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

PolishBigSpender

jovialsam wrote: »

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?

If you want money now, then you don't have much choice. But your share isn't actually worth 50K as you can't get that in practice. If you want cash now, then you need to sell at a price that someone will buy. If you're interested in selling for 25K, PM me.

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!!!)

Again, you're a minority shareholder, so you have no rights beyond the quarter share if it's sold. If they choose to allocate weeks in this way, then there is nothing you can do.

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.

That is not the concern of the majority of the shareholders.

I think a solicitor is the next step!

Who will advise you exactly as I have done.

System

I think you will need a solicitor well versed in Spanish property law.

PolishBigSpender

!!!!!! wrote: »

I think you will need a solicitor well versed in Spanish property law.

What for? The principles of ownership are the same everywhere. If the majority has no desire to sell, then there's nothing she can do except sell at a price that someone will buy.

FatVonD

If you own a quarter share of it tell them you wish to know now which are your 13 weeks (spread fairly across the seasons) as you will be renting it out on the weeks that you are entitled to be there.

silvercar

Renting it out is not going to be that easy. Even if the others agree, who will prepare it for visitors, who will read the meters, sort the cleaners, deal with problems etc.

System

PolishBigSpender wrote: »

What for? The principles of ownership are the same everywhere. If the majority has no desire to sell, then there's nothing she can do except sell at a price that someone will buy.

Maybe I should have said accountant.

There's CGT on the sale of the share if that happens and then the tax on any rental income

onestep

a solicitor? Don't you worry about how that might impact on your relationship with your siblings?
If your siblings, either jointly or separately, cannot be persuaded to buy your share then you can tell them you'll be trying to sell your share to someone else, or be trying to rent out your (fairly) allocated weeks. Then you have to think about paying a cleaner, someone to collect/distribute keys, insurance, equipping it to a high standard, making sure personal items are safe etc etc etc.. I run a holiday let, it's harder work than it first appears.

Behind all this though, is the relationship you have with your siblings. Majority rules will apply in jointly owning a property like this; for my peace of mind I certainly couldn't do this with my sibling. I tried jointly owning a caravan with mine, and it all went pear shaped so a house would be out of the question!

Good luck

Mojisola

*Robin* wrote: »

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

!!!!!! wrote: »

I think you will need a solicitor well versed in Spanish property law.

Both these posts are important.

jovialsam - have you paid your share of the tax?

From friends who live in Spain, property owning seems to be more complicated - there are ongoing taxes that have to be paid - are you being properly advised about your responsibilities?

*Robin*

jovialsam wrote: »

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!

So just to be clear on this, jovialsam: Your benefactor's estate has been settled in Spain, all dues/bills have been paid, and the catastro updated to show the names of all four new owners? (Very unusual to have the title registered in four names).

If not - your share is worth far less than you hope.
In fact, unless the property is something very special indeed, [eg. Prince Felipe owns the villa next door?] there is almost certainly no market for it at the price you'd like.

Given the complexity and expense of sorting out probate in Spain, plus the poor prospect for a quick sale, it might be wise to offer your share to your siblings at half the sum you have mentioned.

Sorry, this isn't what you want to hear.

devils_advocate

As others have said above, if the property is worth £200,000 your quarter share is not worth £50,000. Its worth whatever someone is prepared to pay for it (as is the £200,000 to sell in its entirety.)

You may wish to mention to your siblings that your friend Big Tel from London's East End, who is 6' 3" both tall and round, has offered you £49,950 for it. His pharmaceutical resale business generates large amounts of surplus cash, and he wishes to use the property for his 13 weeks to test samples of his products with his friends and their young 'nieces'. Some of his East End English friends appear to have lost their passports and seem based in Spain these days, so might well also come to visit. He's a really nice man, despite the impression that he gives with the tattoos on his knuckles, and you're sure that if your siblings did offer more for your share than Big Tel, he won't be too offended. Might your siblings want to make you an offer?