Comments on: I jointly own a property with my sister I live in it and she lives in Spain, where do i stand? http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/ Sell your flat fast for cash Sat, 26 May 2012 15:53:35 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: beverley1156 http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/comment-page-1/#comment-3164 beverley1156 Thu, 13 May 2010 18:44:36 +0000 http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/#comment-3164 Can you and your partner afford a £75k mortgage?Interest only would be ideal for affordability.At the figures you have given,after estate agents fees,repayment of mortgage,solicitors fees there would be very little left to share anyway.As it is only just over a year since you bought,£34k in a 5% interest savings account would have yielded your sister under £2k in interest.Therefore,I think iff you were to offer her £4k plus her original stake of £34k,as a final payment,she has done well and you do'nt have to move out and can continue to enjoy the fruits of your labours. Can you and your partner afford a £75k mortgage?Interest only would be ideal for affordability.At the figures you have given,after estate agents fees,repayment of mortgage,solicitors fees there would be very little left to share anyway.As it is only just over a year since you bought,£34k in a 5% interest savings account would have yielded your sister under £2k in interest.Therefore,I think iff you were to offer her £4k plus her original stake of £34k,as a final payment,she has done well and you do’nt have to move out and can continue to enjoy the fruits of your labours.

]]> By: ahmed k http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/comment-page-1/#comment-3163 ahmed k Tue, 11 May 2010 10:11:57 +0000 http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/#comment-3163 In the case of joint ownership the sale amount can be divided among the parties .If you would like to establish a case in your favour get the advice of an attorney for arguement in your favour. In the case of joint ownership the sale amount can be divided among the parties .If you would like to establish a case in your favour get the advice of an attorney for arguement in your favour.

]]> By: el cid http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/comment-page-1/#comment-3162 el cid Tue, 11 May 2010 05:50:16 +0000 http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/#comment-3162 When it comes to money, even family members need to put things in black and white, as you have found out. Had you drawn up a contract which prevented her from withdrawing her share while you are still occupying the house, and also dealt with the matter of improvements, it would have prevented this mess. Yours is a cautionary tale. Unfortunately, as you don't have any binding agreement, it is going to be messy. You have to try and remember what were the 'original intentions'. Did you both agree that things would be split 50:50 whatever work was done on it? Did she agree to the extra work you did on the house? Did she say she wanted to be able to take out her money whenever she needed it? I suspect what you told us is not the full story. But there are 2 main issues: 1) you don't want to sell right now, and can you stop her?, and 2) you want more of the money if you sold. On the first, she cannot make you homeless if you have moved in. But if this is not resolved, your relationship will be in tatters, permanently. As for 2, it is a tricky business to assess how much the work you did added to the final value of the house. To be fair to your sister, you are the one who is and will be benefiting directly from some of the extra work, even if it did not add value. Whether that can be split with her is a thorny issue. As the flat is not yet finished, I suggest you go for some form of mediation, unless you can both settle it between yourselves. My gut feeling is that if you left it and let it drag on, it will be even messier. It may be better to sell now and try again, this time on your own with your partner (note you may need some agreement with her too). When it comes to money, even family members need to put things in black and white, as you have found out. Had you drawn up a contract which prevented her from withdrawing her share while you are still occupying the house, and also dealt with the matter of improvements, it would have prevented this mess. Yours is a cautionary tale. Unfortunately, as you don’t have any binding agreement, it is going to be messy. You have to try and remember what were the ‘original intentions’. Did you both agree that things would be split 50:50 whatever work was done on it? Did she agree to the extra work you did on the house? Did she say she wanted to be able to take out her money whenever she needed it?

I suspect what you told us is not the full story. But there are 2 main issues: 1) you don’t want to sell right now, and can you stop her?, and 2) you want more of the money if you sold. On the first, she cannot make you homeless if you have moved in. But if this is not resolved, your relationship will be in tatters, permanently. As for 2, it is a tricky business to assess how much the work you did added to the final value of the house. To be fair to your sister, you are the one who is and will be benefiting directly from some of the extra work, even if it did not add value. Whether that can be split with her is a thorny issue.

As the flat is not yet finished, I suggest you go for some form of mediation, unless you can both settle it between yourselves. My gut feeling is that if you left it and let it drag on, it will be even messier. It may be better to sell now and try again, this time on your own with your partner (note you may need some agreement with her too).

]]> By: coofooman http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/comment-page-1/#comment-3161 coofooman Sat, 08 May 2010 08:28:49 +0000 http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/#comment-3161 Hi, Ok first of all you have the properety valued as you have done so, next you offer your sister a resanable sum for her share, she cannont expect 50% as you are resident of the proberty and she can't sell it again as you are resident. As long as you are paying the mortgage there is nothing she can do. It will make no difference even if she attempts to sell your home you will have to sign papers for the sale to go through so you simple don't sign any papers. She can jump and scream as much as she likes it's your home you live there and she can't evict you as you are paying a mortgage. So don't worry if she want's her money then she will have to wait until the mortgage is payed off and the house?flat maybe sold. Understand the property is nether yours nor her's it also belongs to the mortgage lenders and they simply will not allow you or her to sell it just like that until they are paid so nether of you will benifit from a sale at this moment in time. Try to explain to her that this is a good investement for both of you. no use in a family fude. Dr K.I.A. Hi, Ok first of all you have the properety valued as you have done so, next you offer your sister a resanable sum for her share, she cannont expect 50% as you are resident of the proberty and she can’t sell it again as you are resident. As long as you are paying the mortgage there is nothing she can do. It will make no difference even if she attempts to sell your home you will have to sign papers for the sale to go through so you simple don’t sign any papers. She can jump and scream as much as she likes it’s your home you live there and she can’t evict you as you are paying a mortgage. So don’t worry if she want’s her money then she will have to wait until the mortgage is payed off and the house?flat maybe sold. Understand the property is nether yours nor her’s it also belongs to the mortgage lenders and they simply will not allow you or her to sell it just like that until they are paid so nether of you will benifit from a sale at this moment in time. Try to explain to her that this is a good investement for both of you. no use in a family fude.
Dr K.I.A.

]]> By: gribela http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/comment-page-1/#comment-3160 gribela Wed, 05 May 2010 18:48:38 +0000 http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/#comment-3160 Are the works still ongoing? Stop them. If the market price is likely to be £85k when the works are complete, then what will the value be with half completed works and a sitting tenant? It looks like the original documentation will show you each have a 50% share. I presume you didn't draw up any other agreement. The best way round would be to negotiate with your sister. Are the works still ongoing? Stop them.
If the market price is likely to be £85k when the works are complete, then what will the value be with half completed works and a sitting tenant?
It looks like the original documentation will show you each have a 50% share. I presume you didn’t draw up any other agreement.
The best way round would be to negotiate with your sister.

]]> By: Peter M http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/comment-page-1/#comment-3159 Peter M Tue, 04 May 2010 12:34:52 +0000 http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/#comment-3159 In the front room? In the front room?

]]> By: Veronica Alicia http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/comment-page-1/#comment-3158 Veronica Alicia Sun, 02 May 2010 00:43:37 +0000 http://www.sellflatfast.co.uk/flat-sale/i-jointly-own-a-property-with-my-sister-i-live-in-it-and-she-lives-in-spain-where-do-i-stand/#comment-3158 If you can't afford a Solicitor, and you live in the UK, go the Citizens Advice Bureau. If you can’t afford a Solicitor, and you live in the UK, go the Citizens Advice Bureau.

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