What to do with 50% inherited house and a grumpy brother

sidefx

csgohan4 wrote: »

Karma always bite back.

No it doesn't. That's just wishful thinking. OP, let your brother buy you out at the going market rate or sell. Then take your inheritance and invest it wisely. Good luck.

greenface

Sorry for your loss . can he afford to buy you out .If so easy way to do the deal .

ScorpiondeRooftrouser

You want to sell the house but you don't want him to buy you out?

I can understand why he finds it frustrating dealing with you, to be honest.

Smodlet

Do you actually want to buy him out and keep your father's house, let out or not, for yourself? If so, I think this is grief talking. Otherwise, it has all already been said: Ensure you get your half of the real market value (regional variations aside, it seems the property market is predicted to stagnate, from what I read today) and cut loose.

From what you say, your brother is your brother in name only. Probably the hardest lesson I have ever had to learn is that blood is not thicker than water; some people have great relationships with their relatives, some would be better off without them. Take it from one who knows. "The people who love you no matter what, that's your family" (sic)... The Country Bears movie, if you're interested; some great music in there.

Good luck and HTH.

xylophone

You don't get on with your brother - running a rental business with him is likely to be a bed of thorns in a vale of tears.

Get a proper valuation of the property from a RICS qualified surveyor and tell your brother he can buy you out for half that sum.

tacpot12

What would you do with the £200k?
Do you have children or others you would like to be able to leave it to if you die?
Where do you live and where does your brother live?
How much spare capital do you have?
How much time do you have available, and do you have any relevant skills for renovating a property or running a property business?

Renting could be an option to produce a good income, but you need to spent quite a bit to bring the house up to scratch. The advice you've been given is correct. And the easiest time to do the work is before the property is tenanted.

If all the circumstances were right, you could keep the house, charge your brother for your time to manage the renovation and to repay you any extra capital you sink into the property (so it can be renovated properly), and charge your brother for managing the property so that he receives an income stream that he doesn't have to work for. This might suit him down to the ground but also might suit you. I suggest this not because it is the best advice for your situation, I think you've been given the best advice above, but to provide you with the most extreme alternative to consider. I hope it helps you decide, and that you can find the strength to resist his bullying tactics.

AnotherJoe

ScorpiondeRooftrouser wrote: »

You want to sell the house but you don't want him to buy you out?

I can understand why he finds it frustrating dealing with you, to be honest.

That is a very fair point, OP can you explain why you want to force a sale rather than let him buy you out (which as someone else said is the easiest option as well, and will be the cheapest) when either option gives you the half of the proceeds you are due ?

You've said he's a bully but if he wants to keep the house and can afford to buy you out, why on earth would you prevent that ????

you might want to consider if forcing him to sell when he may wish to keep the house and can do so and it makes no difference to you, isn't also bullying. Maybe it's getting your own back after years of pain but it seems petty and it will be expensive for both of you, indeed if it got to court I think you'd likely lose since he can pay you the 50% value of it anyway.

Is there something you haven't said that means the above is wrong?

csgohan4

Maybe op wants to cut their nose to spite their face

AdrianC

Doctorbee wrote: »

He is really putting pressure on saying ... he will buy me out

I feel the only truly fair thing to do is to sell and split.

There y'go. Problem solved.

Get the property properly valued by three separate agents, and he can pay you 50% of the average figure. Job jobbed.

Smodlet wrote: »

Do you actually want to buy him out and keep your father's house, let out or not, for yourself? If so, I think this is grief talking.

Indeed. Stop thinking of it as "your father's house". It isn't. It's now 50% your house, 50% your brother's house. If it isn't rented out or sold, then what're you going to do with it? Open a museum to your father?

moneyistooshorttomention

Yep - another one that thinks = sell your half of the house and it doesnt matter unduly who it's to (either a stranger or your brother) as long as you get a "market value" amount for it.

The only problem with that course of action is if you want to keep the house and buy your brother out - in which case there is conflict there from him wanting to do so too.

If you're not bothered about the house - sell (even if it's to him).

If you want the house too - then the house needs to be sold to a stranger (ie so that neither of you gets the advantage of having the house you want - which at least would be fair).

Either way - have nothing whatsoever to do with him in the future anyway once this is resolved. It's not obligatory to get on with people just because they're your family - particularly if they are brothers or sisters. Friends are the people one chooses to spend time with. Neighbours and work colleagues are the people we have to spend time near. Parents - well they're parents and hopefully a relationship of choice exists with them.

But brothers/sisters = <shrugs>. If you get on with them it's a bonus - but many of us choose to have nothing to do with them. So just keep relationships there neutral or non-existent.