House purchase query

TBagpuss

How much is the house currently worth?

As I see it, you have a few options:

1. Your dad and brother could agree to sell the house. You brother gets his £40K (or whatever 50% of the net proceeds of sale turns out to be) Your dad gets the other £40K, and is free to give or loan that to you and your partner to use as a deposit to buy a new property of your own. They would need to check whether the Local Authority is entitled to first refusal or to any % of the equity.

2. Your dad and brother sell the house to you and your partner. You would need to apply for a mortgage for at least £40K + the existing mortgage. Your dad could agree to gift his interest in the house to you so you only have to buy out your brother. (although on the face of it that would mean you basically 'inherit' your dad's share early, and your brother gets nothing from your dad, as he has bought the share he currently has in the property)

3. See whether you can buy your brother's share and you and your dad have a joint mortgage, and instead of your dad and brother owning the house, you and your dad own it. (bear in mind that you dad may then leave his share to you jointly, in which case you'd need to plan to buy out your brother's inheritance in due course)

Three years is a long time to ask your brother to wait for his money. If he wants the money now to put down a deposit on a house, then he would face 3 years of renting when he might otherwise be building up some equity, not to mention having the insecurity of renting for another 3 years.

I can understand why is it so frustrating for you, but on the face of it, it is not unreasonable for your brother to want to access his share of the equity. You are in effect asking him to put your housing needs ahead of his own.

If he has to force a sale of the property then your dad could end up paying the legal costs involved, which could easily exceed £10K, so not in anyone's interests.

Cakeguts

Jc1984 wrote: »

Read my first post ex council house so rite to buy was the deposit so no money wad put in by them .

So they had a secure tenancy. You already had a house then so of course you didn't have the right to buy you had not been living there.

Cakeguts

Jc1984 wrote: »

Okay so when the house was purchased I could not be on a mortgage I lived in the house for 6 years and paid the mortgage and had lodgers to do so. So then to demand 36k when you haven't paid any money is fair when it comes tI family ?. We don't have any unresonable lifestyle at all and budget to the last penny. And 40 k mortgage I wish.

This is not correct is it? You aren't paying the mortgage you can't pay a mortgage for a property you don't own you are paying rent. You are paying rent to your brother and father the fact that the rent is used to pay the mortgage doesn't mean that it isn't rent.

So start again. You are a tenant of a house that is owned by two landlords. One of the landlords wants to get his share of the equity out of this rented house. So there are two choices. 1)You agree to pay him for his share of the house. 2) Your brother and your father sell the house and you find another house to buy to live in.

Regardless of what happened in the past your brother has a right to his money and you don't have any right at all to tell him he has to wait for it. You have been renting this house from him and your father for 6 years. You have had plenty of time to find a different rental or to arrange to buy your brother out. Instead of doing that you have spent money on other things. Now you are telling him because you have spent money on other things he can't spend his money because it doesn't suit you?

There is no problem you don't have any financial reason to stay in this house so move out and find a different rental.

Jamiesmum

OP you sound totally self indulged and clearly have no idea of how lucky you actually are in your position.

Mojisola

Jc1984 wrote: »

Dad and brother are jointly on the mortgage and deeds.

But are they 'joint tenants' or 'tenants in common'?

csgohan4

Bet OP you were paying below market rent too. If you were, you should also be grateful for this. You do not own the house, your renting, treat like any other rented place, it isn't forever

Jc1984

Thank you for the mostly helpful responses first time on a forum and did find some quite rude as there is a diffrence between advice and personal attacks when you don't know the person