Family/inheritance issues.

[Dr Jekyll]

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.

[Dr Jekyll]

Barry reckons (rightly or wrongly) that he can't sell it without Gary's agreement and Gary wants to continue the present situation indefinitely.

[Dr Jekyll]

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.

I meant the idea of being bought out. He'd keep giving excuses as to why he couldn't move out quite yet.