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Buying my brother out.
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Time to start baking!0
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Which one of you has been collecting the rent from your mother and declaring it as income to HMRC?0
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sadly another thread why family and money shouldn't mix"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Please answerWe have a Deed if trust, basically I get my full deposit in the sale of the house and we then split 50/50 with what’s left.
- amount of deposit
- purchase price
- current property value
- current mortgage balance outstanding
Per your Deed of Trust, brother should get
50% x (Current value - Current mortgage balance - your orig deposit)
Effectively, brother tying up his loan affordability entitles him to half of any house value increaseIt’s me and my brother on the mortgage but we let my mother stay with us. And she pays the mortgage as she wants to help out. And then me and my brother just pay rest of the bills.
Do you and brother live there with mother? Two possible interpretations:
1) Mother was your lodger, paying rent = mortgage. Have you been paying income tax on any rent above £7.5k p.a.? The rent income was paid to OP and brother jointly, who each paid off half the mortgage with it.. so its 'fair' that brother gets 50% of any increased equity due to paying down the mortgage.
2) Mother was part of the household, paying the mortgage and build up a beneficial interest in the equity, in the amount of mortgage balance reduced by her ie original mortgage - current mortgage. You and brother would have to pay this amount to her out of each of your shares.0 -
Your brother is 'entitled' to 50% after deposit, as per your contract. If you think he should get less, then you can negotiate it with him. And he, of course, can tell you to go forth and multiply.
Your mum owns no part of the property and is either a guest or a lodger, with no right to occupy or receive notice to quit.No free lunch, and no free laptop
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