MONEY MORAL DILEMMA: Should Liam roll with it?

MSE_Martin Posts: 8,273
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Money Saving Expert
Here's this week's hypothetical situation for you to cogitate on:
Should Liam roll with it?

Noel and his brother Liam decide to combine funds and buy a house together. It's the investment opportunity Noel has vigorously researched into for the past 18 months, whereas his brother's been surfing mates' sofas in this time so just views the purchase as a stable roof over his head and tells Noel to sort it. So whilst Liam entertains himself with cigarettes and alcohol, Noel finds the perfect house and negotiates a £25,000 reduction in asking price, plus organises the best mortgage deal. He then argues that as he did all the leg-work he deserves a larger stake in the property, regardless of their equal deposits. Should Liam roll with it?

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Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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  • Well, as Liam seems a bit !!!!less, it might be worth his while. But I reckon he'd want to keep a close eye on what Noel's doing. Seems like a recipe for conflict between siblings...hmmm, where have I heard that before? ;)

    Edited to add...What? F3ckless isn't a swear word!
  • spiro
    spiro Posts: 6,403
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    I think Noel should get a larger share to reflect the £25k he has saved them in the asking price which will save them both money in the long term in reduced mortage payments.
    IT Consultant in the utilities industry specialising in the retail electricity market.

    4 Credit Card and 1 Loan PPI claims settled for £26k, 1 rejected (Opus).
  • kippers
    kippers Posts: 2,053
    Name Dropper First Post First Anniversary Combo Breaker
    I think Noel should have known how useless his brother was before he agreed to buy a house with him. I think he should go 50/50 with his brother if he wants to carry on buying the property or it could cause a rift between them and they could end up losing the house (& money) in the near future as prices are falling.

    Also, if he does go through with it he will end up being in charge of all the bills as his brother obviously won't be bothered to pay any (though i'm sure he will pay his half)
  • They should have cleared all this up when they agreed to buy together...

    Whats going to happen further down the line if Noel does all the cleaning, will he want to pay less mortgage? What if Liam buys all the lager, will he demand a bigger share of the equity?

    I think noels request is unreasonable, he should have either got liam of his sofa and out researching with him, or found someone more motivated to buy with!
  • I don't think he should have a bigger stake in the property. He needs his brother to buy the property. He should have made his brother more interested in helping.

    There are plenty of people in this world who have the money to help others, i.e. joint investment, and they do nothing, but reap the benefits, simply because they have the money (or ability to get a mortgage in this case).
    Pink Sproglettes born 2008 and 2010
    Mortgages (End 2017) - £180,235.03
    (End 2021) - £131,215.25 DID IT!!!
    (End 2022) - Target £116,213.81
  • It's a tough one, especially where family are involved. I've had issues with money myself with my own brother. In my younger days, when I was desperate for some quick cash I asked to borrow £6k in return for a £7k payback. I obviously hadn't really thought it through at the time but I could have got a better deal at a high street bank as it was only a short term loan. Once I realised I tried to renegotiate but a deal's a deal. Still I felt a bit ripped off. More fool me I know but like I say money and family don't always go well together.

    Second, slightly different, every year myself and a group of friends go skiing. I normally do all the legwork, researching the best resorts and cheapest deals and come up with something really good. But I would not consider asking for any reduction in payment for this work. However I do from the outset make it clear that I will bag the best room. I think there is a fine line between getting a nod for your efforts and claiming financial reward where everyone invests the same.

    Liam is obviously not quite as f3ckless as we think here as he clearly has enough cash to make an equal deposit. If Noel is so smart and has a bigger deposit it might be fair for him to offer to buy a larger share of the property and enjoy a larger share of the rewards if he thinks it's such a good deal.

    However, either way, Noel has grabbed a bargain and is going to benefit from his research and negotiation long term. If he deserves any other reward for his legwork it should be that maybe he gets the best room in the house.

    Financial !!!!!! is valuable at the end of the day, but if you need cash to make an investment then you need to treat your investors according to the cash they pay, not necessarily the financial expertise they bring to the table.
    £25,040 of credit card debt cleared!
    Debt free as of July 2013! Now working through my mortgage!

  • I think it should still remain 50/50. If Noel is unhappy with that he should have pushed Liam to be more hands on earlier. However, there is bound to be one bedroom that is bigger so I think that should have Noel's name on it!
  • Noel can't ask more than 50:50 but he can have first choice on room (and decoration, girlfriend etc).
  • Of course Liam shouldn't roll over - he is the sleeping partner!
  • terill
    terill Posts: 37
    First Anniversary Combo Breaker
    Absolutely not! The £25k reduction and good mortgage benefit Noel too. Noel could not buy place without Liam so it must be 50/50 split. However, I agree that noel should get first pick on bedroom and decor.
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