Family home is willed to myself and to brothers. Can I Buy them out and Rent it back to them?

Chickusdickus

p00hsticks said:

What is happening with father ?
From what you say he did not appear to have jointly owned the 'family home' with mother  and was not left a share of it but is living there? 
Did your mothers will leave him a right to reside ? 
Was the house only in your mothers name ?

MY Dad is my Step Dad.  He owns the house.  He has the Will which my mother was aware of.  We 3 are beneficiaries of the Will, property and monies.

My Dad is still living there with my brother.  My SB and myself have our own homes.

Chickusdickus

Mark_d said:

Your brother wants to stay living there.  What do you want?  What does your step brother want?  Does your father have any ownership of the property?
When my parents pass I'm going to press to sell my 1/3 of the property.  My brothers have buy me out of we can sell the property and split the gains.  I don't want to jointly own property with my brothers, neither do I want to live with them.

It's my Step Dads/Dad house.  He owned it with my mother.  He has a will to share it all out to 3 of us.

No-one but me has the finances to either buy them out or refinance, hence my OP.

Chickusdickus

elsien said:

I am reading this is the children get a third of the house when dad passes although it’s very unclear. I can understand the OP not wanting to leave the house in joint ownership as it gets complicated if one wants to sell in the other refuses. 

You would need a buy to let mortgage and you would need to make sure you fully understood all the provisions of being a landlord and you would have to consider evicting your brother if he failed to pay the rent or if you needed him out for any other reason - splitting of assets in a divorce or in case of sickness or unemployment yourself for example. 

He has little gain because he would actually be giving up his security. 

Yes, this is the only option I can see that works, Buy to Let, give them 2 3rd of the Sale price.  though the benefit side would be an issue as it's a 3 bed.

We don't own it.  It is to be shared upon my fathers death.  My brother has no security.  the house it to be sold.

Chickusdickus

Savvy_Sue said:

People do sometimes 'want' something which is neither fair, nor practical, and you have to get hard-headed and ultimately hard-hearted about things. 

In a time of grief, people don't always want to contemplate any change, and that's understandable. 

However, it's sometimes because they just can't contemplate any change, rather than because no change is possible. 

Would 1/3 of the house proceeds enable your brother to buy something perhaps more suitable for his needs? If he's in poor health, is he of an age where he would be eligible for sheltered accommodation, which he might be able to rent? Wherever he's living, would he be able to pay utility bills etc? 

What's Dad's life expectancy and state of health? And, as above, does he have the right to remain in the house for now? You may not need to do anything immediately.

My Dad (step dad) is alive and well but still grieving.   He's also due for a Hip replacement on the 20th Feb and he's been given a 50/50 chance of making it out of there either by infection or something else.  Hence my OP.

My mother (biological) was married to my Step Dad for over 40 years.  as far as I know they both owned the house.  There is a will which has been discussed that upon death of my Dad, the house and monies to be shared between the 3 of us.  However, my Step Brother is immediate Next of Kin.  We are close and on clear speaking terms so I see no issue, so long as the Will states the intention.  I have Not seen the Will!

This aside, I am the only one financially viable to take a Mortgage and buy them out.  the house may only be worth 80k but my Dad still owes 7k on it.  He has the finds to clear it, but he's not good with information and I'm finding it difficult to make sure everything is in place.

a 3rd would not offer any options for my brother other than affording rent somewhere else.


It seems a sound option for me to take out a reduced mortgage to pay my two brothers and rent the property back to my brother is he wants to stay there.


However this is very premature.  With 25k in his pocket and a share of the money he might be willing to move after all, but I want to know if what i've proposed is legally possible?

Chickusdickus

marcia_ said:

 If he receives benefits he won't be able to claim anything towards his rent on a house he partly owned and is now renting from a family member. 

Yes, i have considered this an issue moving forward.  thanks.  He won't technically part own it.  My Step Brother is Next of Kin but the will states it is to be sold and shared.

mattojgb

If the house is specifically left to be jointly owned by the three of you then the brother can just carry on living there for free. Why would he need to be bought out?

elsien

Universal Credit decisions on contrived tenancies | Housing Rights

elsien

mattojgb said:

If the house is specifically left to be jointly owned by the three of you then the brother can just carry on living there for free. Why would he need to be bought out?

Post before yours says the house is to be sold and shared. I think it is the proceeds that are being left equally between the three, not the property itself. 

Chickusdickus

mattojgb said:

If the house is specifically left to be jointly owned by the three of you then the brother can just carry on living there for free. Why would he need to be bought out?

.....because we want our share? and not for my brother to live in a house rent free while we pay our mortgage.

mattojgb

elsien said:

mattojgb said:

If the house is specifically left to be jointly owned by the three of you then the brother can just carry on living there for free. Why would he need to be bought out?

Post before yours says the house is to be sold and shared. I think it is the proceeds that are being left equally between the three, not the property itself. 

I hadn't seen that, but OP hasn't seen the will so it it all seems a bit premature.