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Gents - I would really appreciate your ideas or advice on this...
Gents - I would really appreciate your ideas or advice on this...
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Replies: 143
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If the £20k refurb has put the rent up by 46% I wouldn't be inclined to question it
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good yield nick can't be argued
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it's not really ... buy your own for 90k you could have 7.5%
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I agree with FatherMaguire.
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IAWN, rightmove/sold house prices is a good place to look for similar sales in the street where the property is located.
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Thanks squares - done that. When I mentioned Zoopla, I did in fact, check Rightmove also.
It is a good yield, which is why she wants to buy. Even better if she can get it for share for 2/3 x (250k + 20k) |
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What seems even more annoying Nick is the property is in the form of an inheritance, she gets 1/3 of it & wants to screw another family member because her 33.3% is not enough anymore, that's what greed can do, nasty piece of work,if it was me my main priority would be to not let her get away with it.
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That's how I feel pumpy but I've got to make sure I don't cut my nose to spite my face, so to speak. She pleads poverty but I suspect she is much better off than me and my uncle could buy and sell me 100 times over.
The last email I received was from both of them and it seems like he may be pulling the strings: "my brother told me not to" [tell me about the refurb]. I always thought she would eventually want to buy the other 2/3 (based on what my dad told me) but I didn't expect her/them to go about it in such an underhand and devious manner |
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Is there not normally a solicitor issued at the very start (when the will is made) to deal with all these things and to make sure all is done fairly?
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Sorry I've just assumed the property was left in a will.
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I don't think it went into that level of detail.
There was however, a "restriction/caution" placed on the property. |
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You know for certain she hasn't ripped you off by not giving you your full share of the rent in the past? Because she sounds like the type of person that would. There's a reason she fell out with your dad.
You need legal advice and you want out. Maybe there's a case for a forced sale contract dependent or even not. fwiw there are Capital Gains Issues and if the plan is to move into the property herself she could possibly manage to avoid it on her share. If the property is actually worth £350k she is getting £183k out of the deal and you are getting £83k. You'd be a mug. |
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Some good points clydebank.
I am aware of the CGT implications - at the time of inheritance it was worth around £180k. The cost of the reburb can be deducted from any CGT liability (I think). I am slightly concerned about the rent. I have never received a breakdown ie the difference between the gross and what I have received. When I said to my dad that I was disappointed and that I wanted to contact her for some more detail, he told me not to. As far as the animosity between my dad and them; I don't know the ins and outs but knowing him the way I do, he would be far from blameless. He may have been provoked but he probably over reacted. Anyway, that's just conjecture. The current value is probably £300 - 320k |
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(yes, you can deduct quite a lot of 'costs' before paying CGT)
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you cannot be forced into selling your share irrespective of how much pressure is applied.
Unless you can agree on a price tell her your not selling, and let her dwell on it. She'll probably then see sense and make you a more reasonable offer |
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A women with a probable grudge " seeing sense "
 I wish you luck with that. |
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Emden, that was my way of thinking but I have to weigh that up against paying my share of the refurb costs AND her making life difficult for me in the future. ie Never having another chance to sell and being messed around with the rent and be excluded from decisions similar to those which I have already been
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that's why i say cut your losses & stress , but haggle he for as much as possible for your 1/3rd as she obv wants it .. 100k sounds nice in cash
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Mate, you've got two options.
Roll over and accept the offer to avoid the aggro. The easy option Fight for your rightful share. Try and make her see reason.Not the easy option and certain to lead to some stress and hassle. Only you can way up the pros and cons. ****** IMO only get a solicitor involved as a last resort |
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"that's why i say cut your losses & stress , but haggle he for as much as possible for your 1/3rd as she obv wants it .. 100k sounds nice in cash"
I agree with Moonbeam. |
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London Yields are actually very low compared to other area's (midlands) etc
But you obv lose out on the possibility of capital gains .. but if she intends to just keep taking the rent for another 10 years etc you may do better on your own Remember you'll only get 1/3rd of any gains anyway ! |
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Go to justanswer.c0.uk and give us much detail as possible. It will cost in the region of £20 and you'll get a brief answer from a legal expert, which will let you know where you lie. At least then you can speak to your aunt with some authority initially, before getting lawyers properly involved.
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Thanks guys.
I've put a thread up on legalbeagles and may give justanswer a go. I'm also going to speak to a solicitor today. Should be able to have an initial conversation and make a decision about how to proceed without incurring any costs. Moonbeam and Makybe - I agree but they won't sell today unless it's at the £250k price. I guess it's possible they may change their minds when I make my next move. Someone on legalbeagles made this point: I would imagine that your uncle who you say is already wealthy has probably seen the tax implications and knows the less he sells for the less of a tax burden which impacts both the money received from the sale and the perceived losses from undervaluing so the undervalued loss isn't quite as high as you imagine. If you are right about the undervaluation then your aunty could be inheriting a greater tax burden due to perceived larger profit she would make if she went on and sold hence the difference between what you feel she has made by undervalueing it could also be smaller than you imagine so a suggestion would be a complete financial analysis by somebody who understands could be worthwhile. You do not want a fight, bad blood and legal bills and find out you are barely better off further down the line. You could take a decent offer and get rid of the tax burden and then re-invest in a more tax efficient way knowing at the moment the tax burden could be rising at the same rate as the value. |
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The solicitor I spoke to said that she needs to send me copies of the receipts and invoices to support the £20k refurb expenditure.
I then need to get my own valuation and make a decision based on the numbers. However, there's nothing I can do "in law". I did mention that she had only paid me rent up to March 2012 but maybe didn't emphasise that enough. Goes to show that you can be stitched up legally and that you have to be careful who you trust |
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I'm actually in the process of selling a property I own with my brother and sister and thankfully having no problems with them or the sale.......however the hassle with the property I'm buying is driving me round the bend.
If I never have to deal with another Estate agent or solicitor again !!!! |
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Good luck T&C.
I suppose it's all good experience even though it's been a bad experience, if you see what I mean |
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Thats what I keep telling myself, its just so frustrating. It should be so straight forward but having to rely on other people who seem either incompetant or bullishtters is driving me round the bend.
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Yes and solicitors are far from infallible.
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A slightly peripheral point perhaps, but you say you have only had your share of rent to April 2012. Do you know what the rent to April 2013 was? Presumably you will need to report it for Income Tax purposes, given it is received gross.
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Thanks Fenway. Yes I know the figure
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Fenway - sorry, just read back my post. It sounds a bit snotty - wasn't my intention. Cheers
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...the good news is that what I do with my share is entirely up to me. Neither can she charge for 'project management'.
My aunt said (when I said I didn't want to sell): "Well, I'll have to charge you for my time, for project-managing the refurb. If you can't pay, I'll take it out of the rent until you've paid." To me, that implied a not insignificant sum of money. "You've had an interest-free loan", she said. Unbelievable. Sorry to go on but wouldn't you be annoyed? |
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My aunt said (when I said I didn't want to sell): "Well, I'll have to charge you for my time, for project-managing the refurb. If you can't pay, I'll take it out of the rent until you've paid."
I just choked on my cheese and crackers reading that. Project managing doing up a little flat? I'd do that for my family for nowt. |
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Your Aunt sounds like a complete and utter nutcase.
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Yeah - you're not the first person on this thread to say that, Slippy.
As soon as I said didn't want to sell, she went off on a tirade. As I said in an earlier post, it was borderline hysteria. Tbh, I've lost all respect for her. I thought she was an intelligent person. She's well educated with a degree from a top 6 university |
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It doesn't matter, Nick - they're all snakes with t!its in the long run. Family or not.
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Family means everything to me, I'd give any of them my last dollar. That is a truly awful situation you are in, you have to fight fire with fire now though. You know that by now
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Perhaps you could start by demanding your share of the rental income for the period from April 2012 to date, together with a schedule setting out how the income is arrived at, and copies of invoices for expenditure incurred. Said funds to be received within a fortnight. And as you have waited for such a long time, you could also demand interest.
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As a fireman I would urge caution regarding slippy's advice. Burning her house down will probably worsen the situation.
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Fair enough Fenners and sound advice. But seriously, imagine your Aunt playing like this? I just cannot get my head around this at all and all for a few sovs.
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