House share(3 Posts)
My dad died two years ago and as such his house was left between my 2 brothers and I. Our dad left the house to be split between the 3 of us with the proviso that our wonderful stepmum remains there until her death. She's active healthy and lively so that's hopefully a long way off! The deeds of the house have been changed to our 3 names. We've all got great relationships with her and are glad the family home is still in use and being looked after.
Brother 1 however advises he has a cashflow problem and asked if any us of want to buy his share off him now. This has caused a massive issue and bad blood and to be honest I initially thought this was ok but now I'm not so sure. Brother 1 thinks it shouldn't be an issue, he doesn't plan to live in the house in the future, and sees him offering it now as a good thing. I would like to live in my dad's house in the far off future and buying my brothers share means I would own approx 66%. So in the future I would therefore buy My other brothers share.
Brothers 2 can be somewhat hot headed and is horrified that it's even being discussed. He says its vulgar and in bad taste. He says he wouldnt wish to live in the house in the future. But that it's still too soon for this type of talk and want to wait until after our stepmother is gone and have the house divided 3 ways then. He has reacted so badly that I'm worried there's going to be an unhealable rift if this goes ahead. Has anyone any thoughts?
If you do it you definitely need a written contract. And for all three of you to agree.
What happens if you buy brother 1s share now and by the time the house is sold it's worth twice as much as currently?
Does brother 2 know you would like to one day live in the house?
If you have 66% share and brother 2 has 33% share, do you get the final say in decisions as the majority "shareholder" as it were? Or will decisions still be 50/50 as currently it would be 33/33/33?
So it couldnt be done because brother 2 is not in agreement. Is he right though? Is this vulgar and crass and better left for the future ?
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