Splitting costs on inherited property

Vicky_Jones

Hi, my brother and I have inherited my mum's house and the will is split 2/3 to me 1/3 to my brother (I'm an low earning single mum with no property and my brother has an enormous salary, his own property and no children).

My dilemma is do we split the cost of doing the house up prior to selling by half or should I pay 2/3 and he pay 1/3?!

I want to do the right thing as we have quite a fiery relationship but would I then be obliged to split the estate agents fee, conveyancing etc the same way.

What would you do?! Ironic that the one person I really want to ask is my mum .... 😓

Yorkshireman99

Vicky_Jones wrote: »

Hi, my brother and I have inherited my mum's house and the will is split 2/3 to me 1/3 to my brother (I'm an low earning single mum with no property and my brother has an enormous salary, his own property and no children).

My dilemma is do we split the cost of doing the house up prior to selling by half or should I pay 2/3 and he pay 1/3?!

I want to do the right thing as we have quite a fiery relationship but would I then be obliged to split the estate agents fee, conveyancing etc the same way.

What would you do?! Ironic that the one person I really want to ask is my mum .... 😓

You should pay 2/3rds.

mark55man

I agree - I know you are probably shorter of spare cash than your bro, but you are benefitting by substantially more.

I would offer to pay 2/3, I think that would be a good gesture. He may offer to go halves - but dont know. Grief acts in different ways so I dont think you want to give something that might create a grudge for the rest of your relationship

There may be some room for negotiation - could you say "can we go halves but I'll do more of the work and admin and house clearing", or even - "I'll pay 2/3 but could you help with the legal transaction" - depending on what your skills and free time are

Crabapple

Don't do any work to the property without speaking to an Estate Agent.

Buyers don't necessarily want pristine homes. You could end up spending time and money unnecessarily.

I would also expect costs to be split in proportion to your shares.

Mojisola

Vicky_Jones wrote: »

Hi, my brother and I have inherited my mum's house and the will is split 2/3 to me 1/3 to my brother (I'm an low earning single mum with no property and my brother has an enormous salary, his own property and no children).

My dilemma is do we split the cost of doing the house up prior to selling by half or should I pay 2/3 and he pay 1/3?!

If it is a sensible thing to spend money on the house, would he agree to pay for the work if you sign an agreement so that he gets paid back when the house is sold?

Linton

I fear you will discover that the cost of doing the house up will be more than the extra money you will get from a sale. IMHO better just to sell as quickly as possible and get on with your lives.

Vicky_Jones

Thanks for all the great advice everyone - much appreciated!

I will offer to pay 2/3 of all selling costs and see what he says. I'll also get a few estate agents round and see what they think re decorating. It's nothing major - just needs a lick of paint and minor repairs.

Yorkshireman99

Vicky_Jones wrote: »

Thanks for all the great advice everyone - much appreciated!

I will offer to pay 2/3 of all selling costs and see what he says. I'll also get a few estate agents round and see what they think re decorating. It's nothing major - just needs a lick of paint and minor repairs.

Don't let him bully you. Since you are getting 2/3 of the proceeds a fair division is 2/3rds but if he offers to pay half then so be it!

getmore4less

You take all/any costs off the sale and split the proceeds after those.

is it worth considering buying him out?

if the property is right type/location it may be better than renting.

Sea_Shell

Similar to others, I'd say, don't spend much (any) money on it. Agree a price and once sold, take ALL the fees from the sale price and split the balance.

I would even consider pricing it very competitively for a quick sale, rather than have the issue drag on.

Alternatively, can he buy you out, so that you can live in it?