Family/inheritance issues.
Discussion
There are two brothers, call them Barry and Gary. Their Mother died and her estate basically consists of a house worth about £300k, split between the brothers. Gary fell on hard times a few years back and has been living with Mum rent free. He’s intermittently employed and permanently skint.
Barry wants his share of the house as a crucial part of his retirement planning but Gary can’t afford to buy him out. Barry owns his own house worth high 200s outright, and is talking about getting a mortgage on that to buy Gary out, then Gary can afford to find somewhere else to live and Barry can sell Mums house.
Is it realistic for Barry (mid fifties, steady if low paid job ) to borrow 4 times his income on the security of his current house on the understanding he’ll pay it back in a few months?
How easy would it be to get Gary to move out once he’s been bought out? From what I hear of Gary he’ll go along with the idea to get his hands on £150k then look for excuses to stay.
Barry wants his share of the house as a crucial part of his retirement planning but Gary can’t afford to buy him out. Barry owns his own house worth high 200s outright, and is talking about getting a mortgage on that to buy Gary out, then Gary can afford to find somewhere else to live and Barry can sell Mums house.
Is it realistic for Barry (mid fifties, steady if low paid job ) to borrow 4 times his income on the security of his current house on the understanding he’ll pay it back in a few months?
How easy would it be to get Gary to move out once he’s been bought out? From what I hear of Gary he’ll go along with the idea to get his hands on £150k then look for excuses to stay.
Dr Jekyll said:
Barry wants his share of the house as a crucial part of his retirement planning but Gary can’t afford to buy him out. Barry owns his own house worth high 200s outright, and is talking about getting a mortgage on that to buy Gary out, then Gary can afford to find somewhere else to live and Barry can sell Mums house.
If 50% of the property value is sufficient for Gary to buy somewhere else why don't they just sell it on the open market rather than Barry having to buy and then sell?PurpleMoonlight said:
Soov535 said:
If one or other wants to sell then the other cannot stop it.
Are you sure?The sellers have to sign contracts and land registry documents, and one party cannot force the other party to do that without a court order.
Dr Jekyll said:
From what I hear of Gary he’ll go along with the idea to get his hands on £150k then look for excuses to stay.
It is absolutely impossible for Gary to go along with the idea of sale to a third party, get his hands on the money and then stay.Barry just needs to find a solicitor and get on with it.
Dr Jekyll said:
Barry reckons (rightly or wrongly) that he can't sell it without Gary's agreement and Gary wants to continue the present situation indefinitely.
Would I be right in thinking that Gary would rather stay in a £300k house than a £150k house?If that's the case then he won't want to sell to Barry either, will he?
Ozzie Osmond said:
Dr Jekyll said:
From what I hear of Gary he’ll go along with the idea to get his hands on £150k then look for excuses to stay.
It is absolutely impossible for Gary to go along with the idea of sale to a third party, get his hands on the money and then stay.Barry just needs to find a solicitor and get on with it.
Dr Jekyll said:
How easy would it be to get Gary to move out once he’s been bought out? From what I hear of Gary he’ll go along with the idea to get his hands on £150k then look for excuses to stay.
Sorry - missed this bit. Quite straightforward - serve him with an Interim Possession Order and then proceed to final possession after 28 days. Then call the Sheriffs/HCEOs in.This is exactly what happened with my three friends A, B and C who were VERY close brothers.
A (aged 45) lived with his mum.
Within 24 hours of their mum's funeral young brother C had an estate agents board up in the front garden.
A came home from work, saw it and snapped it in half.
Eventually, after a lot of bad feeling amongst the three, house was eventually sold two years later
Fifteen years later the three brothers have never spoken to each other since.
A (aged 45) lived with his mum.
Within 24 hours of their mum's funeral young brother C had an estate agents board up in the front garden.
A came home from work, saw it and snapped it in half.
Eventually, after a lot of bad feeling amongst the three, house was eventually sold two years later
Fifteen years later the three brothers have never spoken to each other since.
Bradgate said:
Barry & Gary need to find a pragmatic solution acceptable to both of them, because if m'learned friends get involved neither will end up with much money.
Of course left in the house potless without his ma to pay his way he'll soon get fed up with the problems trying to run a house without money cause. Lecky/Gas gets cut off. Essential maintenance isn't done. etc etc. He'll soon come round.
Gassing Station | Finance | Top of Page | What's New | My Stuff