What was my house "worth" in 2002?

athina_2

I bought a house in 2002 which was jointly owned by me and my two brothers. It was valued by the bank at £375,000 (in London). First my brother and his wife were offered the house but they declined as she wanted to live in East London near her parents.

So I took out a mortgage and bought both my brothers out.

Fast forward to now, my sister in law has decided I did not pay market rate for the house and she wants another £50,000. She has told my parents that the valuation was not correct and it was under valued. She has conveniently decided to ignore the fact that she was offered the house at the same price. She has said nought to me! She has actually stopped speaking to me completely and is only talking to my parents about the money she wants.

So does anyone know how I can find the market rate in October 2002? I had a look on houseprices.co.uk but it's really difficult as most of the houses in this area have been converted to flats. There was only one house sold and this was a fantastic house in perfect condition (my house was in need of entire restoration so it's difficult to judge the cost of mine).

It's causing my parents a lot of stress as my sister in law is refusing to speak to them until they have paid her the money she believes they owe. She has stopped access to their grand daughter which is incredibly spiteful!

whathavewedone

I don't know how you go about this but tell your SIL to F off.

It was up to her and her brother to make sure they got the right price for it at the time she can't just come back now and say they didn't get enough.

Also, irrespective of whether it was market value at the time, house prices are falling now and may well end up going below what you paid them for it. Does that mean if prices fall below what you paid and you end up in negative equity that you can come back and ask for money from them? Of course not.

Seriously dig your heels in and tell her she can sue you if she wants. I do have sympathy as obviously this is horrible for you and your parents but the fact that she is refusing to allow your parents to see their grandaughter speaks volumes. Don't let her get away with it. She sounds utterly vile. Is there any way you can speak to your brother and let him know how much this upsetting everyone?

roses

whathavewedone wrote: »

Is there any way you can speak to your brother and let him know how much this upsetting everyone?

He knows and he is supporting his wife . My parents have already told him he won't be getting any more money but they are saying that they are owed it.

confused31_2

Tell her to do one, are they desperate for the money?? if the house would have dropped in price would she have gave you the difference, i doubt it, tell her to do one.

You brother should have more balls and tell her straight. as for blaming your mom and dad thats well out of order, its was between you and your brother some people make my blood boil, she seriously needs to grow up.

And by her using the grandaughter like that is outragous, she must be in trouble finacially i suspect.

Some people, i just dont know how their minds work, most things go up in price, once its sold thats it shes trying to bribe the money from you.

Marcheline

What an outrageous way to behave: I can't believe that someone would be so vidictive! They were offered the house at the same price and they declined to buy it, it's tough luck if they feel short-changed now.

However, they are your family and however unreasonable they're being, I would try to salvage a relationship if at all possible (particularly as your parents are being prevented from seeing their grandchild) Although your brother is supporting his wife, I would try to arrange to meet him alone, face to face so that you can try to reach an amicable solution. Do you know anything about their financial situation? It maybe that they're really strapped for cash and are desperate to raise money by whatever means and they're clutching at straws with you? I would definitely try to arrange a meeting if possible, surely there's more to it than that your SIL being a total money grabber?!

Sonofa

Is your SIL's anger directed at your parents because they were to ones who sold the house to you (and bothers) at the time?

Were they offered the house before the three brothers owned it or when all three owned it.

Is she saying thay you owe them and your other brother 50k each then? So that the bank must have undervalued the house to the tune of 100k.

What's the third brother's take on things?

Edit: Assuming all three brothers had an equal share of the ownership, the bank would have had to undervalue by 150k if she says their third share was short by 50k.

JonathanA

Who valued the house at the time? Surely, your sister in law should take it up with whoever valued the property in 2002. If she believes that it was undervalued then, she could contact a surveyor to see if they will help her calculate a price back at the time (but she will need more than one valuation!). It sounds like she is grasping at straws, but this must be a very difficult time for you and your family. I hope you resolve things successfully.

whathavewedone

I really feel for you. I hope all the views posted on here give you the strength to stand your ground.

It is for her to (a) prove that the house was undervalued and (b) that her share amounts to 50k and (c) prove that she is entitled to that amount. I would have thought that the law of estoppel prevents her from coming back and demanding that money back now.

What I would do in your parents' shoes is see a solicitor and get advice both on the point that she is making and also see a family law to see if they are entitled to access to their grandaughter. Then perhaps a letter could be sent saying that they don't have a case on (a) and that your parents are prepared to go to go to court on (b) and suggest a meeting so that all can be settled amicably (while making clear that no money will be paid whatsoever - unless the solicitor says they are due some which I honestly can't believe will be the case).

Yes it will cost money but it's a better way of spending it than handing it over to your SIL and lily livered brother (sorry but he should not be stopping his parents from seeing their grandchild).

Hopefully that will scare them into backing down.

hethmar

What an awful woman - why has this come up now?And why does she expect the money from your parents?

I dont know if this calculator will help you at all - youd really need to know the real value of the house at some given point to work out theprice for 2002:

http://www.nationwide.co.uk/hpi/calculator.asp

franklee

I share the outrage of the other posters.

The transaction was done between the house owners that is you and your two brothers. Assuming the brother married to SIL was mentally competent at the time then he took the decision to accept the price the BANK valued it at and that's that.

But to take your question literally if you really do want to find out the market rate in October 2002 then I'd advise asking a local surveyor, choose one that's been around a long time. Do you have the valuation from the bank back then to show too?

I recently had to approach a surveyor to value a property as of six years ago as part of settling an inheritance. It's part of what surveyors do. Explain to him exactly why you are asking and explain in detail the condition the property was in!

Not that any money should be changing hands now but another valuation may be enough to end the bad feeling. Don't forget that any under or over valuation would be split THREE ways as mentioned by earlier posters.

Apart from your mum and dad missing their grandchild there is the issue of the grandchild missing the grandparents. So SIL is hurting her own child. Grandparents are an important part of a child's life.

brummybloke

sister in law? so she had no legal say over the house in the first place? so what makes her think she does now, 5 years later, after it has sold?

somethimes people are so stupid they really should be banned from having children.

OP, as others have advised, either tell her to f off, or go up to her and with one hand in your trouser pocket, say " hang on, i have spoke to my legal team, they have advised me acordingly, i have been told to offer you this", make exagerated moves with the hand in your pocket, slowely pull the hand out and hold it out infornt of you, fist clenched as if holding something, a cheque for £50,000 maybe?

why no, all is revealed as you slowly extend your middle finger at her while laughing.


oh and the market value in october 2002 was what you paid for it. if there had been any concerns then either your brothers would have not agreed to sell it