Someone else posted a question on here and it got me thinking about something my brother said the other day.
Bit of background. We don't really get on. We're different. I've been married 20 years, he's been divorced, various kids by different women, getting married again. Hes been bankrupt, in trouble with taxes nearly went to jail etc. Never had his own house, crashes at mates, women hes with, or rents off a mate.
Dads Will I know is 50/50. Knowing Dad that's all that's in there. Half his money, half his flat.
His flat is strange. Its shared ownership with a housing association. He pays part rent on the 40% he doesn't own. The 60% he does own is probably worth £70-£80K. Rent on the rest is pretty low. £200 or so a month. Other assets is saving prob £40K.
You guess what brother has in mind - not having his own place..... He's got his eyes on the flat. Knowing him he'll be thinking great I'll just move in.
Of course, in theory, if he wants to "own" the flat he'd need to buy my share off me (i.e £40K) - which, even with his share of savings (£20K) is not something that is going to happen.
Can guarantee he will assume he can live there and have the flat and pretty much won't understand that, half of it, at this point would be mine. He's not the sort you could trust to pay you either. Many years ago I bailed him out of having his car repossessed (I was skint too!) and despite promises after promises he NEVER paid me back.
Can also guarantee that if I push it I'll be the bad one whos trying to throw him out?
Guessing I'm not the first person ever to have something like this...
ADVERTISEMENT
What is your choice? Sell, rent? Would you want to speak to your brother about it now? Where will he live with his new bride? Is she a property owner? Is he moving in her place? Maybe he doesn’t want your dad’s home. Inquire about it instead of guessing. Where is he living now?
Maybe this is what u should look into, If Dad passes, how does it all work out since 2 people share in Dad's 60%. Maybe the Assoc. will buy you or both of you out. Then if brother says anything, you have paperwork showing him what he would need to do to be able to take over the house.
The housing association that owns the 40% equity will not automatically transfer the agreement to your brother, not even if you were prepared to waïve your interest in the property.
If you want to know what their terms and conditions are exactly, concerning what happens on the death of a property owner, you had better go to them.
And Paul I can't believe you're already feeling sorry for yourself at the thought that your waste of space brother - as you describe him, not me - will think badly of you if you allow your father's will to stand.
You look forward with dread. You nurse grudges from deep in the past. I don't know if anyone has every mentioned the power of positive thinking to you? - check it out.
What would you consider a GOOD result?
Always wonder though, OK splitting the cash would be done by solicitor etc but how would the flat work? i.e. would it remain shared?
If push came to shove, and he just decided to move in, could I force the sale to get my share?
I have a brother that would let me end up homeless as long as he got what he wanted, so I am all about not sharing anything with him. He can have it. As long as I am not responsible for his actions, I am ahead of the game.
No one can force you not to turn this apartment into a tug of war with your brother. Just make sure you consult an attorney and have it written that you will not be responsible for any damages or neglect your brother inflicts upon the place.
Or you could sell the flat and divide the money, but I am sure your brother won't go for that!
Don't walk away...run!
Just myv2 cents!
Just I know brothers eyes are lighting up at the prospect of a free flat that hes got to pay little rent for. The fact that he won't be able to pay me off wont matter to him - I'll be the unfair one.