urban

iTrader: (1)

Folks,

If you inherit a house can you sell a bit of it? if that makes sence.

Basically I don't want to sell the whole place, but would like to know if I can obtain a few quid out of it.

Thanks,

Shaun

Patt@firstime

You could be joint owners with some one else but you would both jointly own all of the property, but no you can't own (for example) 50% each.

Hope this helps

PCatWork

If it is unmortgaged, you can take out a mortgage on it. You can either pay this back, or take out interest only mortgage, or if you are getting on a bit you can take out a mortgage where the interest accrues, and when you cark it, the lender takes their money out of the sale proceeds.

urban

iTrader: (1)

OK, the house mortgage has been fully paid up, so therefore it is unmortgaged.

I own 50% of the house with my brother, so what options do we have if we both wanted to sell a bit of it to gain a couple of pounds?

Thanks,

Shaun

PCatWork

If you actually want to sell, rather than mortgage, why don't you sell it and buy somewhere cheaper. I can't see any obvious way of selling part of a house, unless your brother were to buy out your share, or visa versa.

urban

iTrader: (1)

OK, don't want to sell, but would like to earn some money out of it.

Is my option then to take out a mortgage on a bit of it?

Was sort of hoping to get some money and not have to pay for it, but guess thats not going to be the case then.

Shaun

Andrew Timmins

Take out a buy to let mortgage then rent it out. You'd get a lump sum of equity and monthly rental income less mortgage payments.

urban

iTrader: (1)

Ah, now we're starting to get somewhere.

Thanks Andrew,

Shaun

Tiggs

Why cant you own 50% each? many people do, its often refered to as "owning 50% each"

Freak

jasey

Sell it - before the crash and PSLewis buys if off you for a fiver .

Joint ownership can be a pain in the **** - even if you LIKE your brother

camk

if you are both mentioned on the title deeds then you need both to sign any loan agreement. You can't take one out without the other co-owner agreeing since you are offering up his part as security as well as your own as no bank will take part of the house as security.

richardg

can you convert the first floor to a flat, live up there and rent out the ground floor? build a new porch so you have independent accesses and either new ceilings on a metal grid downstairs or new floating floor (both/either for noise transfer reasons) and hey presto, you live in 50% of the house but you could then mortgage the other 50% to free up some equity and at the same time rent it out to gain an income against the mortgage.