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

G_M

jimmy_cricket wrote: »

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

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

You received good advice in that thread back in February.

Seems like it's about time to follow it.......

_CC_

In your situation I would tell your brother that you're not interested in becoming a landlord and are willing to sell your half at the market rate to him.

I think he may incur the higher stamp duty rate on the half he buys from you, though?

jimmy_cricket

G_M wrote: »

You received good advice in that thread back in February.

Seems like it's about time to follow it.......

See response on other thread, I have but do not have the money to fight this through the courts.

moneyistooshorttomention

jimmy_cricket wrote: »

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

In your position - I'd go and see the EA and ask for the person in charge and explain the situation (ie that the house has 2 owners - and you are the other one). Give a brief explanation of not getting on with your brother and needing the house sold in order to break the ties between the two of you. Do a little bit of smarming/eyelash-battering at the EA and turn on the charm generally and say things like "you obviously will be much better aware than I am of how much houses like it sell for" but....you've done a bit of research and it seems to you that the house is overpriced and you feel a more realistic price would be £x and just how much you'd appreciate it if the EA could get this message home to brother and reduce the price to that £x.

That way the EA knows the position - ie brother being greedy. But that the other owner (yourself) is more realistic.

Then keep your fingers crossed.

Well - that's what I would do in your position (well - I would have in my younger/more attractive days anyway;)) and I'd still have a go at that tactic even now.

What have you got to lose? - other than an hour or two of your time.

If you do do that - then I would be interested to know how things go on that...

jimmy_cricket

moneyistooshorttomention wrote: »

In your position - I'd go and see the EA and ask for the person in charge and explain the situation (ie that the house has 2 owners - and you are the other one). Give a brief explanation of not getting on with your brother and needing the house sold in order to break the ties between the two of you. Do a little bit of smarming/eyelash-battering at the EA and turn on the charm generally and say things like "you obviously will be much better aware than I am of how much houses like it sell for" but....you've done a bit of research and it seems to you that the house is overpriced and you feel a more realistic price would be £x and just how much you'd appreciate it if the EA could get this message home to brother and reduce the price to that £x.

That way the EA knows the position - ie brother being greedy. But that the other owner (yourself) is more realistic.

Then keep your fingers crossed.

Well - that's what I would do in your position (well - I would have in my younger/more attractive days anyway;)) and I'd still have a go at that tactic even now.

What have you got to lose? - other than an hour or two of your time.

If you do do that - then I would be interested to know how things go on that...

Thanks money.

The ea already knows the situation which is why they are being accommodating. They have taken instruction from me solely, knowing that my sibling would in all probability not sign the contract.

It is on at the inflated price at the moment as I didn't want the sibling to accuse me of underhanded dealings, these accusations have already been levelled on other matters.

The plan in my mind is to drop the price in the new year when people start house hunting again. That way it shows that the market has been tested on what greedy sibling thinks it worth.

The real issue will arise when there is a buyer lined up as sibling will have to sign paperwork for sale to go through.

G_M

jimmy_cricket wrote: »

Thanks money.

The ea already knows the situation which is why they are being accommodating. They have taken instruction from me solely, knowing that my sibling would in all probability not sign the contract.

It is on at the inflated price at the moment as I didn't want the sibling to accuse me of underhanded dealings,.

Well not getting confused by which poster is which as both have sibling issues, but ....

the solution is in your hands! Since it is you who has determined the property asking price, and instructed the EA accordingly, you can hardly complain if it does not sell.

reduce the price!

Find a buyer and then deal with the sibling when you have a concrete proposal for the estate.

As for court action if it is required, beg/borrow the money knowing you'll be able to pay it back once the property is sold. Quite likely a solicitor will agree not to bill you till then so it's only the court fees you're talking about.

jimmy_cricket

G_M wrote: »

Well not getting confused by which poster is which as both have sibling issues, but ....

the solution is in your hands! Since it is you who has determined the property asking price, and instructed the EA accordingly, you can hardly complain if it does not sell.

reduce the price!

Find a buyer and then deal with the sibling when you have a concrete proposal for the estate.

As for court action if it is required, beg/borrow the money knowing you'll be able to pay it back once the property is sold. Quite likely a solicitor will agree not to bill you till then so it's only the court fees you're talking about.

With respect, you do not know how unreasonable sibling is. If I had marketed it under what they wanted and found a buyer for that price, there would be accusations of collusion and underhand dealings. He has a track record of dragging things through courts. I really don't need the hassle.

So, I've decided to market it at the overinflated price for a short while so that I can prove that it is all above board.

Said sibling is a nasty, greedy vindictive person. They have taken thousands off mum over the years, leaving her with very little when she passed. When mum lost dad, sibling could hardly be bothered to visit, let alone do anything for mum. You have no idea how nasty....

Leven

Sell it. No question. If your brother is difficult now, imagine trying to run what is effectively a business with him! You could use the £200k to purchase a flat outright which you could let out yourself.

Smodlet

OP, could you not approach an EA yourself and just put it on the market? If you found a buyer, you could present your sibling with a firm offer which might just sway him... I guess it's too late for jimmycricket to try that but who knows?

If this is not legally possible, apologies but I'd be tempted. It is not as if you could sell it without his permission but marketing it? Just a thought.

Mojisola

Smodlet wrote: »

OP, could you not approach an EA yourself and just put it on the market? If you found a buyer, you could present your sibling with a firm offer which might just sway him... I guess it's too late for jimmycricket to try that but who knows?

If this is not legally possible, apologies but I'd be tempted. It is not as if you could sell it without his permission but marketing it? Just a thought.

When, as executor, I put my Dad's house on the market I had to show the EA proof that I had the legal right to sell it.