Selling my share of the house

Louise286

I own a property outright with my brother, my brother is living in it but I don't get anything as I myself live elsewhere in a house that I own with my husband. I no longer wish to own the property with my brother and would like him to have it. It's our family home and we inherited it when our dad passed away nearly 5 years ago, I'd like to know what I can do as ideally I'd like my brother to keep the house. My brother isn't working and he's just living off the remaining share of his inheritance. Where do I stand and what can I do? Everytime I try and talk to my brother he just brings my dad up, it's not fair that I'm paying for a mortgage while he lives there for free

AdrianC

I'm going to be blunt here...


He can bring your father up all he likes. Your father is dead. You and your brother now own this house jointly. You want the cash value of your half more than you want to own the house.


If he cannot afford to own the entire property, then it's going to have to be sold. That means his easy ride at your expense is over? Oh, dear.


One thing's for sure - your relationship with your brother is not going to be unaffected by what comes next. Either you're going to resent subsidising his life, or he's going to resent your decision.

Sea_Shell

Are you saying you want to gift your half to your brother or have him buy your half or for it to be sold and proceeds split?

Louise286

Thank you, I'm sick of him living rent free, do you know who I would need to speak to to get the ball rolling? Why should he live somewhere for free while I work my bum off to support my home and family. He doesn't work and should start standing on his own two feet

Pixie5740

Louise286 wrote: »

I own a property outright with my brother, my brother is living in it but I don't get anything as I myself live elsewhere in a house that I own with my husband. I no longer wish to own the property with my brother and would like him to have it. It's our family home and we inherited it when our dad passed away nearly 5 years ago, I'd like to know what I can do as ideally I'd like my brother to keep the house. My brother isn't working and he's just living off the remaining share of his inheritance. Where do I stand and what can I do? Everytime I try and talk to my brother he just brings my dad up, it's not fair that I'm paying for a mortgage while he lives there for free

Did your father's will say that your brother would be able to live in the property indefinitely/until he dies? If not then you can take your brother to court to force the sale of the property and for that you should seek legal advice.

How is the property owned? Joint tenants or tenants in common?

Keep_pedalling

Having left it 5 years makes the task harder, but you have got to be firm. Tell you you wish to sell. If he wont budge then your only option is to force a sale through the courts, which will be long winded and expensive, but will effect him more than you, because he needs to find somewhere else with his share.

This assumes the will did not give him a lifetime interest in the home.

If the house has gone up in value significantly in the last 5 years then you may have some capital gains tax to pay.

Sea_Shell

What sort of £££'s are we talking here.

It may have a bearing on what action to take if your 50% is worth £25,000 or £250,000 depending on size/location of house.

Is it worth the fight...if it comes to that?

Was there a will or did intestacy apply?

As others have said "right to reside" is crucial.

AdrianC

Keep_pedalling wrote: »

Having left it 5 years makes the task harder, but you have got to be firm. Tell you you wish to sell.

In some ways, it makes it easier - because you've got the "...and in FIVE WHOLE YEARS, you haven't..." argument.

If he wont budge then your only option is to force a sale through the courts, which will be long winded and expensive, but will effect him more than you, because he needs to find somewhere else with his share.

And the legals will also cost him - so it's in his interest not to drag it out, too.

Louise286

We own the property jointly 50/50 there was a will but it was unsigned so had to go down the intestacy route. We're probably talking about £50k. I want to try and sort it amicably. I could do with freeing up the money, I don't even stay there when I go to visit

foxy-stoat

If he cannot raise half of the equity then you will have to force a sale.

Speak to a solicitor - you get the first half hour or hour free, they will give you an idea of costs and time scales.

Then you can rethink how much he needs to pay you for you to sign the house over to him and walk away - if you take a possible legal bill off the likely equity once sold you will have the lowest figure.

To force a sale in this case will take a long time and will cost you many thousands of pounds.

Pixie5740

foxy-stoat wrote: »

If he cannot raise half of the equity then you will have to force a sale.

Speak to a solicitor - you get the first half hour or hour free, they will give you an idea of costs and time scales.

Then you can rethink how much he needs to pay you for you to sign the house over to him and walk away - if you take a possible legal bill off the likely equity once sold you will have the lowest figure.

To force a sale in this case will take a long time and will cost you many thousands of pounds.

If the brother drags his heels about the sale then the judge can award the costs against him, to come out of his share of the equity.