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

Doctorbee

Thanks to everyone who took time to respond - it's been helpful to have different opinions.

I'm fine with not having a relationship with my brother, I know I am better off without him. It is a shame, but I have kind and supportive friends - so I am lucky.

No, I don't want to open a museum to my father (!) - he was a lovely man but he is gone and his house is just 4 walls now he's not there. Nor do I wish to exact 'revenge' - that would be childish. I just wanted some advice on what's best for me - and it is helpful to see that others think that a co-rent - my brother's first choice - is a bad idea too.

My brother and I could both afford (with BTL) to buy the other out and so with the property in a great location but in a poor state - I just wanted to figure out my options and what would be best. Maybe I have answered that myself (with the help of posters) - that peace of mind and the freedom & control over what you do with your life (and unexpected inheritance) is worth cutting free and moving on.....

Thanks everyone

AdrianC

Doctorbee wrote: »

No, I don't want to open a museum to my father (!) - he was a lovely man but he is gone and his house is just 4 walls now he's not there. Nor do I wish to exact 'revenge' - that would be childish.

You'd be surprised at some of the things posted here...

and it is helpful to see that others think that a co-rent - my brother's first choice - is a bad idea too.

The simple answer is whether you would consider going into any other business with him?

My brother and I could both afford (with BTL) to buy the other out and so with the property in a great location but in a poor state - I just wanted to figure out my options

* Joint refurb and rental
* Joint un-refurbed rental
* Sell to brother
* Buy brother out, refurb, rent.
* Buy brother out, don't refurb, rent.

and what would be best.

1 and 2 are probably unwise for relationship reasons, let alone looking at how the numbers work.
3 is the cleanest, simplest and quite probably the financially sensible choice, too.
4 and 5 - work the numbers properly, but it doesn't sound as if he'd be willing to sell.

Maybe I have answered that myself (with the help of posters) - that peace of mind and the freedom & control over what you do with your life (and unexpected inheritance) is worth cutting free and moving on...

:beer:

jimmy_cricket

Just wanted to say so sorry for your loss.

I can't really add anything but to say I'm in a similar position with a nasty, bullying sibling. Over two years down the line, the jointly inherited house is still in limbo and deteriorating quickly. Sibling does not want it, will not let me buy them out (unless for stupid money, way above what it is worth). It is languishing on the market at what sibling reckons it is worth, but no interest.

From my experience, just cut your losses and get as much distance as possible

Doctorbee

Thank you. I am sorry to hear your loss and unhappy situation too - it must be hard and I feel for you.

I hope things finally work out for you - life's too short. Good luck.

G_M

jimmy_cricket wrote: »

Over two years down the line, the jointly inherited house is still in limbo and deteriorating quickly. Sibling does not want it, will not let me buy them out (unless for stupid money, way above what it is worth). It is languishing on the market at what sibling reckons it is worth, but no interest.

and presumably haemoraging money.....

who is /are the executer(s)
who is paying the overheads?
is there a mortage?
what condition is it in (and in what way deteriorating)?
how overpriced is it?
what are the estate agents saying?

AdrianC

G_M wrote: »

who is /are the executer(s)

If it's been transferred into the two siblings' names, then the execs have done their job, and it's not their problem.

what are the estate agents saying?

I suspect the answer is that one optimistic EA has given an OTT figure which is being disagreed with by Jimmy Cricket and, more importantly, by every putative buyer...

G_M

AdrianC wrote: »

If it's been transferred into the two siblings' names, then the execs have done their job, and it's not their problem.



I suspect the answer is that one optimistic EA has given an OTT figure which is being disagreed with by Jimmy Cricket and, more importantly, by every putative buyer...

True, but since the beneficiaries are planning to sell, the executer would have done better to leave it in dad' name and sell as executer. This may or may not be what's happening.

You're probobly right about the EA's intial valuation, but after 2 years the EA should be suggesting a price reduction and giving some more realistic figures. Sure, stubborn sibling may ignore this and stick to the original valuation, but what the EA is now saying does become relevant.

troubleinparadise

Quite simply, get out of this shared ownership situation.

Going into business, which becoming co-landlords would be, with someone you cannot discuss issues with, and whom it sounds as though you don't even like, is an absolute non-starter.

For your own peace of mind, and to safeguard your potential £200k share of the proceeds, either sell on the open market or to your brother.

Finish off the paperwork and put it away in the filing cabinet, and live peacefully. Don't look back and wonder "What if...?" Invest your share in something you feel comfortable about, and thank your father mentally for your lovely nest egg.

You will always be made unhappy by this situation of joint ownership with your brother; this is a choice situation, so make the right choice for you.

jimmy_cricket

G_M wrote: »

and presumably haemoraging money.....

who is /are the executer(s)

self and sibling are both executorsvand beneficiaries. Have been granted probate, 18 months ago

who is paying the overheads?
[COLOR="rgb(65, 105, 225)"]we are both putting enough into an account to cover outgoings, but keep expecting sibling to stop paying at some point as they are complaining about the cost. However, to date, they are still paying half[/COLOR]

is there a mortage?
[COLOR="rgb(65, 105, 225)"]no[/COLOR]

what condition is it in (and in what way deteriorating)?

[COLOR="rgb(65, 105, 225)"]very dated to start with so whoever purchases will want to update. Roof of attached garage leaking, double glazed windows blown, spalling bricks. Mainly lack of general maintenance [/COLOR]
how overpriced is it?
[COLOR="rgb(65, 105, 225)"]depends on who is listened to. There has been little interest in the property which tells me that it is overpriced. Property in similar condition have been selling for 25% less than what it is being marketed at. It is not a London property so, this is around 50k less [/COLOR]
what are the estate agents saying?
[COLOR="rgb(65, 105, 225)"]local estate agent so not pushy and going along with the price sibling has got. Sibling paid for a valuation, which came back as what they insisted the property was worth but was bragging round town that they would make sure that the figure was what they insisted it was worth [/COLOR]

Rather than hijacking this thread further, the whole sorry story is here

https://forums.moneysavingexpert.com/discussion/5411604

jimmy_cricket

G_M wrote: »

True, but since the beneficiaries are planning to sell, the executer would have done better to leave it in dad' name and sell as executer. This may or may not be what's happening.

You're probobly right about the EA's intial valuation, but after 2 years the EA should be suggesting a price reduction and giving some more realistic figures. Sure, stubborn sibling may ignore this and stick to the original valuation, but what the EA is now saying does become relevant.

See post above. It is being marketed at what other sibling insists it's worth. Ea suggested a marketing price 20% under this, but is happy at the moment to go with what sibling is insisting