House ownership with elderly parent

Mayday

My mother died just before Christmas, and my elderly father has come up with a plan regarding his house.

The house will eventually come to my brother & myself - so Dad has asked my brother (who lives in Scotland) and myself (who lives in Wales) to consider moving back to East Anglia to live with him and care for him.

It's a question of whether whoever sells up and moves, buys out their sibling's half of the house, or pays Dad rent.

Both my brother & I have spouses to consider; they have a house to sell, we don't. Also there is the job situation ................

I said right away that we'd have to seek legal advice which Dad is going to do. As it stands at the moment, my brother is eager to move back to East Anglia and buy me out of my share of the house.

Is this is a good idea?

Robert_Sterling_3

From your dad's point of view it is a good idea to have a relative living with him or nearby.

If you brother is to buy you out the time to do so would be after the death of your father.

The question would then arise "at what price would you be bought out?".

Your father could cover this question in his will.

Mayday

Robert_Sterling wrote: »

The question would then arise "at what price would you be bought out?".

That is my main concern.

I get the sneaky feeling that if my brother moves in with Dad, and cares for him say, over the next 3 years or so (Dad is 85 and not in the best of health), he would expect a larger portion than half to cover his time as carer, dealing with maintenance, etc.

I'm seeing my father in the next 3 weeks or so, will have to remind him to make an appointment with his solicitor for while I'm there so I can accompany him.

But would still be grateful for other comments, as I can see all sorts of pitfalls ahead.

Errata

Why woudln't your brother deserve a large portion? Caring for an elderly person isn't exactly a walk in the park. Surely the question is not whether there should be a larger portion, but what it's size should be.
As a starter - if dad needs care, how many hours per week will he need it at say £10 an hour ?

Mayday

Errata wrote: »

if dad needs care, how many hours per week will he need it....?

None; he just wants companionship now that he's lost my mother. He wants to be free of worrying and sorting things out as he gets in a bit of a tizz.

Errata

Fair enough. But your brother will have to keep dad company and/or entertained and free of anxiety and you won't have to cope with this. Dad might be reasonably easy to be with now, but that may change as he ages and your brother will have to make adjustments to his own life to cope with the changes, again - something that you won't have to cope with.
It's not an easy position to be in for any of you - the house still belongs to dad so I can't quite see how your brother can buy your share when you don't own it, but it's good to see that dad is getting some independent legal advice.

Gangstabird

Mayday, you are getting sucked up into that orrible situation called 'here come the vultures' I think.

Rejoice that you have a lovely Dad and be happy that he is happy even if he leaves it to the cats home. You cannot miss what you never had and if your brother has thoughts of doing something along these lines, he will not enjoy his ill gotten spends anyway.

Seriously forget about your Dads house. It's not and never was yours.;)

socrates

Agree with the last poster - good advice

david29dpo

To answer your question,If you brother is eager to buy you out and you want to be bought out, get some valuations done and collect half. Bear in mind the value of property at the moment.

Errata

david29dpo wrote: »

To answer your question,If you brother is eager to buy you out and you want to be bought out, get some valuations done and collect half. Bear in mind the value of property at the moment.

The propery is owned by the father !

Robert_Sterling_3

Errata wrote: »

The propery is owned by the father !

Good point Errata....

... and congratulations on your thanks to post ratio of 1.34