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Original poster

Inheritance

44 replies

wonderstuff · 26/07/2018 11:06

I’m not sure what to do. My father died suddenly about 18 months ago, my brother and I were listed as inheriting his estate 50/50. Significant part of the estate is a house, my brother and his son were living with my dad when he died, so made sense for him to have the house and me to have cash equivalent. Some pension funds have paid out to us both when that happened I warned my brother that he would need some of that money to buy me out of the house. I overestimated the amount so he wasn’t in difficultly later. He now has spent all that money and is surprised he can’t raise a mortgage on the house until it’s in his name which should happen after he’s transferred me what is owed to even the asset distribution. He’s called me for advice. I’ve bitten my tongue and not said I bloody told you you’d need to give me x money months ago. I really don’t want to fall out with him. I don’t really know who to talk to about it. My go to on money matters was always my dad, he’s frittered away thousands of pounds and I’m annoyed with him, but I don’t want to fall out over money.

OP posts:
BasicUsername · 26/07/2018 11:22

What has he said he is going to do about it? Can he get a loan for the amount he owes you instead of a mortgage?

Original poster
wonderstuff · 26/07/2018 11:28

He hasn’t said, he’s come to me with the problem expecting me to solve it. He has a small flat that he lets out as it’s too small now he has his son, I’ve suggested he raise against that but I’ve no idea if he is able to.

OP posts:
Original poster
wonderstuff · 26/07/2018 11:32

I would be able to raise a short term loan for it but I’m not sure what his credit rating is like. I have asked the solicitor about transferring the house then getting the money, I know this puts me in a vulnerable position and my husband will be furious if I lose out. I’m so annoyed to be in this position (but not surprised).

OP posts:
BasicUsername · 26/07/2018 11:38

Can I ask what sort of figure he owes you? I ask because you said he spent the cash that he was given that was meant to go to you. If he has spent it, then I'd assume it's not tons of money.

What was it spent on?

I wouldn't transfer the house in to his name until you get the money that you are owed, he sounds irresponsible with money, to put it kindly.

SassitudeandSparkle · 26/07/2018 11:44

I would recommend selling the property. Do not transfer it over without your financial share. He's had the opportunity and it's gone, unfortunately.

Berthatydfil · 26/07/2018 11:44

That’s a shame but it’s not your problem to solve.

He knew the score when your dad sadly passed but chose to fritter the cash away.
I assume he feels entitled to the house as he’s always lived there and doesn’t really want to give you anything for it as in his mind it’s “his”.

It’s up to you how you manage this but you may have to risk some kind of a falling out as I bet he’s banking on you not wanting to rock the boat.

I guess you are either renting or buying and aren’t relying on a family member to forgo their inheritance to keep a roof over your head so why should he?

So you need to lay it out bluntly - he will either need to get a mortgage to give you your share, sell the house and share the proceeds with you or transfer the house to joint ownership and you both rent it out and share the income until he can afford to buy you out.

I assume you can’t/don’t want to buy him out ?

Original poster
wonderstuff · 26/07/2018 11:45

It’s equivalent to my annual salary he owes me. When the pension paid he I told him he might need to give me half, as it is it’s just over half. He has a new large car and had a lavish Christmas. I think that a reasonable amount may have gone on bailing out his child’s mother.

OP posts:
Original poster
wonderstuff · 26/07/2018 11:47

Sorry mistake, it’s just over a quarter of the pension pay out.

OP posts:
BasicUsername · 26/07/2018 11:47

Right, so at the very least it's in the tens of thousands then.

What about him selling his flat / transferring it to you?

The only other reasonable alternative is to sell the house and split the proceeds.

travailtotravel · 26/07/2018 11:48

Not your problem how he spent it. It is his problem to sort out though. Berths ^^ has it spot on with the options ... dont ve afraid to fall out over it.

Original poster
wonderstuff · 26/07/2018 11:51

I have a mortgage, my father did help me with a deposit. My brother requested my fathers car as he hadn’t had equivalent to money given to me to help with deposit. I agreed that and he’s sold the car. He doesn’t feel he’s benefited from living rent and bill free for the last few years.
I can’t possibly make him sell the house. If he didn’t have kids it would be different.

OP posts:
Original poster
wonderstuff · 26/07/2018 11:53

I hadn’t thought of him selling the flat, that wouldn’t be unreasonable. So annoyed with him, I saw this coming and really tried make sure he knew what would happen.

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SassitudeandSparkle · 26/07/2018 11:58

Who are/is the executor of the estate? You still need your share of the house!

BasicUsername · 26/07/2018 12:02

There's the solution then -tell him he can sell his flat or, the house will have to be sold. Alternatively, he can seek to arrange a loan.

Either way, set a date for him to make a decision.

As it stands, he has the benefit of the house, the sale of the car, and cash. It's ridiculous.

I'd give him a call, and say something along the lines of "These are your options as I see them. Take this week to think about it and let me know what you have decided by next Thursday."

Original poster
wonderstuff · 26/07/2018 12:05

Thanks for advice. I’m the executer, dad made sure it was just me as executor which was a sound call but I’m afraid puts me as the bad guy. God some days I hate adulting!

OP posts:
SassitudeandSparkle · 26/07/2018 12:22

Set a date then, to wind up the estate (especially if everything else has been sorted) and it's up to him to come up with the cash by that date - if not, sell the house. It's going to get worse, not better the longer you leave it.

somewhereawayfromhere · 26/07/2018 12:40

This reply has been deleted

Message withdrawn at poster's request.

WineGummyBear · 26/07/2018 13:50

OP you have had some really good advice on here.

Please don't think about being firm as rocking the boat. If he expects you to ignore your fair share he's effectively asking you to be fine with him stealing from you.

He's had ample opportunity to protect his home.

To be honest the sooner you protect your share the better. The longer you delay the more he may perceive that you are asking for something that's his.

If he chooses to interpret your getting your share of the inheritance as unkind or unreasonable there's nothing you can do about it.

Ladyflip · 26/07/2018 14:00

Why can't he get a mortgage on the house then complete it on the day you complete the assent to him, giving you the monies for your share of the house from the mortgage funds? It's only like when a person buys a house from a stranger, except he is buying half a house.

I suspect you haven't obtained legal advice in order to try and save money and this is why you think there is a problem, when it doesn't appear that there is one, provided that you and he obtain proper legal advice.

yoyo1234 · 26/07/2018 14:17

I would not follow PPs advice to transfer half into his name without getting the money first.he may well not pay you rent in the above situation. He appears to see this house as his home and right unfortunately.

Original poster
wonderstuff · 26/07/2018 14:23

Ladyflip I am having the estate dealt with by a solicitor. His mortgage adviser has told him he can’t obtain a mortgage against the house until it is in his name, my solicitor will place deeds in his name once I confirm he has given me the money to buy out my share of the house.

OP posts:
SassitudeandSparkle · 26/07/2018 16:41

I would not let him pay off the 'balance' by some kind of rent payment, if this is the first time he's had household bills to pay then he's not going to cope well with that.

You would, however, be able to charge him rent while he's staying there. It's not really your problem how he comes up with the money, just reiterate the amount and the date you expect it otherwise the house will have to be sold or he'll have to pay you rent and split the house 50/50 when it is sold. But his rent does not pay off his debt to you.

chockaholic72 · 26/07/2018 16:42

Not sure if this helps - my brother and I inherited my dad's house; I live in it and was paying my brother rent. The house was still in my dad's name at this point.

Then my brother lost his job and pushed for me to buy him out. Our solicitor put the house in joint names, and then I applied for a mortgage with Nationwide (advised by Land and Country brokers who were ace) and I also used their solicitors. L&C managed to get me a deal where, if I didn't use Nationwides solicitors, they would give me cash back of £450. It was all a surprisingly easy process - could be his solicitors giving duff advice. Whatever you do, don't let him put it in his name only.

Mitzimaybe · 26/07/2018 17:07

Whatever you do, DO NOT TRANSFER THE HOUSE INTO HIS SOLE NAME until you have your money otherwise you will never see a penny of it.

And yes, he should be paying rent to you now (50% of what the house should cost to rent.) Can you use this as leverage to get him to sort it out more speedily?

You are not the bad guy here, he is the one being unreasonable.

Mitzimaybe · 26/07/2018 17:09

I mean, he should be paying you rent up until such time as he pays you your share of the house, I don't mean rent instead of a lump sum - he is living in what is technically 50% your property and therefore he should be paying you rent to live there.