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Inheriting half a house - how do you buy the other half?

Notnow
Notnow Posts: 41 Forumite
in House buying, renting & selling
In the future I will inherit half of my parents home and my brother has the other half. He has already paid off his mortgage, never lived at my parents address and has no interest in living there.


I'm trying to find out how I would go about buying his half so that I can live in the house? It won't be happening anytime soon (hopefully) but I'm planning for the future.


I have a mortgage for 50% the value of the property I'd inherit so would it be as simple as me selling up my place and using the 50% inherited equity plus what I get from selling mine to get a mortgage on my parents place? Is there any other way it could be done?


Sorry for a grim question but it's something I've been wondering about as when the time comes I won't want to be looking into this kind of stuff!
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Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Assuming as is likely your brother
    * wants to sell his share
    * and wants the market price for his half

    you could either
    * pay him in cash
    * take out a mortgage and use that to pay him
    * borrow the money elsewhere
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
    Eighth Anniversary 1,000 Posts
    You just buy it off him - or alternatively he can just disclaim his share and give it to you (but I doubt he will be that generous).

    Of course its a bit premature - what if your parents need funds for social care or a home. That will cost £1,000 plus a week?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Pretty much the same process as buying 100% of a house from your brother - you agree a price with him for his interest and take it from there, you can buy with a mortgage and link it with the sale of your existing house.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Easiest way to think of it is you just buy it off the estate using the same process as you would buying any other house.

    You just have a big deposit as you will already have 1/2 the value so just need enough to pay the state for the bit you don't own, that will be your own cash and/or a mortgage.
  • Mortgage_Moog
    Mortgage_Moog Posts: 178 Forumite
    MARTYM8` wrote: »
    You just buy it off him - or alternatively he can just disclaim his share and give it to you (but I doubt he will be that generous).

    Of course its a bit premature - what if your parents need funds for social care or a home. That will cost £1,000 plus a week?

    Yes, you never know what might happen but assuming things run their natural course I was just wondering.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    I'd start by phoning him and asking him how much he wants, then figuring out the best way to raise that much.
  • bris
    bris Posts: 10,548 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Jumping the gun a bit are we? It is a bit grim but hey don't let your parents being alive spoil your future plans.
  • nubbins
    nubbins Posts: 725 Forumite
    Lets hope they sell up and go on a 5 year spending spree
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Notnow wrote: »
    In the future I will inherit half of my parents home and my brother has the other half.

    And if you parents enter a care home?
  • mumps
    mumps Posts: 6,285 Forumite
    Home Insurance Hacker!
    Thrugelmir wrote: »
    And if you parents enter a care home?

    Their income might cover the fees and make no difference. Not everyone has to sell their home to pay care home fees.
    Sell £1500

    2831.00/£1500
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