How to agree over inherited house 18 August 2017 at 12:35PM in Over 50s MoneySaving 5 replies 3.6K views

davefx

Hello,

My brother and I have recently inherited our family home.
He wants to sell and I don't.
What's the fairest way of agreeing a price? I live outside the UK and have no idea of the costs involved to either party for the transaction.

Thanks

moneyistooshorttomention

Three different EA's valuing the house for sale and take the average price they think it would fetch (ie price you'd get - as opposed to initial asking price) and you've established what you are both due to have each.

Then it's up to you to buy out his share from him at 50% of that price - as you say you don't want to sell the house.

Farway

I assume probate has been granted?

The house would have been valued as part of the estate would it not?

In which case the job's done, apart from EAs & solicitor fees, which I guess would be fairly split 50/50

Savvy_Sue

Just wondering, are you hoping that if you buy him out he'll take an interest and look after it for you? Because if you're abroad, you're going to need a plan for what to do with this house, including a local agent to deal with any problems.

Art_Deco

Me and my sister inherited my mums house when she died, I didnt want to sell it , too many memories, but she did so we got a couple of valuations , both roughly the same, i then got a mortgage to pay her half of the money,she spent the money on a couple of good family holidays, we sold our house and moved into mums, still there now.

davefx

Thank you for these replies. Probate has been granted but the deeds have not yet been transferred to our names. Is this necessary before my brother sells me his half or can the deeds be transferred solely to myself when the transaction is completed?