Keengardener1
Registered User
- Messages
- 12
First time poster so please go easy if I don't include everything.
I feel I am in a right mess situation is as follows
House 1
In 2004 bought house with my brother .
Only with my name on the deeds and joint names on the mortgages as the plan then was to buy him another house which is what we did so we would both have a house each . We were both every young at the time and were encouraged by our parents and to be honest we didn't really have a clue what we were getting into.
My brother never lived in the house 1 but we both stumped up half the deposit for the 1st house. I have been living in the first house ever since with my now husband and my 3 kids . But the house is very small and we need to move on.
House 2
Around 2006 we remortgaged house 1 to purchase House 2 for my brother. only his name on the deeds and mine on the mortgage. In the end my brother decided to rent out the house as he lost his job so this house is still rented and is tax compliant.
However There is a shortfall every month in the rent of 70 euro which me and my husband pay as our mortgage is on a tracker and our mortgage has dropped by this amount so my brother doesn't contribute anything at all .
House 1
Mortgage -balance €238 k
Sell for 290k
Tracker -1.8
Mortgage 1080
House 2
Mortgage - balance €270k
Sell for 260k
Interest rate 4.4
Rent 1050
Mortgage payment - 1100 ( it is restructured) however still shortfall in rent.
Shortfall is made up from me paying in extra to cover shortfall
Just a couple of things -
How much money do you think I should offer my brother for the sale of house 1 . I want to be fair and will give him back his initial deposit but I have been paying all mortgages and even contributing towards the 2nd house. I don't think it should be split 50/50 .
- I want to get off the mortgage of house 2 but my brother couldn't take over mortgage on his own so I said to my brother that he should sell . He does want to sell as the house is just now a hassle to both of us. He reckons that in another year house 2 will be out of NE so we can sell then with no losses incurred.
Question then is how to we split house 1
I feel I am in a right mess situation is as follows
House 1
In 2004 bought house with my brother .
Only with my name on the deeds and joint names on the mortgages as the plan then was to buy him another house which is what we did so we would both have a house each . We were both every young at the time and were encouraged by our parents and to be honest we didn't really have a clue what we were getting into.
My brother never lived in the house 1 but we both stumped up half the deposit for the 1st house. I have been living in the first house ever since with my now husband and my 3 kids . But the house is very small and we need to move on.
House 2
Around 2006 we remortgaged house 1 to purchase House 2 for my brother. only his name on the deeds and mine on the mortgage. In the end my brother decided to rent out the house as he lost his job so this house is still rented and is tax compliant.
However There is a shortfall every month in the rent of 70 euro which me and my husband pay as our mortgage is on a tracker and our mortgage has dropped by this amount so my brother doesn't contribute anything at all .
House 1
Mortgage -balance €238 k
Sell for 290k
Tracker -1.8
Mortgage 1080
House 2
Mortgage - balance €270k
Sell for 260k
Interest rate 4.4
Rent 1050
Mortgage payment - 1100 ( it is restructured) however still shortfall in rent.
Shortfall is made up from me paying in extra to cover shortfall
Just a couple of things -
How much money do you think I should offer my brother for the sale of house 1 . I want to be fair and will give him back his initial deposit but I have been paying all mortgages and even contributing towards the 2nd house. I don't think it should be split 50/50 .
- I want to get off the mortgage of house 2 but my brother couldn't take over mortgage on his own so I said to my brother that he should sell . He does want to sell as the house is just now a hassle to both of us. He reckons that in another year house 2 will be out of NE so we can sell then with no losses incurred.
Question then is how to we split house 1