AIBU to want to sell quickly (inherited house)

(51 Posts)
ticktockticktockticktock Tue 11-Oct-16 16:12:30

My brother and I recently inherited our parent’s house after the death of our father. I had been living in the house for a year whilst my father was in and out of hospital in order to visit easily– my brother also came back earlier this year and lived in the house due to a job change and similarly to visit. I am 29 and he is 32.

We had planned to simply decorate the house, and fix a few minor things like old window frames, before selling and splitting the money to each buy our own first homes. However, it has become clear that my brother assumed we would stay in the house until late next year, as that is when his contract ends and he wishes to relocate and buy a house when he has a new job.

My job is in the local area, where house prices are going up at a rate of knots, and I wish to speedily prepare the house and sell it, settle down with my partner and begin a family.

We have talked about this, and my brother is worried that if we sell now he will be forced to rent locally (and expensively) for some months, which he feels is a waste of his money.

I feel as though his arrangements are not my responsibility, and I should not put my life on hold for a year to suit his.

We left it that we would carry on thinking about what to do that would suit us both.

Who, if either of us, is being unreasonable? Things are not awkward or difficult as I love him, we get along very well and enjoy living together, and have so much to do in the house currently that it makes no difference at this stage. However I’m scared of awkwardness in the future and I want to move on with my life, but don’t want to trample his rights.

iwantavuvezela Tue 11-Oct-16 16:14:55

How long does it take to sell in your area, might be worth putting it on for sale just after Christmas, and by the time you sell your brother will not have that long to rent. Or is it something that would sell in weeks? Perhaps ask an estate agent for a valuation and an approximate of length of time to sell, that could guide you both.

Mybeardeddragonjustdied2016 Tue 11-Oct-16 16:15:31

Maybe sell the house and he could rent off you(fair rent - new house) until his contract ends?

Mybeardeddragonjustdied2016 Tue 11-Oct-16 16:16:23

Meant rent a room off you!

Nocabbageinmyeye Tue 11-Oct-16 16:23:12

Would you agree to sell now and he rent off you until his contract ends but at a lower rate than rents if your area?

hellsbellsmelons Tue 11-Oct-16 16:24:18

I don't think either is being unreasonable.
He has his reasons for what he wants and you have yours for what you want.
But price increases is all relative.
The house you are selling with also go up in value in the next year.
He is right. If you both have a place to live that is currently mortgage and rent free, it would be throwing money away for him to rent.
How big is the house?
Could you DP move in with you in the interim.
Are houses selling really fast in your area?
House prices and sales go up in spring.
Could you wait until then to market it?

BombadierFritz Tue 11-Oct-16 16:24:36

after brexit is triggered there will probably be a massive fall in house prices, so selling now, renting then buying would be to his advantage. i'd think it would take a while for the sale to go through anyway so he might only be looking at a few months renting, perhaps just a room with stuff in storage?
sorry about your dad flowers

OlennasWimple Tue 11-Oct-16 16:24:58

Have you looked at houses in the local area and found anything that you would want to buy?

PurpleDaisies Tue 11-Oct-16 16:25:59

I dong think either of you are being unreasonable-you just want different things.

Is the house mortgage free?

SheldonsSpot Tue 11-Oct-16 16:30:25

Ask him to buy you out. Then he can stay in the house as long as he likes and sell it whenever he feels ready.

His plans aren't more important than yours and it's a bit cheeky of him to think that you'll put your stuff on hold until it suits him.

Apachepony Tue 11-Oct-16 16:35:00

If house prices are going up at a rate of knots locally, might it also benefit you to wait, as you will get more for the house in a years time?

ZuleikaDobson Tue 11-Oct-16 16:40:18

Are you sure you're in a position to sell yet? You will need probate to go through.

ComputerUserNotTrained Tue 11-Oct-16 16:47:24

x% of, say, £300k is more £ than x% of £150k, obviously. But that assumes that any increase (or decrease!) is the same % in different areas of the market (ie that larger houses increase/decrease at the same rate as starter homes).

If you don't sell now, could the equity you hold in the house be used as some kind of guarantee to improve your mortgage potential so you can buy now? It would be worth talking to a mortgage broker, imo.

daisychain01 Tue 11-Oct-16 16:55:33

I'd be trying to help my DBro out for a few months, so he gets his job sorted. But that's just me and my opinion.

From a purely financial perspective, you have a sound investment, a few more months won't matter. Think about what your DF would want, probably that you support each other.

We're into October, so from a marketing perspective it would be better to wait until after Christmas when people ar done with the festivities and preparing for Spring.

Caveat, I don't know your financial circumstances and I don't know your family dynamic.

gillybeanz Tue 11-Oct-16 16:57:34

Houses sell in spring and Autumn, by that I mean actually go through not just agreed.
I think you should compromise and look to exchange in spring. Do what you can on the house as cheaply as you can, so you will get the best possible price.

gillybeanz Tue 11-Oct-16 16:58:50

Oh, was the house in your Dad's Will and were there any stipulations wrt sale of the asset.

user1475440127 Tue 11-Oct-16 17:05:47

I think it would be wise not put it on the market just yet as Christmas is fast approaching.
As for doing it up, I would make it as presentable as possible to give it good curb appeal; simply paint walls make it look tidy and fresh.
It isn't going to sell overnight ,so I think your brother had a good point to make about waiting a while. The work could be done during that period whilst you both take the time to find suitable new homes.

SuperFlyHigh Tue 11-Oct-16 17:06:27

I agree with daisy avoid Christmas but houses can sell at any time during the year provided you have a good chain in place.

Your house should be fairly easy to sell.

Don't assume probate (which you need before you can sell) will go through quickly either, probate office used to have delays (don't deal with them anymore).

Personally I'd be thinking of my brother and not just myself.

TrinityForce Tue 11-Oct-16 17:08:55

I'd personally offer to get the house sold ASAP, with the proviso that he is welcome to live with you until the end of his contract.

Selling and BUYING a house (3mo each?) will take probably half a year, so that's nearly the end anyway.

usual Tue 11-Oct-16 17:09:46

Message withdrawn at poster's request.

brasty Tue 11-Oct-16 17:12:13

Family relationships are important. Don't turn this into a big fight. Try and find a compromise.

ClopySow Tue 11-Oct-16 17:13:13

But if house prices are rising, won't you get more for the inherited house?

RosieSW Tue 11-Oct-16 17:14:57

Message withdrawn at poster's request.

Theoretician Tue 11-Oct-16 17:18:17

Aim to put the house on the market in spring, and start looking for your new house then. Complete both transactions together. By the time everything goes through it may be more or less the end of his contract anyway. If necessary he stays with you for a few months, and pays a reasonable rent as a lodger.

SuperFlyHigh Tue 11-Oct-16 17:18:19

actually Rosie you'd be surprised how many clients come in with the expectation of completing before Christmas forgetting or being told that we (solicitors) close (for a week or 2) at Christmas yet have their tales of 'wanting to be in by Christmas'!

My old boss acted for son and his fiance of a family friend who were in just before christmas!

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