Advice Please

[mitsy26]

My dad passed away last year and his wishes were for me to stay in the house untill either i wanted to sell or if i met someone and they moved in with me then i would have to have a mortgage to pay my 3 brothers their share. So the house would be equally split into 4. I just wondered if anyone had any advice on should i take a mortgage out now? I just wondered what would happen if i spent money on the house and increased the value then i wouldnt actually get the money back that i invested into the house. Thanks in advance.

[woofgang]

what did his will actually say?

[Buenchico]

Did your father leave a will specifying those wishes? If not, and he died intestate, then (assuming that your mother has also passed away) the house is now co-owned by you and your brothers and (irrespective of your father's wishes) it's up to you all to come to an agreement over what should happen to the house.

So, until we know whether or not your father left a will it's hard for us to advise you further.

[mitsy26]

He didnt leave a will but my brothers agree with his wishes so thats not a problem

[woofgang]

well...it could be......I am not a legal eagle but if you co own the house then you need to get agreement with your co owners on what to do about repairs and improvements.

[woofgang]

and if I were you, I’d get written agreement.

[Buenchico]

As it stands now:
(a) your brothers are losing out financially (even if they're happy to do so) because they're not receiving the rent that they could charge if someone else was living it the house ; and
(b) you're left with the uncertainty as to whether it's worth spending any great amount of money on the house (remembering that, if one of your brothers was to find himself in financial difficulties, he could seek an order to enforce the sale of the house).

As I see it, it would make more sense for you to seek to buy your brothers' shares in the house now, putting money into their pockets and removing the uncertainties you're currently facing.