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Inherited House Advice

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Comments

  • Grogged
    Grogged Posts: 866 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    xylophone said:
    Is there any cash in the estate?
     
    Not really once the funerals and CC debts are paid, maybe a couple of K each.
    Their retirement was funded from their various pension annuities.
    If it's not adding up, compound it!
  • MovingForwards
    MovingForwards Posts: 17,164 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Potentially you could have a second charge on the property for the remaining money, if he couldn't get a mortgage to buy out your half in full.

    You may decide to agree £80k to buy you out and forget the rest, just so it's done and you have the money.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • greatcrested
    greatcrested Posts: 5,925 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 15 June 2020 at 4:44PM
    Rather than a partial buy-out where you retain minority ownership, I'd recommend you loan him enough to allow him to buy your full share. You could draw up a Deed specifying how/when he will repay that loan, and optionally back it up with a 2nd Charge on the property (just like a mortgage lender does when they loan money).
  • TobyBurnstein
    TobyBurnstein Posts: 3 Newbie
    First Anniversary First Post
    I have inherited a 50% share in a house with my brother, from our late father. The house is valued at 400k. My brother wants to buy me out and we agreed 200k and he's got the money etc.      What's the easiest / cheapest way to do that.     Simply change the deeds into his name / then he gifts me 200k ?       Any advise would be helpful.
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    @TobyBurnstein
    Please start your own thread, it just gets confusing when people are trying to answer 2 different questions in the same one.
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