To want to sell my half

[Verycold]

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]

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]

Would it leave your brother homeless?

[Verycold]

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

[greenfolder]

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

[Verycold]

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

[FidelineAndBombazine]

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]

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

You inherited from your grandparents?

[Verycold]

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

[deakymom]

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

[Verycold]

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]

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]

Well my dad inherited it and gave it to us

[FidelineAndBombazine]

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

[Verycold]

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]

My brother lives there

[Verycold]

In that country I mean

[iamsoannoyed]

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]

At the moment the rental income isn't split equally but he gets quite a bit 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]

What would your grandparents and father wanted

[FidelineAndBombazine]

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.

[Verycold]

Probably to keep it...

[NoArmaniNoPunani]

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

[iamsoannoyed]

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]

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

[Verycold]

Over the years the fact that he is getting this highly inflated payment for not doing much admin work has grated more and more. Also the fact that I don't get much say in landlordy decisions - because I'm in the UK and db and dm in the other country they tend to decide between them, though strictly speaking it's nothing to do with dm