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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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The solicitor I spoke to told me to ask for copies of invoices supporting the refurb costs, which I have now done.
I haven't asked for a breakdown of the rent received in the past because I trusted her and took a soft line because she was doing all the admin |
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Slippy - yes, outrageous conduct imo
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Why havn`t you had the property valued yourself ?
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cruso - for several reasons I've taken an arm's length approach until now.
I will get my own valuation done but her current stance is that she won't sell other than at £250k |
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Sorry - I meant she won't BUY other than at 250k
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See if she would sell at £250k, You are just as entitled as she is.
Get your own independent valuation, two even you can and then youll know how much shes trying to rip you off for . |
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Beyond outrageous.
My Uncle is worth about 50 million, he has 3 children and quite a few grandkids, None of the siblings speak to each other now, they are all too busy fighting over his estate and he's not even dead yet. Ma's side is where the love is, they haven't got much but that doesn't matter, decent people all of them and that's what matters. |
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Not really. The 250k valuation was done sometime before May 2013 before a £20k refurb.
I estimate its current value to be £300 - 320K (it's all in the OP) |
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cruso - but yes, I'm as entitled to it as she is
Slippy - that's a lot! My aunt's brother (the owner of the other 1/3 is probably worth a few million but nothing like 50) |
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Doesn't matter to me, he's my Godfather, I don't want anything from him. He always lived in the shadow of my wonderful Dad.
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I emailed my aunt two and a half weeks ago asking for copies of invoices relating to the £20k refurb expenditure. I also asked for the name and address of the letting agent.
I've received nothing nor a reply to my email. Seems slightly odd to me. I suppose it's possible she didn't receive the message or the documents were lost in the post, so I sent a reminder yesterday. |
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An update...
I still own the one-third share but my uncle sold his share to my aunt about three or four years ago for £100k. From memory, I thought at the time that was a good deal for her. In any event, based on Zoopla valuations, the property is currently worth between £360 - £420k. I recently emailed her chasing the Apr 2017 - Mar 2018 rent. She transferred the money a few days later and emailed me to say "it's less than in previous years as there was a void period". I replied and asked to let me know how long the property was empty for. She said from mid Dec 2017 to mid Mar 2018. I emailed her two days ago asking why it was empty for three months and await her reply. (The property is in a secluded cul-de-sac in a very nice area of north London, literally 2 mins walk from a tube and shops.) I really do smell a rat, especially after the experience of the stunt she pulled five years ago. I know some of you will say sell and move on but I don't want to until my missus and I are ready to move and in retrospect I'm very pleased I didn't in 2014. I find it hard to believe it would take so long to let a property like this. Any thoughts or advice would be very welcome. I have some of my own but some of the shrewdies on here may well think of something I have overlooked. Thank you. |
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Find out the name of the letting agent and ask them for a breakdown of income and expenses on the property. Their contract might be with your aunt but if you can prove that you own a share of the property and mention you have reason to believe you might be being cheated they should be reasonable. They should have annual summaries going back to the start. Should easily clear up if she's being honest or not.
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PorP - I have asked my aunt for these figures which she has provided for 2017/18.
I have the name of the agent but I haven't contacted them. She surely wouldn't be stupid enough to say that the property was empty when there were tenants in residence which the agent was aware of. What did occur to me was that maybe between tenancies, she had people in there off the record on an informal basis paying rent for three months. Why would she allow the property to be unlet for three months when she is a 2/3 owner? |
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I don't know how rabid London is but we had our property empty for a couple of months when we moved abroad before getting a tenant so it's entirely possible.
Just having read through the thread I can understand your reticence in directly asking for proof from her but also feeling a little disconnected with a vague sense of maybe being lied to. I reckon you can just bypass her completely and ask directly. |
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Porp,
She would have known well in advance when the tenancy was due to end so could have instructed the agent to market the property accordingly. As for proof, she can't really prove a negative. Nor can I now prove that the property was occupied Jan - Mar 2018, if it was off the record. |
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I have emailed justanswer.co.uk
Seems like a good service. A qualified solicitor answers your question. You can ask follow up questions and have a back-and-forth conversation. Cost me £32 but you only pay if you're totally satisfied with the answer. I'll let you know how I get on and whether or not I'd recommend. |
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GL, Iawn, money matters and family members can cause a schism that is unbridgeable.
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Sh!t this was 5 years ago
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It can't be difficult to get a copy of the agents tax year summary of income and expenses.
I hope you are putting everything on your tax return each year , and also your Aunt ? You will need full cost details + legals + improvement costs for your capital gains computation when you do eventually sell up. |
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JTG - thank you for commenting.
Yes, I agree but as I said previously, my concern is that she may have let the property, maybe to friends, on an informal basis ie not through the letting agent, between tenancies. On the balance of probabilities, I suspect she has not done this but based on the way she's acted in the past, I can't rule out the possibility. I have emailed her asking why it was empty for three months but am still awaiting her reply. My tax affairs are in order. I have no way of knowing what she puts on her tax return. Pump - incredible isn't it? BTF - thank you. |
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Why have you not got a Bank transfer set up for your part of the Rent ? When its paid your Portion is sent Auto
you would be able to Set up another account if you prefer the Lump sum annually ,plus you know when Summat was wrong Straight away ?? That propery would be rented in a Month if Empty , as stated any decent letting agency would not allow 3 month gaps Between Renters , Summat wrong somewhere |
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Ask for copies of the gas and electric bills for the 3 month empty period ?
..and the council tax bills ?... If property was empty then she would have paid the bills for this period - OK she could have still let "privately" but upping the stakes by telling porkies to council as well. |
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JTG - She has deducted one-third of the council tax for the period from my share of the rent. Very good point about the utility bills. I will look in to this.
Nanny - she took it upon herself to transfer the rent to me annually. This was acceptable to me as she was handling all the admin. She said she would pay me "when the tax return is sorted". Now that HMRC have extended the deadline until 31 Jan for online submissions (previously it was Oct 31 iirc), it means I don't receive the rent for April 2017 - March 18 until February 2019. On the one hand, I can't believe she'd lie to me about the property being empty - not only is this a transgression of civil law but surely constitutes false accounting and fraud. On the other, a three month void period seems unlikely unless she was having some sort of work done. Maybe she's trying to make life difficult for me in the hope that I'll sell and walk away but surely not by penalising herself? |