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

mountainofdebt

tbh I think the main issue for me, if I was OP, that I didn't have a say in when I could go there.....whether I went or not wouldn't be the issue.

PolishBigSpender

I'd like to point out that the talk of sharing "weeks" is futile. The other siblings have a majority share, and can allocate time as they wish. A minority shareholder has no say so.

However, given that the parents were foolish enough to buy such a property in the first place, I would have my doubts that the proper Spanish procedures have been followed. A quick sale for 25K would certainly make sense in this circumstance.

Trying to hold on for 50K seems pointless, it's not worth that as a minority share.

pinkshoes

jovialsam wrote: »

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

Ok, so for those 4 weeks, you should be getting a return on your investment of say 1/4 of the rental price for that week.

I'd say you need to get tough, and insist that if they're not willing to sell or buy you out, then you want a return on your investment. Send them a letter and give them a date by which they either need to agree to buy you out, or choose dates they want to stay, so it can be rented out.

TELL them which 13 weeks you'll be having!

PolishBigSpender

pinkshoes wrote: »

Ok, so for those 4 weeks, you should be getting a return on your investment of say 1/4 of the rental price for that week.

I'd say you need to get tough, and insist that if they're not willing to sell or buy you out, then you want a return on your investment. Send them a letter and give them a date by which they either need to agree to buy you out, or choose dates they want to stay, so it can be rented out.

TELL them which 13 weeks you'll be having!

It's all very nice in theory, but it is just that, theory.

If the other shareholders decide that shareholders can stay for free in the property, then they can. She has a minority of shares and cannot outvote the others. Trying to "get tough" is all very nice, but again, she has no legal basis to do so, unless it was a stipulation of inheritance.

I suggest the most sensible option is to sell to them at a price that they can't refuse. Trying to force them into something that they don't agree to will just cause them to outvote her.

If I was her, I'd be looking to consult a Spanish lawyer to make sure that her ownership is certain. It wouldn't surprise me if the ownership was actually only in one sibling's name, and it also wouldn't surprise me if she had some tax liabilities if she is an owner.

mountainofdebt

PolishBigSpender wrote: »

I'd like to point out that the talk of sharing "weeks" is futile. The other siblings have a majority share, and can allocate time as they wish. A minority shareholder has no say so.

However, given that the parents were foolish enough to buy such a property in the first place, I would have my doubts that the proper Spanish procedures have been followed. A quick sale for 25K would certainly make sense in this circumstance.

Trying to hold on for 50K seems pointless, it's not worth that as a minority share.

Its not a minority share; each sibling has the same share - the sticking point seems to be that the siblings enjoy the facilities that the location of the property offers but the OP doesn't (not mentioning the fact of course that they are not in the same financial position as the OP)

I don't see why buying such a property either was foolish - I assume the parents enjoyed golf hence the purchase.

OP what would happen if you called their bluff and told them you were going over there for a period of time?

Treevo

pinkshoes wrote: »

Ok, so for those 4 weeks, you should be getting a return on your investment of say 1/4 of the rental price for that week.

I'd say you need to get tough, and insist that if they're not willing to sell or buy you out, then you want a return on your investment. Send them a letter and give them a date by which they either need to agree to buy you out, or choose dates they want to stay, so it can be rented out.

TELL them which 13 weeks you'll be having!

She can't rent it out without their permission. So your advice is very silly and it will only further alienate her from her siblings.

jovialsam

Hi
Thanks for all your comments.
The property was bought for £450,000 5 years ago, furnished to a high standard, and it would be expected to sell for around £250,000 according to the agents at the complex.
All the inheritance has been settled, firstly when my father died we inherited an 8th, and paid tax at the 450 value. Then when mum died we inherited her share so we each have a 1/4 and have paid more tax.
Surely I have a right to insist that I have 13 weeks? its a quarter mine?
We have friends, agents and cleaners available out there so the rentals would be fairly straightforward to manage.
Sadly as my siblings just want to dictate to me, so I fear the relationship is not really as valuable as I thought.
I will speak to a solicitor, thanks for all the advice, and I love the one about the tatto'd menace, if only they'd believe it!!!

PolishBigSpender

mountainofdebt wrote: »

Its not a minority share; each sibling has the same share - the sticking point seems to be that the siblings enjoy the facilities that the location of the property offers but the OP doesn't (not mentioning the fact of course that they are not in the same financial position as the OP)

She certainly does have a minority share if we assume that the siblings would vote as a bloc when it comes to the usage of the property. They seem to be perfectly content with the current affairs, hence she only has a minority of shares.

_jovialsam wrote:

Surely I have a right to insist that I have 13 weeks? its a quarter mine?

No. Do you have any documentation stipulating this? If not, then it's up to the majority to decide what to do with the property. If they want to give you nothing, then there's nothing you can do about it.

You only have the right to sell it for what someone will buy it for. Nothing else.

securityguy

jovialsam wrote: »

Hi
Thanks for all your comments.
The property was bought for £450,000 5 years ago, furnished to a high standard, and it would be expected to sell for around £250,000 according to the agents at the complex.
All the inheritance has been settled,

The agents at the complex are hardly unbiassed observers, and will almost certainly have an unrealistic opinion. A quarter share in a golfing flat in 2013 is essentially worthless. 2008 was the very peak of the market, and it's highly unlikely that such a property would sell for even half the price paid for it then, if it could be sold at all. If the other three do not wish to crystallise the loss, and are happy with it as a running costs versus use they get from it proposition, then they are highly unlikely to sell. If they are not willing to buy you out (and if they did, they would be foolish to do so on a valuation much over £100000, making your share worth £25000) then there is nothing whatsoever you can do, and you should forget about it. Harsh, I know. But there is nothing you can do.

Moral to parents: leaving your children shares in property is a bad idea.

PolishBigSpender

securityguy wrote: »

The agents at the complex are hardly unbiassed observers, and will almost certainly have an unrealistic opinion. A quarter share in a golfing flat in 2013 is essentially worthless. 2008 was the very peak of the market, and it's highly unlikely that such a property would sell for even half the price paid for it then, if it could be sold at all. If the other three do not wish to crystallise the loss, and are happy with it as a running costs versus use they get from it proposition, then they are highly unlikely to sell. If they are not willing to buy you out (and if they did, they would be foolish to do so on a valuation much over £100000, making your share worth £25000) then there is nothing whatsoever you can do, and you should forget about it. Harsh, I know. But there is nothing you can do.

Slightly off topic : does this mean that the market has totally collapsed in Spain? I'd be interested in buying an apartment there if a beautiful new apartment could be bought for 100K GBP.

edit : I had a look for myself. And yes, from the looks of things, the golfing apartment / house market has almost totally collapsed in Spain. No wonder they're not interested in paying 50K for a share - it's not worth it at all!