My brother wants to sell his share in our parents home

SarahB16

Goodness knows what your parents/your family were thinking doing this! 

I'm just so very pleased that the MSE forums exist and hopefully there will be far more sensible decisions being made going forward and situations like this avoided. 

Emily_Joy

SarahB16 said:

Goodness knows what your parents/your family were thinking doing this!

They were thinking "We have more than enough for our own good, we want to help our son as he is fragile."

martindow

Emily_Joy said:

 the most likely scenario is that my parents will come to live with me and my husband should they need care.

There's no knowing what may happen, but care needs can be well beyond the capacity of a person or even a couple to provide.  A lot of people like to think that they will provide care, but a person's situation can become impossible to deal with outside residential care.

Hoenir

Emily_Joy said:

I think that is why he wants to force the sale of the entire house.

The legal costs of attempting to so may well force a change of mind. Very expensve course of action. That doesn't have a guaranteed postive outcome. 

Emily_Joy

Hoenir said:

Emily_Joy said:

I think that is why he wants to force the sale of the entire house.

The legal costs of attempting to so may well force a change of mind. Very expensive course of action. That doesn't have a guaranteed positive outcome. 

From this thread I got an impression that it is entirely possible. What is worse, the stress is likely to have quite negative effect on parents' health.

retiredbanker1

Turning this around who would buy half a house with sitting tenants?

GDB2222

retiredbanker1 said:

Turning this around who would buy half a house with sitting tenants?

There are investors who buy reversionary interests in properties. Why not?

bobster2

No help for the OP - but this thread should be a cautionary tale for others. We frequently have posters coming onto the board asking about gifting property (or shares of property) to children - usually in an attempt to avoid IHT. Not the case here - but this thread highlights some of the difficulties that can arise.

Sea_Shell

bobster2 said:

No help for the OP - but this thread should be a cautionary tale for others. We frequently have posters coming onto the board asking about gifting property (or shares of property) to children - usually in an attempt to avoid IHT. Not the case here - but this thread highlights some of the difficulties that can arise.

We also see similar issues, when a property is left to 2 or more adult children, and one of them lived with the parent(s), and remains resident.

Herzlos

Emily_Joy said:

Emmia said:

I'm going to presume your father doesn't have the finances to buy your brother out, which is the obvious solution.

Why does your brother own half a house he doesn't presumably live in?

We - my husband and I - would have the finances to buy my brother out (or to help my parents to buy it out). What I don't know is how to agree on a sensible price. Our mother gifted her share of the house to my brother over 10 years ago when he had health issues and my mother was worried sick he will never be able to work.

Agreeing a sensible price is the easy part - get 3 estate agents to come and give it a value, and then take the average. Or a proper survey.

Getting anyone to agree on it will be the nightmare.

You buying out the half is going to be the easiest, but I wonder if it's worth considering if your parents need/want a 3 bedroom house given your father is 80. Is it suitable for his current/perceived needs? Would they benefit from downsizing to a ground floor flat? He's attached to the town but that doesn't mean he couldn't move within the town.

I say that because I know a few 80+ year olds who are still in 3/4 bed detached houses and struggle with the upkeep but adamantly refuse to consider more suitable alternatives.

Also: absolutely consult with a solicitor before saying or doing anything. Especially if you can use the solicitor that did the transfer in the first place.