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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To want to sell my half

52 replies

Verycold · 20/07/2014 22:55

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?

OP posts:
deakymom · 20/07/2014 22:57

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 · 20/07/2014 22:58

Would it leave your brother homeless?

Original poster
Verycold · 20/07/2014 22:58

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

OP posts:
greenfolder · 20/07/2014 22:59

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

Original poster
Verycold · 20/07/2014 22:59

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

OP posts:
FidelineAndBombazine · 20/07/2014 23:00

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 · 20/07/2014 23:01

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

You inherited from your grandparents?

Original poster
Verycold · 20/07/2014 23:01

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

OP posts:
deakymom · 20/07/2014 23:02

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

Original poster
Verycold · 20/07/2014 23:03

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.

OP posts:
FidelineAndBombazine · 20/07/2014 23:03

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

Original poster
Verycold · 20/07/2014 23:04

Well my dad inherited it and gave it to us

OP posts:
FidelineAndBombazine · 20/07/2014 23:04

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

Original poster
Verycold · 20/07/2014 23:05

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

OP posts:
Original poster
Verycold · 20/07/2014 23:06

My brother lives there

OP posts:
Original poster
Verycold · 20/07/2014 23:07

In that country I mean

OP posts:
iamsoannoyed · 20/07/2014 23:07

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?

Original poster
Verycold · 20/07/2014 23:09

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

OP posts:
ICanSeeTheSun · 20/07/2014 23:10

What would your grandparents and father wanted

FidelineAndBombazine · 20/07/2014 23:11

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.

Original poster
Verycold · 20/07/2014 23:11

Probably to keep it...

OP posts:
NoArmaniNoPunani · 20/07/2014 23:12

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

iamsoannoyed · 20/07/2014 23:16

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)?

Original poster
Verycold · 20/07/2014 23:19

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

OP posts:
Original poster
Verycold · 20/07/2014 23:23

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

OP posts:
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