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

securityguy

PolishBigSpender wrote: »

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.

That market has so completely collapsed that if you pay £130k, they'll throw in a Schengen Area residence permit, no questions asked.

http://www.telegraph.co.uk/news/worldnews/europe/spain/9689008/Foreigners-offered-chance-to-stay-in-Spain-for-130000.html

Predictions of up to a 75% drop from the peak:

http://www.independent.ie/business/world/spains-housing-market-broken-as-property-prices-to-fall-again-28953634.html

That would make a property bought for £450K in 2008 worth £110K. Not one of the world's better investments.

Treevo

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, 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!!!

You have a moral right to use the apartment for a quarter of the year, but you don't have any legal right to rent it out. You'd need to have everyone's permission to do that. You don't solely own the apartment for any amount of time as you seem to think you do.

Mojisola

jovialsam wrote: »

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

If your money is very tight, do you have spare money to keep paying the taxes and upkeep on the house in Spain?

neverdespairgirl

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.

That's not the case. IN many jurisdictions (including this one) the OP could force a sale.

joolsybools

Get some legal advice, not the opinions of a load of posters on MSE .

PolishBigSpender

neverdespairgirl wrote: »

That's not the case. IN many jurisdictions (including this one) the OP could force a sale.

I find it hard to believe that English law allows a minority shareholder to force a sale. There may be exceptions, such as where an inheritance tax bill must be paid, but it seems very unlikely that a minority can force the sale of a property in this case.

I'd also be willing to bet very good money that the cost of forcing a sale in Spain would eat the proceeds from the sale.

And again with the legal advice : there is absolutely no need to do so. The property is practically worthless in the current ecomony, the siblings are richer and will be able to fight her and she'll achieve nothing by doing so.