Problems with inherited multi owned rental property

dktreesea

anselld wrote: »

It is difficult to see any motivation for her to insist on a sale.

Call me cynical but I can only guess that she wants to control the sale in order to pocket all the proceeds. Having sponged rent-free for 20 years this does not seem totally improbable!

I would tell her straight, she can choose between fighting you in court or accepting a fair buy-out. She will lose in court anyway if you have made a fair buy-out offer.

I am not convinced that she is a tenant as suggested above. She is one of three joint owners who happens to be an occupant. I don't see why that should exclude the other owners gaining entry.

I can understand her motivation. She wants to let the market decide the value of the propperty, not her two brothers who seem to be ganging up on her.


OP, why do you want to buy her out rather than sell the house and each go your separate ways with your share of the money? it sounds to me like you see an opportunity to get the property at a lower price than the market would be able to achieve.

Pixie5740

Are her siblings hanging up on her? She has been living there, paying buttons for 20 years and now she decides it's to be sold. I think her siblings are offering a reasonable solution. Each sibling could have their own valuation carried out and then come to an agreement on purchase price that way. Forcing a sale will only cost her money unnecessarily.

sueylouy

No, that's not the case at all. We are prepared to pay her the market value, we do not wish to sell the property as it is a good rental investment. Why sell which is costly, it's much cheaper to buy her out.

Miss_Merlot

I would agree to house sale, split the proceeds between you, and all move on with your lives.

Family arguments over money was likely not what your dad would have wanted for you.

Kynthia

A judge is very unlikely to force a sale when the owner requesting one has turned down a fair offer to be bought out. Put it in writing that you are happy to pay her a third of the market value and you are willing to pay an an dependant RICS surveyor to complete the valuation. Keep a copy and then you can show it to a judge should you need to. You could also show evidence that you have the funds to buy her out, do you have the cash or is it a mortgage you need? Perhaps Shelter, CAB or a solicitor experienced in property and letting could tell you the situation about access to the property.

sueylouy

Thanks for your help, very useful answer which I will follow up. No mortgage is needed to buy this property.

Thanks again