How to get collateral out of home you half own?

AdrianC

I'm not surprised he's less than keen, to be frank.

He's living in a three-bed house with a lodger, and all it's costing him is a bit less (post-fee) income from the lodger. He'll continue this until one or both of you keels over, if he thought he could get away with it...

leespot

Well, I most of the possible scenarios have been discussed in the thread - you know your options pretty much. Best of luck getting sorted with this. Your brother isn't a child, he needs to wake up and smell the coffee - he's milked that gravy train for long enough. Given the information you've shared, I think you've been more than patient and generous over all of this. You're certainly not asking for anything you're not entitled to.

thebigpotato

Thanks both @AdrianC @leespot, you have nailed it on the head and I see there is no easy direction other than butting heads on the subject moving forward

Mojisola

thebigpotato wrote: »

When we inherited the property the fine details were dealt with by the solicitors as we were not officially inheriting the property for 6 years as part of the clause

we were not deemed old and wise enough to be handling the ownership of a 3 bedroom property at the time and likely rightly so.

The property was meant to be let for 6 years then proceeding this sold

it's now 2 years later (8 in total) and things have rolled on as they were with the solicitor paying all fees, including a nice sum of tax and their fees along route.

So why didn't the solicitors start the sale proceedings at the end of the six years?

You don't really think that the solicitors are paying all that out from their own money for your benefit, do you? Surely all the costs are going onto your bill and they'll take their (substantial) cut from the sale of the house.

Sea_Shell

Have you managed to have "The Talk" yet?

csgohan4

Another reason why money and family shouldn't mix, should have been sold as soon as you got it

Doozergirl

We're in the process of having our wills written at the moment. It's already more complicated than I thought, but this thread has really made me think about giving further instructions!

Mojisola

Doozergirl wrote: »

We're in the process of having our wills written at the moment. It's already more complicated than I thought, but this thread has really made me think about giving further instructions!

We have a clause saying that the house should be sold by the executors - if one of ours wants to keep the house, they'll have to raise the money to buy it off the estate.

If one of ours is living with us at the time of our deaths, we have stipulated a set number of months that they are allowed to stay in the house rent free after which it has to be sold. Who pays for insurance and upkeep, etc, is all set down.

It wouldn't stop the resident child being horrible and delaying the sale and putting off potential buyers (although we hope none of them would behave like that!) but it sets our expectations down in black and white so there can't be any "Mum and Dad always said/they would have wanted/etc".

AdrianC

Mojisola wrote: »

but it sets our expectations down in black and white so there can't be any "Mum and Dad always said/they would have wanted/etc".

Instead, it'll be...
"Mum/Dad always said they wanted that - but YOU PRESSURISED THEM INTO DOING WHAT YOU WANTED...!"

Never underestimate the power of a potential inheritance.

Mojisola

AdrianC wrote: »

Instead, it'll be...
"Mum/Dad always said they wanted that - but YOU PRESSURISED THEM INTO DOING WHAT YOU WANTED...!"

Never underestimate the power of a potential inheritance.

As we've made our wills totally independently of the children, that argument is a non-starter. It also applies to all the children equally and we have no idea whether any of them will actually be living with us at the time of our passing so it would be hard for one of them to claim that another had manipulated us.