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

BikingBud

Chickusdickus said:

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?

So there is still plenty of scope for "your" aspirations to go up in smoke.

I would sit and enjoy life with your step father, support him in his grief and shared love for your mother, get him through the hip replacement, mobile again and look forward to enjoying more years of life with him.