to wait for sale rather than to rent

[boogiebogie]

how people fall out over money I will never know, until I am in a funny situation! My sister and I inherited my parents house - dad died December. House ready for sale Jan. We had a buyer, he pulled out about 2 weeks ago. Sister wants to rent house out as it gives her income she is missing due to change in circumstances, I don't want to be a landlady and need to money to pay someone back for house purchase. Have suggested she buy me out with btl mortgage. It doesn't seem like this is going in or easy for her to understand and I feel emotionally bullied into renting it out. But then what? It is a house that isn't on the market. Market slow, yes. but for how long do you take it out and rent and the headache of this and tenants is just rubbish....soooooo. AIBU to refuse to rent it out?

YANBU sorry for your loss. I think if you go ahead with your sister's plan it will get complicated and lead to bigger fallouts due to the complexities of being a landlord which you don't want anyway. Hold out (pretty sure she can't force you but I'm not a lawyer!) Or she does what you have suggested and gets a buy to let mortgage as you have suggested and gives you your half of the value now. If you go buy to let get a solicitor to draw up contracts or again it might get complicated if the property decreases in value and your sister thinks she can claw money back from you.

Thanks so much Alpaca I am not used to conflict and it is difficult when I don't want to fall out with her but feel adamant that it would be not in line with what I want. I hear you and this helps allot thanks for taking time to answer

If she’s struggling with money I’m not sure she can get a butler mortgage. You need the rent to be over 125% of the mortgage plus other income. The interest is no longer tax deductible so may not be the best move for her even if she did get a mortgage.
Talk to your agent about next steps to get the house sold.

thanks pipandmum that is interesting about the interest I didn't know that...well...we have a viewing this week...;)

thanks Hugo yes just had a read up on that interest business. Phew - I know - see that is my worry - I know a few landlords and they have all endured heaps of bad times so I have had to stick my heals in. Trouble is my sister keeps adding up the loss in monthly rental amounts every time I see her which doesn't make for a nice life or meeting!!

I'd make a list of all the regulations you'd have to follow, cost of gas checks and insurance and a sensible 'sinking fund' for repairs, as well as the cost of any work you'd need to do to make it ready to rent. Does it need decorating, updating of kitchen and bathroom, garden cleared etc? And that''s assuming you decide not to use an agency. When she sees she won't make the sort of monthly money she wants, she may be happy to sell asap.

I agree OP, push for a sale. Your plan about selling her your 50% sounds good as well - as long as you agree on what the market value is and are explicit about what happens if the property gains/looses value after the sale.

Sister may get an income via rent. That’s if it is rented out
Makes more sense to sell it
Devide the money then she can buy a smaller place and be a ll if she still wants to rent

Tell her you would loose at least 2 months rent in agent fees/gas certs etc. Initially. You'd then be stuck renting until the tenant wants to move out. This could be 6 months on a standard contract but most dont want to move on that quickly. Moving on tenants that dont want to move can be expensive. In that time you'd both be responsible for all upkeep - boiler, cooker etc etc and tenants don't wait for boiler repairs - even if it is a Sunday!

I know what you mean about conflict, I'm the same! Hopefully you can get it sorted soon in a way that helps you both