Problem with remortgaging need advice

AnotherJoe

I doubt all five are going to live in it !? Assuming he's going to live another say 20 years (aprox life expectancy for male age 70 in good heath) will any of the sons want to live in it in 20 years time? And be in a position to do so?



Statistically its not unlikely one of them may have died and the share go to their children who could be living anywhere, or they may divorce and shares go to ex's.


Answering your Q, if the five brothers bought it from him, there would be a lot of hassle dealing with letting it out, plus various tax issues, plus potential disputes about management of it, and they wouldnt get the benefit of zero CGT that would occur if he left it to them in his will. But in the intervening time there would have been all that hassle of managing tenants with laws, tax bad tenants etc.



All seems very messy for this desire to "keep it in the family" when realistically quite possibly no one in the family will ever live in it. If i think back to the homes of my parents and their siblings, absolutely none of them are in a place I'd want to live (just due to location not bad areas) even if they had kept it for the past 20+ years just for me I'd be selling it and buying local to me.



Uncle is almost in effect, and no doubt well meaning, trying to control things from beyond the grave


by this desire not to sell it when its clear from what you've posted there would be a lot of cost and hassle involved and also it seems unlikely in reality to know that anyone from the family will want to live in it in 20 years time.

foxy-stoat

The time of thought about how to pay off the mortgage was in 1998 - but you know that already.

If the family cannot find £400,000 between them (as they are the ones who will own it in the future) then the only option was in post #2.

If he wants to keep it just to rent then its not viable - sell and buy a £600,000 outright and let that out if he wants an income.