First time poster
I bought a house with my sibling 5 years ago. We have a joint ownership agreement. Initially we both lived in the house. He moved out two years ago to rent with his partner. My partner moved in and pays rent which cover's my siblings half of the mortgage repayments.
The remaining mortgage to be paid is around €280K and the house is currently valued at €380K.
My sibling now wants to buy a house with his partner. This means either (a) selling the house to release the equity so that he will have a deposit or (b) buying me out - his partner has some money and they would consider buying me out (I can't afford to buy my sibling out at present).
I personally don't want to sell, however, can anyone advise on how we would calculate an appropriate amount to buy the other one out?
Is it simply:
Current est value €380k minus remaining mortgage €280k = €100k then half of that which = €50K ?
Are there any tax implications which we should be considering i.e. how to do it tax efficiently.
If one of us buys the other out will the buyer need to get a new mortgage and pay a deposit again ?
I'd like to get professional advice - who should I talk to - a mortgage advisor? a solicitor ? the bank manager ?
Many thanks in advance.
I bought a house with my sibling 5 years ago. We have a joint ownership agreement. Initially we both lived in the house. He moved out two years ago to rent with his partner. My partner moved in and pays rent which cover's my siblings half of the mortgage repayments.
The remaining mortgage to be paid is around €280K and the house is currently valued at €380K.
My sibling now wants to buy a house with his partner. This means either (a) selling the house to release the equity so that he will have a deposit or (b) buying me out - his partner has some money and they would consider buying me out (I can't afford to buy my sibling out at present).
I personally don't want to sell, however, can anyone advise on how we would calculate an appropriate amount to buy the other one out?
Is it simply:
Current est value €380k minus remaining mortgage €280k = €100k then half of that which = €50K ?
Are there any tax implications which we should be considering i.e. how to do it tax efficiently.
If one of us buys the other out will the buyer need to get a new mortgage and pay a deposit again ?
I'd like to get professional advice - who should I talk to - a mortgage advisor? a solicitor ? the bank manager ?
Many thanks in advance.