To want to sell my half

(53 Posts)
Verycold Sun 20-Jul-14 22:55:49

of a house I jointly own with my brother?

He won't have the means to buy me out.

My financial situation means that I need the money, is there any reason I shouldn't do it?

deakymom Sun 20-Jul-14 22:57:29

who would buy half a house? im confused as to how it would work is there any way you could let your brother make payments?

EarthWindFire Sun 20-Jul-14 22:58:34

Would it leave your brother homeless?

Verycold Sun 20-Jul-14 22:58:56

Well I guess we'd have to sell
the whole thing then split it!

greenfolder Sun 20-Jul-14 22:59:22

so you would need to put it on the market? Does he live in it?

Verycold Sun 20-Jul-14 22:59:29

No it's not his home it's our grandparents' house and rented out

FidelineAndBombazine Sun 20-Jul-14 23:00:07

is there any reason I shouldn't do it?

Morally, financially, legally?

Did you inherit, buy, receive as a gift?

How long ago? Mortgage outstanding or unencumbered?

Have you spoken to brother? What does he say?

Do either or both of you live in it? Partners? Children?

Tenants?

FidelineAndBombazine Sun 20-Jul-14 23:01:12

No it's not his home it's our grandparents' house and rented out

You inherited from your grandparents?

Verycold Sun 20-Jul-14 23:01:37

No I want to think it through before speaking to my brother. It's owned outright, inherited.

deakymom Sun 20-Jul-14 23:02:35

so he could technically raise cash from his half and buy you out and pay a mortgage off the income from the tenants?

Verycold Sun 20-Jul-14 23:03:18

There are tenants in it. One reason I kind of lose out is that it's not in the UK but a Euro country. With the pound getting weaker my rental income is diminishing, whereas I would hope to buy a property here and get more rental income.

FidelineAndBombazine Sun 20-Jul-14 23:03:58

What deaky said. Unless his credit rating is trashed he should have no problem raising 50% via a BTL mortgage to buy you out.

Verycold Sun 20-Jul-14 23:04:00

Well my dad inherited it and gave it to us

FidelineAndBombazine Sun 20-Jul-14 23:04:50

Do either you or your brother live in the country concerned?

Verycold Sun 20-Jul-14 23:05:44

I think the family, incl my mother, wont be happy with me as wheras now the rental income is his to spend he'd have to use it for a mortgage

Verycold Sun 20-Jul-14 23:06:03

My brother lives there

Verycold Sun 20-Jul-14 23:07:11

In that country I mean

iamsoannoyed Sun 20-Jul-14 23:07:47

Why would you be unreasonable to want to?

Your brother doesn't live in the house, so you wouldn't be making him homeless so I think you are perfectly entitled to ask for either the house to put on the market with proceeds split accordingly once sold or for him to buy you out. As you've said your brother can't afford to buy you out it looks like it it will have to be the former.

Why do you think your brother would be against it?

Verycold Sun 20-Jul-14 23:09:35

At the moment the rental income isn't split equally but he gets quite a bit confused more than me for doing the admin, this was instigated by my mum and to keep the peace I have always accepted it. If we do this sale he will lose out

ICanSeeTheSun Sun 20-Jul-14 23:10:08

What would your grandparents and father wanted

Verycold Sun 20-Jul-14 23:11:30

Probably to keep it...

FidelineAndBombazine Sun 20-Jul-14 23:11:30

You need to speak to a mortgage broker in that country first I think to find out what kind of products will be available, in theory, to your brother.

Whether you are prepared to put up with family disapproval is another question entirely. But re this;

wheras now the rental income is his to spend he'd have to use it for a mortgage

At the moment you get half the rent each, right?

If he bought you ought with a mortgage, he'd get the whole rent and pay the mortgage with part of that. He shouldn't miss out.

YANBU. He should be able to get a mortgage for the other half

iamsoannoyed Sun 20-Jul-14 23:16:15

Just read your update OP.

I don't see why his financial situation is more important than yours. From your perspective, it's not making as much sense for you to keep it as a rental property due to exchange rates and so you'd like to invest the money that a sale/buy out would raise differently. That seems perfectly reasonable to me.

Your DB may be happy with the income he's getting, but that doesn't necessarily mean you would be wrong to ask him to buy you out or sell up completely if you aren't happy with situation.

Is there an emotional element to this- i.e. it's selling your grandparents home- that you think he/your family would object to?

Or is it that your family tend to view what your brother wants as more important than what you want (which is how i read your post)?

Verycold Sun 20-Jul-14 23:19:59

Yes my mother in particular rates his financial needs higher than mine.

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