Getting out of inherited house share

melymoos

mrsnobody wrote: »

At age 57 I don't think your brother will be able to obtain 50% LTV with equity release (lifetime mortgage), typical LTV for that age is around 26%. He could potentially get a higher LTV with a Retirement Interest Only Mortgage (RIOM) but if he is unable to work he probably won't pass affordability. Your adviser will be able to confirm the figures though.

Yeah, I'm guessing it would be better to sign the whole house over to him first so that he can get more out of it, will have see what the professionals say.

mrsnobody

melymoos wrote: »

Yeah, I'm guessing it would be better to sign the whole house over to him first so that he can get more out of it, will have see what the professionals say.

The 26% LTV is based on him being the sole owner of the property (the transfer of ownership would take place simultaneous with the completion of the equity release rather than you having to sign the house over to him first)

Lungboy

melymoos wrote: »

Yeah, I'm guessing it would be better to sign the whole house over to him first so that he can get more out of it, will have see what the professionals say.

That sounds like a spectacularly bad idea.

melymoos

Lungboy wrote: »

That sounds like a spectacularly bad idea.

From a trust point of view??

Sea_Shell

Trust, yes, but not just that. Anything could happen if you take that route and you may never see your money.

Please don't sign it over unless part of a solicitor led conveyance.

As much as you may trust your brother, please take the cautious approach.

melymoos

Sea_Shell wrote: »

Trust, yes, but not just that. Anything could happen if you take that route and you may never see your money.

Please don't sign it over unless part of a solicitor led conveyance.

As much as you may trust your brother, please take the cautious approach.

Oh without a doubt, I do trust him implicitly, but it would all have to be done the proper way.

Sea_Shell

Just to add, I really think this is going to end up with selling at the end of the day.

It doesn't sound like anything else is affordable (possible).

By all means look into your other options, but a sale, 50/50 split, clean break, will probably be best all round.

Sea_Shell

Have you been able to get an appointment with a professional yet?

melymoos

Sea_Shell wrote: »

Have you been able to get an appointment with a professional yet?

I've spoken to him, he's been away. He's getting all the info for all the options and we'll be going to see him soon.

Sea_Shell

Any more news?? How are things progressing?