How to get collateral out of home you half own?

nubbins

You need to be strong and give him an ultimatum, either give you half or sell up....no wonder he was negative towards the whole discussion

ThePants999

Move in with him, since you're entitled to as joint owner, and be a total pain in the !!!! until he sees the light and resolves the situation.

thebigpotato

I'm the older, bigger, badder brother in reality but of course want to look after my brother by instinct being the oldest, I certainly don't want to beat down on him, sue him etc, unfortunately you sometimes can't reason with the unreasonable so I'm going to have a firmer talk now I know the only available directions,

Thanks.

teddysmum

cerigthomas wrote: »

Sure, I've been a soft touch on this one as the house was deemed a family home in the past so I have to show some understanding but yes some rent is being paid but half the market value as they deem that's all that needs to be paid as they own the other half of the house, it's my choice I don't live there in their eye's but having not lived there for 20 years I was not going too of course. In the mean time I want to get on the property market myself where I reside some 300 miles away so just wondering which way to move forward, ideally without causing conflict... I thought I was being a soft touch and everyone here is clarifying that,

Thanks.

Surely you don't expect him to pay you rent for his half , so half the market value is fare? However, as you are receiving rent it is being declared as income ?

thebigpotato

There's other details I'm omitting from this discussion as their not overly relevant but lets say they have a tenant already paying the rent living along with them so their actually paying nothing personally... None of my business as I'm not there, i just want a simple exit strategy with less conflict, certainly what I'm getting per month won't really aid me getting on the property market where I reside as it's significantly more expensive.

The solicitors are sorting all the financials and deceleration of income.

getmore4less

I was going to suggest, if you don't want to move in, move your own lodger in to your share

but that has already happened(indirectly) and you are getting the rent.

Very relevant to the situation as you have allowed this situation to happen it can influence any court proceedings to force a sale.

Slinky

This half share will of course cause you issues if you go to buy your own home whilst still owning it. You'll be stuck with paying 3% extra stamp duty on your purchase.

xylophone

There seem to be solicitors involved already.

If you want your money, and don't want to pay extra stamp duty when you buy your own home, you'll need to discuss a "forced sale" with the solicitor.

Your brother may be more amenable once he appreciates that you are ready to go to law.

And if the judge thinks that your brother has been deliberately obstructive, he may take a robust view of the circumstances and award costs against him - perhaps you should put that to your brother.

G_M

Has Probate been granted?
Who is/are the Executers?
Who is currently the registered owner? The deceased? You and brother?

The Executers could sell before distributing the Estate.

Options:

* brother buys you out for half the market value
* brother pays you rent at half the market rent
* the Executers sell and give you each half the proceeds
* you and brother sell and share the proceeds
* you go to court to force a sale
* you move in and live as a happy sibling family
* you move in and make life hell till......
* you find someone willing to buy your half and share with brother
* you do nothing

thebigpotato

G_M wrote: »

Has Probate been granted?
Who is/are the Executors?
Who is currently the registered owner? The deceased? You and brother?

The Executers could sell before distributing the Estate.

Options:

* brother buys you out for half the market value
* brother pays you rent at half the market rent
* the Executers sell and give you each half the proceeds
* you and brother sell and share the proceeds
* you go to court to force a sale
* you move in and live as a happy sibling family
* you move in and make life hell till......
* you find someone willing to buy your half and share with brother
* you do nothing

Hi, were a good way past the stages of dealing with Executors now, we officially own the house 50/50 each and have the deeds.

You've nailed it on the head with the options, the firm discussion will happen shortly, thanks for your input.