Part share in an inherited foreign property, what are my rights?

jovialsam

Hi,

I have been lucky enough to inherit a quarter share in a lovely appartment my parents bought on a golfing complex in Spain.

It is only worth half of what they paid for it currently, (paid over £400k) and the other 3 x 1/4 sharers (siblings) are in no hurry to sell as they are more comfortable financially, than I as a single mum.

They all also play golf, I dont, so it has no interest to me.

Do i just have to sit here struggling financially whilst they enjoy their nice golfing holidays and wait till the shares are back up.

They want to sell when they will get around 100k for their share which is what it was bought for, that could be 15 years plus.

I would rather have £50k now to help raise my 2yo son, than £100k in 15 years or more time, I could be dead!

If anyone knows where I stand that would be great!!!

Thanks

suejb2

Let one of your siblings make you an offer of the 1/4 share ,you get the money now and they have more ownership if /when they want to sell

jovialsam

I would love to if they would, but even splitting it between them for a small amount each doesnt seem of interest to them!

neneromanova

Why not ask them to each pay you £17k and then when they do sell it for £100k each they'll have £133k each for just an extra £17k

*Robin*

Erm, have the Spanish inheritance taxes been paid, OP?

DS4215

I know you want the money, but if they are unwilling to buy you out or sell it then you might as well take advantage. I don't think its compulsory to play golf if you go and stop and your son will enjoy the break with you.

daska

Not a nice thought but are you going to have to fork out for running costs? Or will your siblings cover those?

pinkshoes

My first thought would also be for them to buy you out. Your share is worth £50k, so perhaps if they each pay you approximately £16650, then they will own 33% each, and you can have the cash. You would then have no further interest in it.

The second option, if they are not willing to sell, is a return in investment. In theory, you could run this property as a investment, renting it out, and getting a 25% share of the return each. You could then each have 2 or 3 weeks where YOU all get to stay in it, where you could then rent your weeks out and have an income instead (you would need to choose the weeks fairly, all having your share of 'peak' weeks, as obviously these would rent out for more.)

Ultimately, it will come down to a vote on all options.

ognum

If they won't buy you out and you do not want to use the property then they should pay you some rent for their use!

Could you offer to sell you share to another member of your family, one that doesn't already have a share?

PolishBigSpender

You own a minority share, so if the other shareholders outvote you, then tough.

You're always free to sell the share to others at a good price. Perhaps if you offered to sell your share to a sibling for 25,000, they might be interested?

jovialsam

Hi
Thanks for the comments. Sadly none of them seem to want to buy me out. Not sure why I should try and sell my share (current market value of 50k) for 25k? If we sold it we would all get at least 50k?
Also they will not allocate me any weeks to rent out as they dont want to decide yet when they are going out to the property, so they want to have it free for all the peak times, in case they want to go!!!
(i think it was used for 4 weeks last year!!!)

And yes there are running costs, but so far I havnt been billed any.
And yes I could use it, but its stuck up in the middle of the mountains on a golf resort, so not much to do, I'd rather get a cheap holiday to somewhere where there is things for us to do.

I think a solicitor is the next step!
Thanks