanks
    AdrianC
    I'm not surprised he's less than keen, to be frank.

    He's living in a three-bed house with a lodger, and all it's costing him is a bit less (post-fee) income from the lodger. He'll continue this until one or both of you keels over, if he thought he could get away with it...
    • leespot
    • By leespot 30th Jun 17, 5:17 PM
    • 542 Posts
    • 436 Thanks
    leespot
    Well, I most of the possible scenarios have been discussed in the thread - you know your options pretty much. Best of luck getting sorted with this. Your brother isn't a child, he needs to wake up and smell the coffee - he's milked that gravy train for long enough. Given the information you've shared, I think you've been more than patient and generous over all of this. You're certainly not asking for anything you're not entitled to.
    • thebigpotato
    • By thebigpotato 30th Jun 17, 5:23 PM
    • 14 Posts
    • 1 Thanks
    thebigpotato
    Thanks both @AdrianC @leespot, you have nailed it on the head and I see there is no easy direction other than butting heads on the subject moving forward
    • Mojisola
    • By Mojisola 30th Jun 17, 6:46 PM
    • 28,521 Posts
    • 72,656 Thanks
    Mojisola
    When we inherited the property the fine details were dealt with by the solicitors as we were not officially inheriting the property for 6 years as part of the clause

    we were not deemed old and wise enough to be handling the ownership of a 3 bedroom property at the time and likely rightly so.

    The property was meant to be let for 6 years then proceeding this sold

    it's now 2 years later (8 in total) and things have rolled on as they were with the solicitor paying all fees, including a nice sum of tax and their fees along route.
    Originally posted by thebigpotato
    So why didn't the solicitors start the sale proceedings at the end of the six years?

    You don't really think that the solicitors are paying all that out from their own money for your benefit, do you? Surely all the costs are going onto your bill and they'll take their (substantial) cut from the sale of the house.
    • Sea Shell
    • By Sea Shell 7th Jul 17, 6:54 AM
    • 414 Posts
    • 397 Thanks
    Sea Shell
    Have you managed to have "The Talk" yet?
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • csgohan4
    • By csgohan4 7th Jul 17, 8:17 AM
    • 3,958 Posts
    • 2,467 Thanks
    csgohan4
    Another reason why money and family shouldn't mix, should have been sold as soon as you got it
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Doozergirl
    • By Doozergirl 7th Jul 17, 8:57 AM
    • 23,965 Posts
    • 66,527 Thanks
    Doozergirl
    We're in the process of having our wills written at the moment. It's already more complicated than I thought, but this thread has really made me think about giving further instructions!
    Everything that is supposed to be in heaven is already here on earth.
    • Mojisola
    • By Mojisola 7th Jul 17, 9:22 AM
    • 28,521 Posts
    • 72,656 Thanks
    Mojisola
    We're in the process of having our wills written at the moment. It's already more complicated than I thought, but this thread has really made me think about giving further instructions!
    Originally posted by Doozergirl
    We have a clause saying that the house should be sold by the executors - if one of ours wants to keep the house, they'll have to raise the money to buy it off the estate.

    If one of ours is living with us at the time of our deaths, we have stipulated a set number of months that they are allowed to stay in the house rent free after which it has to be sold. Who pays for insurance and upkeep, etc, is all set down.

    It wouldn't stop the resident child being horrible and delaying the sale and putting off potential buyers (although we hope none of them would behave like that!) but it sets our expectations down in black and white so there can't be any "Mum and Dad always said/they would have wanted/etc".
    • AdrianC
    • By AdrianC 7th Jul 17, 9:24 AM
    • 15,445 Posts
    • 13,771 Thanks
    AdrianC
    but it sets our expectations down in black and white so there can't be any "Mum and Dad always said/they would have wanted/etc".
    Originally posted by Mojisola
    Instead, it'll be...
    "Mum/Dad always said they wanted that - but YOU PRESSURISED THEM INTO DOING WHAT YOU WANTED...!"

    Never underestimate the power of a potential inheritance.
    • Mojisola
    • By Mojisola 7th Jul 17, 9:42 AM
    • 28,521 Posts
    • 72,656 Thanks
    Mojisola
    Instead, it'll be...
    "Mum/Dad always said they wanted that - but YOU PRESSURISED THEM INTO DOING WHAT YOU WANTED...!"

    Never underestimate the power of a potential inheritance.
    Originally posted by AdrianC
    As we've made our wills totally independently of the children, that argument is a non-starter. It also applies to all the children equally and we have no idea whether any of them will actually be living with us at the time of our passing so it would be hard for one of them to claim that another had manipulated us.
    • AdrianC
    • By AdrianC 7th Jul 17, 9:46 AM
    • 15,445 Posts
    • 13,771 Thanks
    AdrianC
    As we've made our wills totally independently of the children, that argument is a non-starter. It also applies to all the children equally and we have no idea whether any of them will actually be living with us at the time of our passing so it would be hard for one of them to claim that another had manipulated us.
    Originally posted by Mojisola
    You think minor details like reality will stop 'em...? <grin>
    • aneary
    • By aneary 7th Jul 17, 9:53 AM
    • 730 Posts
    • 612 Thanks
    aneary
    Sure I'm aware of that, it was me doing the right thing at the time as my brother was in his early 20's but now riding close to 30 he's got in that routine, so it was a good will thing on my part at the time that later got continued, can't really blame him as it was an easy ride... What's done is done, I just want my part sooner rather than later as want to settle and start a family... No more really needs to be said on the subject now, I get we just need to talk it out and I'll likely have to do most the work and come out looking like the arsehole in the proceeds.
    Originally posted by thebigpotato
    I'm not to trying to be nasty we have a situation where one of my dad's brothers (there were 5 boys in total) has lived with my grandparents all his life, he did used to work but doesn't now, he has a disability which means it is hard for him to get a job but as he has never had to pay bills (other than a bar bill) he isn't keen to get a job. He is 54 my dad (he is 60) is having to sort out his finances, home, everything, if my dad becomes infirm or passes away guess who ends up with the responsibility.

    If you can stop this sort of behaviour early on it will be better for you and him in the long run, you may have to be the arsehole now so that things are better later on.
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