would you stay here or go abroad?

Deals_2

a family member is in limbo about what to do next. they own a house abroad but they are under prssure to sell it as they owe money to another family member (not loads but a bit of the moneY enough for them to want it) and their child is at school in england. they worry about selling a house from abroad when all thier belongings have been left there. the house could aslo be run as a potentila business in the meantime too if done up a bit . they have their worries one:
1- their other half does not speak the language
2- their child would have to start a new school
3- they might have that family on their back until this is sorted too - but to get the right money they feel they ought to be there.
any thoughts?

euronorris

Temporary or Permanent move?
What country is it?
How old is the child?
Where are they living atm? In an owned house, or rented?
Would moving there free up money?

rachbc

i think the should pay back the family member they owe money to as priority no 1. If after doing that they are in a position to move abroad/ start a business they should consider that if they want. But they cannot use someone else's money to fund that choice if the lender has asked for it back

balletshoes

I'm lost - why are they considering moving abroad? Just to sell the house? Why would they all need to move to do that?

Bufger

They should talk it through with their lender (ie the family member). If they really want to move abroad then they need to pitch it to them, possibly work out some interest to make it fair and see what their financial situation is (if its going to bankrupt them then a selfish move is definately not fair!).

Lots of possibilities but until everyones situation is known its impossible to give the 'right' answer.

onlyroz

I'm confused too. Are you talking about a second home abroad used as a holiday home, or is the property abroad their permanent residence?

pinkclouds

Deals wrote: »

1- their other half does not speak the language
2- their child would have to start a new school
3- they might have that family on their back until this is sorted too - but to get the right money they feel they ought to be there.

I'd stay here and sell the overseas property. They can arrange for the contents to be shipped here - or dad can go across for a few days and pack everything up himself, ready to be freighted across. The expense of relocating, temporarily or permanently, will eat up any potential increase in sale price. All the paperwork can be managed remotely.

There are obvious reservations about moving abroad. The language barrier is a *very* important consideration, even if it wasn't a personal worry. Do you suppose (picking a country and probable business at random) that a German native speaker could easily move to Britain and start running a profitable B&B guest house without learning a word of English?

Deals_2

to uk. they did not go back as they did not have the money and then the family member was always being difficult etc. they dont owe any money to a bank. only this family member who has always made their lives very difficult. hope this clarifies things. they think the best way to sort it out is to be on site to do some bits on the house and then sell it. last time they got their family involved they wanted to sell the house up for peanuts and said money was not important!

BitterAndTwisted

What strategy did they have for repaying this debt when they borrowed it in the first place?

podperson

I'm sorry I'm not seeing the sense in moving country, especially uprooting a child and putting them in a new school in another country (does the child speak the language?) when it's only going to be until they can sell the house. Not to mention that the costs of relocating would probably cancel out any additional profit that would be made from the sale, and they would have the family member they owe money to on their case for the whole period. Perhaps the family member is 'difficult' but they borrowed the money, I assume with the assumption they would need to pay it back, so they can't really complain when the family member then comes and asks for it.

Badger_Lady

OK, fill in the blanks for me:

1. The family lived abroad for __ years but came back to the UK in 20__ because _________.

2. They now live in the UK in:
--a. rented accommodation
--b. their own / mortgaged home
--c. other

3. They left all their belongings in the old house abroad, because they were planning to:
--a. go back there at some point
--b. abandon the old house and all its contents
--c. other

4. The house is worth approximately £__,____ and they owe £__,____ to the family member.

5. They have:
--a. work and family commitments in the UK (please describe)
--b. work and family commitments abroad (please describe)
--c. no particular commitments to any location