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Buying a siblings share in a house
Shivva
Posts: 3 Newbie
Hello, my dad passed away last year without doing a will so I applied to be executor of his estate to deal with all the selling of things etc as my brother constantly told me he didn't know if he could kd handle it. The house went on the market in December and there has only been 2 viewings and 1 offer that was too low. I am paying all the council tax bills and utility bills to keep thinks ticking over and my brother has refused to pay anything. I found out that if the house does sell by December that the council tax doubles to £4000 a year because its classed as our second home cas I live somewhere else. I decided I would try and buy out his share and live in it myself, I asked him if he would be happy with this and he agreed, I got a mortgage in principal and told him it would look like I coukd give him £45-50k as I can't get the full half of the value but he said he was fine with that so everything went ahead. I have solicitors, I have signed the mortgage deed and he's now decided that he's not happy and he wants more money and I don't know what to do. Please help
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Comments
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The house is on the market for £130000 and I made an offer to him for £49000, what are my options for giving him the rest of the money later on or preferably not at all because he has had nothing to do with my dad for years until now when there's money to be had.0
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I think he’s entitled to half and not what you think he deserves. I think you need a strategy to pay him his half, less half the bills you have paid. You should probably approach this the other way and ask what he wants for it. I appreciate it’s emotional, but don’t let it sour your relationship with him. You need him on side in any decision.4
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Half of £130k is £65k.
Except it isn't worth £130k - nobody wants to pay £130k. So what would it sell for on the open market?
Now subtract the sale fees for an open market sale - EA, legals.
Then subtract what he owes you for his half of the costs to date...
I'm not sure £49k for a quick, no hassle, sale is particularly unfair.3 -
This is the conversation to have with the sibling. It seems there is a lot of emotion making this difficult at the moment.0
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But one thing's for sure - THIS BIT is going to end in tears...Shivva said:...or preferably not at all because he has had nothing to do with my dad for years until now when there's money to be had.
The simple legal fact is that as your father died intestate, unmarried, his children split his estate evenly.
https://www.gov.uk/inherits-someone-dies-without-will
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Why not sell it for a price it will sell for and you use your half as a deposit for another property if you want to buy another property.
Get 3 different estate agents to give you a price they think it would sell for.0 -
It's not worth £130k though, or it would have sold by now. How much was the offer you received for?Shivva said:The house is on the market for £130000 and I made an offer to him for £49000, what are my options for giving him the rest of the money later on or preferably not at all because he has had nothing to do with my dad for years until now when there's money to be had.1 -
But value an estate agent puts on a property is usually "what we would advertise it at" rather than the true value. A RICS valuation would probably be closer to the mark with the added bonus of being more likely to be accepted as a mortgage valuation. Buying out a sibling is always going to be a source of angst, so the OP needs to get the paperwork in order so as to deflect much of the crap that will inevitably fly.DCFC79 said: Get 3 different estate agents to give you a price they think it would sell for.
Any language construct that forces such insanity in this case should be abandoned without regrets. –
Erik Aronesty, 2014
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.0 -
Do you have probate yet? You are not liable for any of the bills until ownership transfers. The estate is. So whatever your brother refuses to contribute to maintenance now, will be reflected in his reduced share when the property sells and you do the final distribution.
PS: you are the Administrator of the estate, not the Executor.No free lunch, and no free laptop
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stick it up for auction and be done with it2021 GC £1365.71/ £24000
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