Inherited 2/3rds of a property

Redscope77

Hi. My brother and I have recently inherited a property.  I already owned 1/3 when I helped our parents to buy the house, and I have inherited a further 3rd, so I now own 2/3rds of the house. My brother inherited the final 3rd. 

In order for my brother and I to realise the inheritance I am happy for my brother to buy me out, for me to buy my brother out  or for us to sell the house and split the cash according to our % ownership.

I am not on good terms with my brother and he can be quite spiteful towards me.  He is not happy I already owned 1/3rd, for some reason he thinks I have "ripped him off"

My question is what do I do if my brother decides not to agree to the 3 options.   

Keep_pedalling

Who is the executor? 

TBagpuss

In almost any situation where a property is jointly owned, it's possible to force a sale if you can't reach an agreement - so if your brother is not willing to agree to one of your proposed options then that would ultimately b the way togo.

You would need a lawyer with experience of ToLATA claims / applications and provided that you followed the correct proceedures, it's likely that yourbrother would have to pay your cosrs as well as his own.

If he is awkward then a carefully worded formal letterbefore acction froma solicitor, making that lcear to him, may be the way to go. 

Since you are not on good terms, selling the hosue may be the best option, as it means that there is less likely to be any issue over what the house is worth - if either of you was buying out the other you'd need to agree on a value for the house ad it might well lead to further claims that you were / had tried to rip him off. If it is sold on the open market that's becomes much harder to claim! 

Who is the executor ot administrator, and what does the will say? It may be easier to ask the executor to deal with selling the property if that means that you can take a step back.

RAS

The issue of the executor seems to be a moot point Force house sale — MoneySavingExpert Forum

Redscope77

Keep_pedalling said:

Who is the executor? 

we are joint executors

Flugelhorn

Ask him what he wants to do? - seems you have made good suggestions and are being open minded about it, can't see that he can come up with any other options.

Presume your ownership of the 1/3 is well documented?

macman

Why would he not agree to any of the 3 options? Do nothing and he is the part owner of an expensive asset that will need maintenance if unsold. 
What you really want to avoid is a forced sale, as the legal costs (which could be high) will be borne by both of you and will reduce your eventual return.
If he won't listen to you, then an LBA is the way forward.

pinkshoes

The original third that you own... how was this bought? Did you give cash to your parents for 1/3 of the value and hence own a third, and they paid a mortgage on their remaining 2/3?

Or did you put an equal share of the deposit then pay 1/3 of the mortgage?

Why does your brother think this is unfair?

pickledonionspaceraider

We do not have the context of this story ie you say your brother is spiteful and you own more of the property than he does.  What grounds does have have to say you are ripped him off?  

Unfortunately, money brings out the worst in some 

getmore4less

If you were joint owner with the other owner(s) then you become the sole legal owner and have total control of the sale or otherwise of the property.

Probate not required.

Executors can say what they want for the beneficiaries but the legal owners have the say.

You could for example just pay 2/3 into the estate and keep the place(1/3 in real cash)


If you were not a legal owner then the executors of the estate need to deal with it.

If you did not live there CGT assesment will be needed if sold.

getmore4less

RAS said:

The issue of the executor seems to be a moot point Force house sale — MoneySavingExpert Forum

That thread went wrong at the start as there was still a legal owner that had the control over the sale or otherwise.